Definition of goodwill

Goodwill is a word which have some different meaning in accounting definitions .
Definition of Goodwill
Goodwill is an intangible asset which makes any organisation with his good name , by selling quality product , by selling product at less price .
Goodwill can be earned by speaking sweat words to customer . An expert can tell about the correct value of Goodwill
but in general IT is the excess of super profit over general profit .
or If any concern is gaining more profit than his general rate of return then it means it is generating Goodwill .
Goodwill can not generate with in night but for generating goodwill any firm can take 10 to 20 years . Which is called long period is suitable for generating goodwill .
If you are selling your old firm you can also demand the value of goodwill with total cost of your asset . If you think that Firm or company name is saleable in market .