• 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)