Security and the law: The Covenant Not to Compete II
The Oklahoma courts have defined good will as the custom or patronage of an established trade or business; the benefit or advantage of having established a business and secured its patronage by the public.
The good will value of any business is the value that results from the probability that old customers will continue to trade with an established concern. The Oklahoma statutes further state that the purpose of the statute is to allow parties to the transfer of a going business to mutually agree, as part of the value of the business transferred, that the transferee will be protected from his transferor who might use his previously acquired experience, contacts and expertise to promote his own interest in the same field of business in competition with his transferee.