Potential buyers are off course looking at multiple factors or to rephrase there are more than one variable which might attract a potential buyer. e.g. A buyer may be more interested to buy the relationship more than IP to gain entry with client, the startup is associated with. In this the relationship has to be really compelling, right from Top leadership to the people on ground, which can also assure future cash flows purely based on relationship and not get stick on one victory (Amdocs acquiring smaller companies due to T-Mobile relationship_. Also, there might be an investor of a competitor who might take note and try for Aqisitions to create a combined entity (Actix/Amdocs).
Companies where leadership gets embedded in technology or IP creation is bound to lose on this front
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