Owner Dependency
Also known as: Key person risk
How much of a property's revenue depends on the current owner personally. The single largest discount applied at sale.
Owner dependency is the degree to which revenue relies on the owner's relationships, name, personal outreach, or ongoing attention. High dependency means a buyer is not acquiring an asset, they are acquiring a job with an uncertain handover, and they price it accordingly.
It is reduced by documentation, by systems that run without daily decisions, and by revenue that arrives from search and structure rather than from the owner being present.
There is a tension worth naming: personal voice and a visible author are strong authority signals, and they are also owner dependency. A property built entirely around one person's name is more credible and harder to sell. That trade is a legitimate choice, but it should be made deliberately.