A Franchise is an intellectual property right granted by the owner, the franchisor, to a franchisee to establish an exclusive system to bear the brand's trademark, trade name and other exclusive attributes. The Franchise Agreement grants the channel partner exclusivity to distribute a product or deliver a service within a geographical area. The exclusive rights from the franchise agreement grant the franchisee an advantage over competitors to appropriate all the economic benefits associated with marketing the product or service within the assigned geographical area. In business valuation, a franchise agreement qualifies as an intangible asset because it can be recognised, separated, and the economic benefits accurately measured. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. To estimate the fair market value of a franchise agreement, business valuators apply techniques under the market, asset and income valuation methods.