I respect your position. When you are trying to pay the bills, every dollar is the same shade of green.
When you are trying to establish enterprise value, it's different. The value of a company is roughly (m/(i-c+g) - f) where m = margin dollars, i = the interest rate of your funders, c = churn, g = revenue growth and f = fixed costs. If you have a repeatable (and growable) cash flow, then it's worth a lot more than consulting work that you have to win every year. The math is highly oversimplified, but this is why a company like LinkedIn (Or Ariba in Web 1.0) can sell for 8 or 10 times revenue.
When you are trying to establish enterprise value, it's different. The value of a company is roughly (m/(i-c+g) - f) where m = margin dollars, i = the interest rate of your funders, c = churn, g = revenue growth and f = fixed costs. If you have a repeatable (and growable) cash flow, then it's worth a lot more than consulting work that you have to win every year. The math is highly oversimplified, but this is why a company like LinkedIn (Or Ariba in Web 1.0) can sell for 8 or 10 times revenue.