Revenue Is Vanity. Cash Flow Is Sanity. Margin Is Valuation.
In this episode of The Owner’s Playbook, Carol breaks down one of the most misunderstood concepts in business: revenue does not equal value.
While many entrepreneurs focus on top-line growth, buyers focus on predictable, transferable cash flow. Carol explains why margin, discipline, and financial structure—not revenue alone—determine your company’s true worth and exit potential.
Key Takeaways
Revenue is vanity — profit and cash flow drive valuation
Buyers purchase earnings (EBITDA), not revenue
Margin discipline directly impacts valuation multiples
Growth without profitability creates…
The skinny
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