Businesses such as accountants, veterinarians, barbers, hair stylists and dentists possess goodwill: they have repeat customers they can transfer to a new owner. This book provides a guide to buyers and sellers in setting a value for such firms that is both fair and rational.

Goodwill in Small Service Businesses clearly explains the many problems with existing appraisal methods, and develops an alternative appraisal approach rooted in the basic universal concepts of fairness uncovered by behavioral economists such as Kahneman and Tversky. The author's new appraisal approach...