The level of turnover means less than the amount of the recurring income therein.

The GRF or recurring income means less than the quality of the clients and the staff that keep it recurring.

The quality of the clients and staff though? Well the quality means less than the true depth of the connection they actually feel towards the firm.

Why? Because nothing is as common as under-used genius, or that good prospect who did not buy anything.

None of these distinctions, or others, can be defined easily in a due diligence or valuation check list.

Remember, it is never the profit in the eggs she lays, but how healthy and connected the goose is.

“Tribes are about faith – about belief in an idea and in a community” – Seth Godin