cash flow and early exits 1

Why can using a firm’s working capital to discuss cash flow without further qualification be misleading?
“Cash flow methodology should distinguish between a new capital intensive business and a more mature operation.” Discuss.
The number of companies acquired only two or three years from startup has increased dramatically in the last few years. What are the root causes of these early exits?
How much is a customer worth? How much does it cost to acquire an additional one? This is the focus of Peters’ plan for a successful early exit when the business model is yet to show any profit. However, investors will also have to consider other factors. Which factors are not covered in Peters’ analysis?