"In the future, the valuation of financial businesses will depend on the size of their audience."

Founders are obsessed with AUM. Simon Davies thinks they should be obsessed with eyeballs.

We are seeing a shift in how Enterprise Value is calculated.

If you sell your firm, the buyer's biggest fear is clients leaving. But if you have a massive, engaged audience, that risk disappears. You can replace clients because your funnel is always full.

In this episode, Simon explains:

Why AUM is becoming a secondary metric to audience size
How personal brands protect firm value
Why data businesses with audiences sell for higher multiples than traditional firms

Build an audience, and you build a moat around your business.