By Cheryl Powers

Founders who explain success through grit alone usually miss what actually built the business and what may be quietly limiting its value now.

Hard work matters. But timing, structure, readiness, and founder dependence shape business outcomes far more than most owners want to admit, especially when it’s time to scale, transfer, or sell.

A founder sits across from me, proud, tired, and faintly irritated.

On paper, he’s done everything right. He built the company from almost no...