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Two major events at a client can and do tend to put you and your consulting business on the outside looking in. One is an acquisition, where the acquiring company has its own stable of consultants to call upon. The other is a change in management, when pretty much the same thing happens but on a smaller scale. In the former you are not likely the only vendor to be affected by the acquisition or merger. In the latter, a new manager, probably from outside the business, is being brought in to make things happen and that typically means this new manager will bring in their trusted consultants and not rely on you. Either way, it is always dangerous to have more than 50% of your revenue tied to one client. Best not to get stuck in that situation if you can avoid it.