Abstract:

The issue of appraising intangible assets, and specifically trademarks, is discussed extensively in specialised literature (Čada, 2007, Gerzema, Lebar, 2008, Hubbard, 2010, Jurečka, 2007, Murphy, 1990, Perrier, Stobart, 2008, Salinas, 2010, Svačina, 2010); among other things, this is because intangible assets are becoming more and more important within intensifying competition in hypercompetitive, more and more saturated, product markets.

In appraising intangible assets of unlisted companies operating in developing markets, appraisers have to face the problem of the lack of empirical data, or their low quality. This makes the application of standard methodology used for appraising identifiable intangible assets disputable. Within this paper, a  will be suggested.Our ambition is to solve these methodological issues in a way that will have a sufficiently informative value that will enable that the resulting valuation may be seen as a valuation of the selected and/or assigned category of the value of the particular assets.For many reasons presented below, the valuation of identifiable intangible assets is even more difficult than the valuation of a business as whole.

First of all, the main categories of the value usable for the purposes for which intangible assets are normally appraised will be summed up. Then we will deal with problems that appraisers have to face in appraising intangible assets of unlisted private companies. On the basis of that analysis, we suggest the VIM model (Verifiable Interdependent Model), which has been designed specifically for the conditions of use in this environment. This is followed by a case study, where the application of the model is demonstrated, and the informative value of the obtained results is evaluated.