The issue is that to a buyer, the inputs don't matter. We're buying the outputs in the form of business results.
If Codetree was doing $120 in ARR after 2y of FT development, he's not going to be able to sell it for 2y * salary_to_build_app. He's going to sell it for some multiple of $120 minus expenses.
If Codetree was doing $120 in ARR after 2y of FT development, he's not going to be able to sell it for 2y * salary_to_build_app. He's going to sell it for some multiple of $120 minus expenses.