Goodwill Firmenwert Goodwill Fondo de comercio Valor intangible Fonds commercial זכויות סחירות गुणवत्ता のれん Ágio 商誉 Reputation Goodwill is an intangible asset that represents the value of a business beyond its tangible assets and liabilities. It arises when one company acquires another for a price higher than the fair market value of its net identifiable assets. It also represents elements like excellence of management, customer loyalty, brand recognition, favorable location, or quality of employees and overall business going concern value that are not separately identifiable but contribute to generating future economic benefits.