Goodwill is that invisible force which is difficult to earn and takes years to build but once earned, its benefits can be reaped for several years and generations. The significance of goodwill transcends the limited scope of a business and indeed pervades an individual's life. In business terminology, goodwill is the amount of value that a company's good reputation adds to its overall value. The sum total of what a business has done in the past, the actions it takes in the present and plans for the future together help in building goodwill. A company's reputation hinges primarily on its conduct with clients, society and environment, development of trust in its brand, transparency in its processes and the ethical conduct of the company. If a business manages to have all this, it will automatically earn goodwill for the company or the brand. The goodwill or the reputation that the company or the brand earns for itself would, in turn, help build a devoted clientele and attract more customers willing to put their trust in it. This will immune the company or the brand from competition as the goodwill that it has earned will give it an edge over its rivals. The effect of goodwill cannot be seen so much in immediate tangible terms, such as buildings, profits and so on but in intangible gains such as trust, employee and customer loyalty, brand image, expanding networks and so on. The intangible benefits are crucial as they ensure long-term sustenance of the business. Particularly, when the company is losing ground to its competitors and falls on hard times, the goodwill it has earned over the years plays a major role in keeping the company afloat. That goodwill is important is evident from the fact that it is shown as a separate head