- Generally, the more established a business is, there is better chance of getting better goodwill than a similar business which has been newly started.
- A new business does not have any goodwill.
Major factors which affects goodwill are:
- (a) Personality of the owner
- (b) Reputation for the service and quality of goods
- (c) Favorable location of the business
- (d) Other factors ( see earlier article on more details like definition of goodwill ,etc)