What a business has is the inventory of transferable assets — the brand, the IP, the equipment, the real estate, the customer list, the assignable contracts, the documented processes. These are the things that convey. They can be listed, valued, and handed over. What a business is — the living, revenue-producing entity — runs on something else. It runs on tribal knowledge, relationship equity, informal authority, a handful of people whose departure would quietly unwind years of customer trust, vendor terms that were extended because someone once did someone else a favor years ago, and workflows that exist only in the heads of the people performing them. Those things are not on the transfer schedule. They are the quiet assumptions that make the schedule work (or not). In my experience, they are often the majority of what actually produces the outcomes the new owner — or the new operating model — was counting on.