Intellectual property (“IP”) shares many of the features associated with real and personal property. For example, IP is an asset, and, as such, it can be licensed, exchanged, bought, sold, or gifted like any other form of property. Moreover, the IP owner has the right to prevent the unauthorized use or sale of the property. IP derives its value from a wide range of major factors such as market share, legal protection, barriers to entry, IP’s profitability, growth projections, industrial and economic factors, remaining economic life, and new technologies. IP held by corporations and private businesses can be unknown, undervalued, and unappreciated assets. There are numerous reasons why an IP asset may be valued. Some of those reasons include transaction planning, financial reporting, litigation, bankruptcy, financing, and tax planning/reporting. There are three general methodologies to value IP: the cost, the income, and the market-based methods. Due to the complex nature of IP (and other intangible assets), it is important to engage a valuation firm that has the industry expertise in the valuation of intangibles and IP and understands the appropriate valuation methods and approaches to use in this area.