E84 | Why Don’t I See A Profit? (Summer Series)

The Evolution Partners · Jan 11, 2026 · 36m

Business owners often feel frustrated when their P&L shows strong profits but there’s little cash in the bank. This disconnect isn’t incompetence or unfairness – it’s a misunderstanding of how cash really flows through a growing business. In this fifth summer series episode, Andres Zylberberg, Richard Peake and I discuss how profit and cash are not the same. Growth itself consumes cash through working capital tied up in inventory, labour, receivables, and timing differences. Relying only on the P&L creates a false sense of security, a “mirage” of…