[mooted1]

+1 that the code is, unfortunately, most likely worthless.

My company has one chief competitor.

If that competitor went out of business and offered me their source code, I'm unlikely to pay for it. Code tends to be highly coupled to the specific assumptions, structures, workflows, architecture, and environment it was designed for, unless the team has gone out of their way to make it reusable. Most often, it would be easier to rebuild the same functionality from scratch than integrate someone else's code into your product.

What is valuable are the more generalizable and often intangible assets my competitor has accrued:

1. Its relationships with potential clients. 2. The lessons they've learned in building the business so we might avoid them. 3. Their employees.

Do you have any of the above to offer to companies tackling similar problems?

That said, isolated parts of a codebase can be useful, if it's easy to reuse and solves an extremely challenging problem and has required a large amount of investment to develop and mature. If such a part of your codebase exists, you could try finding a buyer for that.