goodwill The benefit of advantage which is a business has in its connection with its customers. It is based on the probability that old customers will continue to resort to the old place of business, or continue to deal with the firm of the same name. Goodwill is an asset of a business, and on the sale of a business with goodwill, the purchaser usually obtains the premises and the right to use the name of the old firm, and the right to represent himself as the successor of the old firm. The vendor of a business may be restrained from soliciting his former customer.