Start with a simple exposure question.
How much current revenue, renewal risk or operating attention is carried by a small number of customers? The answer may change by period, product, channel and margin. A single large customer is not automatically unacceptable; it needs a clear explanation of relationship durability and the practical consequence of change.
Look beyond a percentage.
A concentration figure alone cannot show contract terms, renewal timing, switching cost, usage pattern, support load or the founder relationship behind the account. Ask how the customer was won, what value they receive and who would manage the relationship after an ownership change.
Connect concentration to the operating model.
In an agency, a major client can define staffing and delivery. In SaaS, a customer can influence product priorities. In e-commerce, a wholesale account can affect inventory decisions. The risk is more intelligible when the buyer sees how customer dependence changes the whole operation.
Use the answer to test buyer fit.
A strategic buyer may have a credible way to support a concentrated relationship that an individual operator does not. Conversely, a buyer seeking diversification may decide the operating risk is outside their mandate. The aim is a clear decision, not a universal threshold.
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