Ask where the founder changes the outcome.
An owner may appear in many routines while only a few depend on their judgement or relationships. Look for the decisions that affect sales, delivery, customer retention, product direction and access. The goal is not to make a founder look dispensable; it is to understand the operating responsibility you would inherit.
Test the transfer path, not only the problem.
A dependency may be manageable through documentation, a team member, staged support or a different buyer capability. Ask what has already been made repeatable and what the seller can realistically help transfer. A risk with a credible plan is different from a risk nobody has named.
Look for concentration in relationships and knowledge.
One client, one supplier, one contractor or one platform contact can carry a disproportionate share of the operation. So can knowledge that is never written down. Trace how these connections work now, what consent or contract terms matter and whether the buyer can form a durable replacement relationship.
Price is not the only response to dependence.
Some issues affect fit more than valuation. If the business requires a founder-like operator for a period, a buyer who expects passive ownership may simply be wrong for it. Make the operating expectation clear before trying to solve every uncertainty with a term sheet.
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