<b>MYTH: a recurring stream you built is an asset you own</b>

<b>MYTH: a recurring stream you built is an asset you own</b>

Everyone treats their referral book like equity. It isn't — it's a revocable license.

The vendor can, and routinely does, change the terms unilaterally:

— Cut the recurring rate on existing referrals, not just new ones ("grandfathering" is a courtesy, not a right).
— Migrate networks and orphan your historical commissions in the switch.
— Sunset the affiliate program entirely after they hit scale and don't need cheap acquisition anymore.
— Get acquired, and the new owner kills payouts on day one.

You have a counterparty who controls the ledger, the rate, and the off switch, and you signed terms letting them pull all three.

Verdict: you don't own a recurring asset, you rent a revenue stream from someone who can evict you.