that said, your value proposition is "the team". a group of people familiar with each other and working with each other. so, the value of company directly depend upon how each member is committed to work after the company get acquired.
We probably bring more than just the tech skills. Building a team and delivering projects is not easy. It is about 10 times harder than I initially thought. I now have much more respect for all the small independent software consulting shops.
These thoughts actually started in my mind after I saw two ROR firms that recently got acquired. I think LivingSocial acquired one of them. That and the fact that we are not making enough money to justify the hours we put in. Slowly coming to the realization that I might not be tha good of a businessman.
Also cash will always be a problem because if your profit margin is only around 10% you will continually be short of cash as you try to grow.
raise your rates, you're not charging enough. two simple ways to tell if you are not charging enough:
1. everybody is willing to pay your rates - nobody ever says, "no"
2. you are not making any money