The vendor relationship appears stable because the seller tolerated it.
Where this breaks
Change of control, growth or integration can activate new leverage.
The operating move
Re-underwrite critical vendors against the buyer’s strategy and substitution time.
Value object — The operational card
- Commercial leverage
- Operational control
- Data portability
- Replacement time
The test
Ask what the buyer can do if the vendor changes terms at close. An answer requiring vendor goodwill is inherited leverage.