This factor measures the extent to which your business can thrive without you. To be valuable to an acquirer, your business must be able to succeed and grow without you
This attribute measures both the extent to which your customers are satisfied and your ability to assess customer satisfaction in a consistent and rigorous way, which is very important to acquirers.
Warren Buffett is famous for investing in companies with a protective ‘moat’ around them. The deeper and wider the moat, the harder it is for competitors to compete.