A software company can look like a textbook investment on every metric that reaches the deal team. Recurring revenue climbing. Customer retention holding. A product people demonstrably use. An engineering team that ships. A market with room to grow.
None of that tells the buyer whether the technology underneath is an asset or a liability.
The product might work beautifully today while quietly accumulating the kind of technical debt that makes every future release slower and more expensive. The clo
