Maybe not for the client list, but possibly for the team.
How much would the code of say Photoshop be worth if the entire Photoshop team were to leave and set up a competing business?
How much would the code of say Photoshop be worth if the entire Photoshop team were to leave and set up a competing business?
An early stage company that barely has any code? Yes, in that case, it's the team that matters because they haven't fulfilled the vision yet.