The role of goodwill as a key factor in building the development of a small business

Purpose: The aim of this article was to present the analytical results of an evaluation of the English-language research literature on the important concept of goodwill as building blocks for the intangible aspects of corporate value added. The study took into account the results of research published in the English-language literature and the preliminary results of the author's own research on accounting offices. The topic was taken up by the Author due to the lack of sufficient analyses concerning the quantitative significance of the goodwill concept and its specific role in the creation of company value. Design/methodology/approach: The listed research results provide a basis for conducting in-depth analyses in the undertaken scope concerning the determination of the essence of individual factors creating the company's value. At present, in both Polish and English-language literature, there are no specific results relating to the quantitative assessment of the essence of goodwill. It is necessary to clarify the differences in its role in various aspects concerning the functioning of the liberal professions and to indicate the role of trust in the area of this concept, which constitutes its key element and points to the essence of the role of intangible factors boiling down to the value of capital and the human potential of an individual. Findings: The research carried out showed that the value of goodwill in relation to the three selected professions varies. With regard to the value of law practices, the key element is the role of the practitioner. With regard to accountancy firms, the key element also shaping the value of each practice is the ability to generate income, taking into account aspects related to the partner's transition in and out of the partnership and the experience of the employer running the practice. In the case of medical services, it is not possible to assign a uniform goodwill value to a single business given its diversity and the type of services offered. Orginality/value: The topic addressed is new on the quantitative side. At present, the author has carried out a preliminary survey of accounting offices. In addition, the English-language literature presented has made it possible to prepare a key summary to assess their value. The topic fills an important research gap. Keywords: małe przedsiębiorstwo, goodwill, wolne zawody, zaufanie, wartości niematerialne. Category of the paper: Scientific paper.