What is goodwill of your business?  It is an intangible asset, hard to quantify and certainly can be challenging to define and convey to others.

It is the reason that customers keep returning or the dependability of the firm’s reputation that suppliers keep supplying and extending credit to your company.  It could be your USP – unique selling proposition.  It is all of the above and ensures that the business will be sustainable over the long term.  Why is Starbucks more profitable than a local coffee shop?  Why would you use Instagram rather than Twitter as your social media platform?

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    Goodwill is the essence of your business

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It can be difficult to define how the goodwill comes about because of your business and then challenging to describe.  Once you embark on a succession plan, it is your obligation as the business owner to:

– define the goodwill

– describe reasons for why it exists

– determine how the business can maintain and improve its goodwill

Once you have gone through this journey of carefully considered self analysis for your business, you will be in a much better position to pass on knowledge about the business and what makes it profitable. Good luck with your succession journey.

Learn, consider, apply.