Sorry but Goodwill is purely an accounting creation. It is very...

Sorry but Goodwill is purely an accounting creation. It is very easy to value. The math is simple. Purchase price less actual written down value of the assets you are buying. No ongoing business suddenly creates goodwill in the middle of their operation. It's purely a math thing. Business is happy to pay a premium for purchased assets as they perceive extra value (as you mention). Thereafter, that goodwill MUST be written down. It's a legal compliance thing. Also, you wouldn't want to be carrying goodwill for too long because that means that you are not getting the value (through EBIT) that you thought. On the flip side, if you start to get the benefits early, then you will right them down.
When you buy a business, like M2, the only way to buy it was to pay a premium over market cap. Now M2 had a high P/E ratio at the time because punters thought it had good future earnings capability.
Anyway, based on the way this company has been managed, our goodwill is gone and needs to be seriously impaired (similar to before). Losing customers and not growing revenue. Sorry, but does not look good. I am so annoyed.