"The value of a business is best ascertained by what an investor...

"The value of a business is best ascertained by what an investor is willing to pay for it (i.e. its shares) or what a potential strategic acquisitor (i.e. an investor (or competitor) who wants to buy it for strategic business reasons) is willing to pay for it.
Value is best measured in terms of potential, not in terms of historical earnings or financial track record - but in terms of future performance possibilities. Value increases both through internal actions and growth as well as through external contributions (e.g. cash and people) which facilitate such growth."

"It is a prudent management philosophy to always be thinking in terms of making a business attractive to such suitors by building a solid foundation and by nurturing and growing it. The business should always be in a condition to sell it."

"I'd rather have a small piece of a big pie than a large piece of nothing!"
Michael C. Volker

DYOR