The business media tends to focus on younger companies because they’re the ones doing the growing, and growth is interesting. Growing companies are elbowing their way onto the scene in one way or another. They’re making a dent in the universe. To the extent that any discussion of corporate finance gets into the media, it’s often about valuations. Valuations are what investors are willing to pay to own a business. You hear a lot about them because valuations are exciting. They are a numerical expression of a business’s future growth and impact. You’ll probably have heard the term unicorn, the…

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