Roughly 80% of a company's value sits in things that never show up on the balance sheet. This paper takes that claim seriously and works through the four intangible capitals one at a time, with commentary from practicing advisors on what strong and weak versions of each look like in a real company.

The recurring theme is transferability. A business can be profitable and still be hard to sell, because the profit depends on the owner personally: the owner's relationships, the owner's judgment, the owner's undocumented knowledge. Each of the four capitals is a way of moving value out of the owner's head and into the company, where a buyer can pay for it. The paper ends with a consolidated checklist an owner or advisor can score directly.