Though wounded by the "dot-com bubble," internet-based businesses are here to stay. Combining the valuation challenges of retail businesses and professional practices (whose capital is often intangible), internet-based companies pose a tricky valuation assignment, to say the least. In the latest installment of BVR's Industry Spotlight Series, expert Mike Pellegrino shows how to value a firm whose assets are so intangible that even its retail space doesn't physically exist.