Know‐how refers to the practical knowledge and ability to do something. In businesses, know-how represents the unique ability of the entity to manufacture a product or deliver a service. Know-how is an intangible asset available to business entities. Know-how may qualify as an intangible asset because it is recognisable and the associated economic benefits can be reliably measured. Intangible assets are a class of assets without physical form with intrinsic value to the owners. To estimate the fair market value of know-how, business valuation analysts apply techniques under the income, market and asset methods. As know-how is normally unpatented, they are not marketable as they do not directly generate exclusive cash flows despite being of value to business entities. One of the underlying requirements for the valuation of an intangible asset is to assess the extent to which they are protected by the entity to appropriate the potential economic benefits by not becoming available to the public.