Goodwill means different things to different people. Generally, it refers to a company’s good reputation and intangible assets of a business that is created from favorable attributes that relate to a company and are not attributable to any other specific asset. These include managerial skills, desirable location, good customer relations, skilled employees, high-quality products, and good relations with labor unions. A good reputation may create goodwill, but that company cannot record goodwill for its own business.