Building Value Into Your Asset by Managing Key Dependencies

On the latest episode of our Ownership Series on the Resilience Talk podcast, Paul Spencer discussed the issue of key dependencies and what they can mean for you as a business owner.

You can watch the episode on YouTube or listen on Spotify or Apple Podcasts.

Shifting from ‘Running a Business’ to ‘Owning an Asset’

When you’re an owner, you’re not just clocking in. You’re intentionally shaping an asset that has to endure for years, sometimes even generations. That starts with looking not only at your financials and growth but also at what (or who) keeps things moving behind the scenes. Key dependencies are subtle but significant—they include employees who are the soul of a process, customers who generate a big chunk of your revenue, and suppliers whose reliability you’ve grown to trust.

If any one of those pieces goes missing, what happens? You and I both know how easy it is to let inertia set in—especially when routines are familiar and relationships are long-standing. But if you want your business asset to hold value for a future owner, or even just reduce stress for your family, it’s worth surfacing these hidden bonds and assessing them with care.

Imposed Inputs and Chosen Inputs

Let's gets right to the heart of it: some things you choose, and some are handed to you whether you like it or not. Chosen inputs are who you serve and what you offer, shaped intentionally through your own decisions. Maybe you’ve refined your client list to work only with those who fit your model and values. Over time, you can see how much smoother things operate when you’re working in your chosen lane.

Imposed inputs, on the other hand, are realities you must manage. The weather for builders, shifting regulations, or—most often—a critical employee like John. John's a longtime production manager. When John is out, the whole system feels it—output lags and quality dips. You trust and value folks like John, but any outsider will see a red flag: your business’s performance relies too much on one person, and that makes it vulnerable.

The same thinking applies to your customer list. A single major customer might bring in 60–80% of your revenue, which feels safe until that relationship changes. Any imposed input makes your asset less valuable and more exposed to disruption.

Strengthening Your Asset by Managing Dependencies

The key isn’t drastic change or pushing anyone aside. It’s a gradual and thoughtful shift. Start adding capacity around your “Johns” by cross-training, mentoring, and redefining roles so knowledge is shared. If the business runs the same way during a vacation or absence, you’ve made real progress.

Diversify revenue where possible. If two or three accounts dominate, prioritizing a broader customer base makes your asset sturdier. It’s not about cutting off longstanding partners but spreading risk.

With suppliers, recent disruptions have been a wake-up call. Can you develop local relationships or identify backup sources? Small steps to broaden your supply chain—and update your processes—can move you from imposed to chosen inputs, one piece at a time.

Even service businesses need to evaluate vendor and technology dependencies. Building basic redundancy and optionality here adds capacity and keeps you in the driver’s seat.

Bringing Awareness Into Practice

With each small shift—cross-training, refining your customer mix, expanding your supplier pool—you’re moving imposed inputs into the chosen category. The result is a business that’s more robust and adaptable, a stronger asset for whoever comes next. The gradual effort you put in now pays off in peace of mind and options down the road. Keep going and, honestly, have a little fun with it—you’re strengthening your business in ways that matter most.