I don't think he means necessarily that they're cash cows.
It sounds like he means that they're profitable enough to keep surviving and growing somewhat but not to the point where someone wants to acquire the business.
Due the emotional investment in the business the entrepreneur slogs it out hoping they'll stumble upon something that will give them the growth curve they need to get the acquisition / IPO / other exit opportunity.
It sounds like he means that they're profitable enough to keep surviving and growing somewhat but not to the point where someone wants to acquire the business.
Due the emotional investment in the business the entrepreneur slogs it out hoping they'll stumble upon something that will give them the growth curve they need to get the acquisition / IPO / other exit opportunity.