Diligence confirms what exists and misses what cannot transfer.
Where this breaks
The buyer acquires value whose operating dependency remains with the seller or provider.
The operating move
Test transferability of every thesis-critical component, not merely ownership.
Value object — The operational card
- Critical component
- Current holder
- Transfer restriction
- Substitute path
The test
Attempt a paper transfer using actual provider and contract requirements. Every blocked step belongs in the deal.