A Good Reputation Improves The Value of Your Business
Whenever a business is sold one of the main assets is the Goodwill of the business.
This figure can even be higher than the physical assets of the business.
Apple attributes 58% of its current market value to its solid reputation and many other fortune 500 companies feel the same
Goodwill is built up by providing excellent service and having a steadily increasing stream of customers or clients.
I have known entrepreneurs who have specialised in buying companies with poor reputation and hence very low goodwill and then turning them around by providing excellent service. Continue reading Goodwill..A Measure of Your Reputation