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goodwill definition
the benefit of a business having a good reputation under its name and regular patronage.
Goodwill is not tangible like equipment, right to lease the premises or inventory
of goods. It becomes important when a business is sold, since there can be an allocation
in the sales price for the value of the goodwill, which is always a subjective estimate.
Included in goodwill upon sale may be the right to do business without competition
by the seller in the area and/or for a specified period of time. Sellers like the
allocation to goodwill to be high since it is not subject to capital gains tax,
while buyers prefer it to be low, because it cannot be depreciated for tax purposes
like tangible assets. Goodwill also may be overestimated by a proud seller and believed
by an unknowing buyer.
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