When working on the acquisition of a tour operator, the brand, customer database, website and contracts quickly come to mind.

That is natural. These are the assets we can see. But during a recent analysis, we found that the most challenging issue lay elsewhere. An asset may exist within the business yet hold very little value for the buyer.

Why? Because existence alone is not enough. The buyer must also have the right to use it and be able to keep it working after the transfer. It is a simple distinction, but it fundamentally changes how we look at an acquisition.

Take a customer database. It may contain thousands of contacts. On paper, it is an asset. But if its history is incomplete, consent is poorly documented or the data cannot legally be reused, its actual value becomes much lower.

The same applies to a travel itinerary. The itinerary exists. But who holds the rights to the text, photographs or source files? Are the supplier terms known? Is the person who actually knows how to deliver it still there?

At that point, we realise that the question is no longer simply: “Does this asset exist?” It becomes:

Can we actually use it tomorrow?

This is where many assets become invisible. A marketing tool is not the asset in itself. The value lies in the contacts, segments, campaign histories, preferences and evidence of consent it contains.

An automation tool is not the asset either. What matters is the workflows, connections and business logic that enable the system to function. A supplier relationship is not simply a name in a file. Its value comes from its history, negotiated terms and knowledge of the relationship. It is therefore possible to own many things without actually having access to their value.

That is why we found it useful to examine each asset from three angles.

Existence

First, the reality of the asset: what actually exists, in what condition and with what history?

Right to use

Next, its transferability: do the rights, data, access permissions and contracts allow the buyer to use it?

Operational continuity

Finally, its operational continuity: once transferred, will we still know how to keep it working?

These three dimensions do not always align. And that is precisely where surprises arise. An asset may have significant economic value yet be difficult to transfer. Another may be fully transferable but lose its value because the know-how is missing. A third may seem secondary while being essential to business continuity.

Ultimately, one question helps quickly distinguish what matters: “If this element disappears tomorrow morning, what stops working?” Answering this question often reveals the truly critical assets.

An acquisition should therefore involve more than simply drawing up an inventory of what the business owns. It should verify what can still be used, put to work and passed on after the change of ownership.

The value of an intangible asset lies not only in its existence, but in its ability to survive the transfer.

Securing that ability must be the priority.

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