Expert thinking on productivity, intangible asset valuation, growth strategy, and building more valuable businesses.
The brand valuation formula every founder, CFO and PE partner should know — Relief from Royalty walked through input by input, with a worked example for a £40m UK consumer brand and a side-by-side comparison against Interbrand and Brand Finance.
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Calibration is the IPEV discipline that converts a transaction price into an ongoing defensible Fair Value. Section 4 of the 2025 Guidelines made it the load-bearing concept of the whole framework. The founders who supply calibration evidence at the round close — multiples, peer comparables, drift indicators — give the Fund the bridge it needs to defend the entry valuation at every subsequent quarter.
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The fundraising narrative that wins a priced round is built around the intangible asset platform — not around a hero metric or a market thesis. Brand equity, customer relationships, proprietary technology, organisational capital: when these are documented, dated, and visible in the data room, the narrative writes itself and the pitch becomes the natural surface. The founders who lead with the platform defend higher valuations than those who lead with the story.
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Goodwill is what is left after every identifiable asset and liability of the target has been measured at fair value. It is a residual, not a valuation in its own right. This guide walks through the IFRS 3 formula, a worked example on a £25m UK acquisition, and the measurement rules CFOs, PE partners and accountants are expected to apply.
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Most patent valuation questions collapse into one of four canonical methods — cost, market, income/DCF, and relief from royalty — and the choice between them is governed by purpose. This guide sets out which method fits which question, the inputs each requires, the defensibility each produces, and how UK IP-backed lenders read the resulting number.
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IFRS 3 and ASC 805 both require the acquisition method for business combinations, but the two frameworks diverge on goodwill measurement, the measurement period, contingent consideration, restructuring provisions, and several other practical mechanics. A CFO who treats the two as interchangeable lands a different goodwill number, a different intangible split, and a different EPS profile. This guide walks through the divergence points paragraph by paragraph.
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The known-and-knowable evidence standard is the rule that decides what facts can influence a Fair Value mark and what facts can't. The 2025 IPEV update made it explicit in Section 2.5. Founders who build a contemporaneous evidence trail at round close get every honest fact counted; founders who don't, watch the Fund refuse to count their best evidence.
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Maintainable earnings is the figure the Fund actually values you on, and it is rarely the EBITDA at the bottom of your management accounts. Section 3.4 of the 2025 IPEV Guidelines made the reconciliation between management figures and maintainable earnings a required step. Founders who supply the reconciliation defend a higher number; founders who don't, watch the Fund build a lower one.
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Mezzanine sits in the capital stack as subordinated debt with an equity kicker. Preferred equity sits as a senior share class with a fixed dividend and conversion rights. They look adjacent on a term sheet — and they price almost identically before tax. After UK corporation tax, the cheaper instrument is decided by one line in the P&L: whether the coupon runs above or below the operating-profit line. This is a UK founder's guide to choosing between them.
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IAS 38 splits R&D into two phases — research is always expensed, development is capitalised only when six specific tests are met. A practical guide for UK CFOs and accountants, with worked SaaS example and FRS 102 / US GAAP comparison.
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When a CFO reviews an AI investment, the dashboard shows cost savings, implementation budget, and a productivity metric. What it almost never shows is the movement of the intangible asset base — seven drivers typically move simultaneously. Most companies track one.
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Salesforce reduced its customer support team from 9,000 to 5,000. The operational story is clear. The intangible story — what happened to 18 months of learned context per departing engineer — has almost nowhere to live on a standard dashboard. It deserves its own line.
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