Good Will refers to the positive reputation and trust that a business or individual has built over time. It often reflects the value of relationships, customer loyalty, and brand recognition. Good will can be an important asset, influencing customer choices and overall success. In accounting, Good Will is an intangible asset that arises when a company acquires another for more than its fair market value. This excess payment often represents factors like brand strength, customer relationships, and employee expertise. Good will is recorded on the balance sheet and can affect financial statements during mergers and acquisitions.