Profit is a Theory. Cash is a Fact. We recently took a call from a Founder of a $60M SaaS platform. He was confused. "Our P&L says we made $4M in EBITDA last year. But I can't make payroll next Friday. How is this possible?" He was falling into the EBITDA Trap. He was managing the business based on an accounting theory (Accrual Basis) while his operations were dying in reality (Cash Basis). Here is the brutal truth :  You can be profitable on paper all the way to bankruptcy c