Goodwill is important when a newsagents decides to sell their business as it represents the value of the business after the current owner leaves. Belonging to a marketing group like newsXpress can add to the goodwill of a newsagency.
Business goodwill is that portion of a business’ value associated with the business itself. It includes things like footprint, brand recognition, supplier relationships, training, support, marketing, market share etc. Business goodwill is transferable from one owner to another, it is sellable.
The other part of Goodwill is personal goodwill this is the portion of a business’ value associated directly with its owner. Things like the owner’s name, reputation, contacts, skills, and abilities. For many Newsagencies the majority of their value is tied up in personal goodwill. Unfortunately, personal goodwill only has value to the current owner, and is therefore difficult to sell.
A prospective newsagency buyer will usually look for a newsagency with a higher business goodwill. From the buyer’s perspective, a newsagency with more business goodwill is worth more of a premium price as the business is more likely to remain profitable once it has changed hands.
newsXpress provides its members with strategies, product offers and regular in-business support to help build business goodwill and thereby make the business more value. This is a key aspect of our mission and a key point of difference of newsXpress.
