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Near 100%. The non-consulting amount is not statistically significant. Why?

From the outside it looks like the owner is using "startup" as a cover to run a consulting shop with significantly underpaid stuff. In any potential liquidity event given the revenue structure and company age it's likely that it pretty much will be valued as a consulting shop with 6 consultants.

We do have products that are made in-house but none that generate even enough profits to cover a single salary.

It didn't start that way. The consultancy came much later as a temporary alternative to shutting down. Unfortunately (fortunately?) it's been successful enough that it shows no sign of being temporary.

Sounds like you would be much more successful as a consulting shop then :)

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