Explain the following: Concept of the Goodwill of the Company and the criteria from which goodwill arises.

Goodwill is an intangible asset. It represents the value of a business attaching to all the factors, internal and external, which enable it to earn a differential return of profit on the capital employed that is, a better return than that which arises in other comparable businesses, having regard to the nature, size, location and risk inherent in such a business, and which is capable of being enjoyed by a successor. Goodwill has been variously defined by different commercial pundits. Some definitions are: "The goodwill of a business is the advantage, whatever it may be, which a person gets by continuing to carry on, and being entitled to represent to the outside world that he is carrying on a business, which has been carried on for some time previously." "The attractive force which brings in custom." "The benefit of a good name, reputation and connection of a business." "The one thing which distinguishes an old-established business from a new business at its first start." "The monetary measurement of the benefits attaching to the ownership of a successful business." "The capitalized value attaching to the differential profit-capacity of a business." "The whole advantage, whatever it may be, of the reputation and connection of the firm which may have been built up by years of honest work organised by lavish expenditure of money." Goodwill arises mainly: by personal reputation of the owners; by reputation of the goods dealt in; by site monopoly or advantage; by access to sources of supply, e.g., large quotas; due to patent and trade-mark protection; due to effectiveness of publicity; due to reputation of the first's goods and methods; due to relationship between firm and personnel; and due to elements stimulating business growth.