While the relief from royalty method and multiperiod excess earnings method are effective tools for valuing intangible assets such as customer relationships, they rely on market data that can be both highly subjective and of poor comparable value to the subject company. As an alternative, the distributor method provides appraisers with a market-based proxy for use in valuing customer relationships. In Part 5 of BVR's Online Symposium on Fair Value Measurement, experts P.J. Patel and Edward Hamilton explore the strengths and weaknesses of customer relationship valuation methodologies and how the distributor method can assist in decreasing subjectivity in this process.