Goodwill Defined

1. An intangible asset that quantifies the reputation, know-how and market position of a company.
2. Goodwill is the excess paid over the fair value of the net assets acquired on the purchase date of a company.
3. An intangible asset that represents the value of a corporation's name, customer service, employee morale, and other factors that translate into higher earning power.
4. A current advantage that awards higher earning power based on reputation, as well as assumes future higher earning power.
5. An intangible asset that does not have a liquidation value and accounting principles require that it is written off over a specific time period. (Which means it needs to be continuously invested in.)

There are plenty of reasons to build goodwill into your company and never stop building it. It’s like customer service, you need to provide the best customer service possible every day, and you don’t stop providing good customer service because there is an economic downturn.

If you’d like to learn more about how to get started with a marketing program to suit your budget and needs, contact us at info@goodwillmarketing.com.