Games people play with cash flow
Most useful article I&#x27;ve read probably this year.<p>After selling our last company I was surprised that the acquirer went on an even bigger spending spree just months after acquiring us. As a bootstrapper this blew my mind.<p>This article helps shine a light on how they pulled it off. They acquired us for the free cashflow the company threw off (uncommon in our industry) and the leveraged that to further their expansion.<p>I&#x27;ve always looked at accounting as &quot;backwards facing&quot; (meaning it looks at what has happened vs where a company is going) but this article has changed my perspective dramatically.