You’re right but there is also a price to pay for something that has unique qualities never matched. Yes?
Not if someone is buying it as a business. The only thing that matters is the numbers. Revenue, profit margin, growth rate.
Now if you get some rich person who wants to throw money away on a vanity hobby toy, they might overpay based "uniqueness". But from a business standpoint uniqueness is irrelevant until it directly contributes to profit. It is a tyranny of numbers. But if you are going to dream about a rich guy who is willing overpay for uniqueness, you might as well dream that HT just wins the Texas Mega-Millions drawing and has the money to staff up and take the game to his ultimate dream with a team of 20 programmers and 10 digital artists. If you want to dream, dream big.
You can even by a knowing failing business as long as the numbers are right. Even a failing business can have a sufficient tail on the life cycle curve to squeeze profit out of if the buying prices was right. If there are any severable assets that could sold off at the end is a cherry on top. But the price has to be right to make it attractive. Many a failing company has been bought, squeezed hard for a couple of years, then stripped for parts. HT has already taken the first step. The first thing a buyer would do is eliminate the staff down to bare skeleton needed to milk out the last couple of years. Assuming that you are only milking the tail, you would stop all money wasted on advertising or new development. It would be all about slashing cost and maximizing remaining return.
