# Value

The worth of a benefit to the enterprise — ultimately, for a PE owner, its effect on enterprise value at exit.

Value is the worth of a benefit to the enterprise as a whole. A single benefit — a cost removed, a margin point gained — has a local measure; value is what that benefit is worth in the context of the entire business, and for an owner, its ultimate effect on enterprise value at the point of exit.

Operators build value one benefit at a time; private-equity owners price the accumulated sum of those benefits into the multiple a buyer will pay. This is why the operator's benefit ledger and the investor's valuation are two views of the same thing: realized benefits, aggregated and capitalized, become enterprise value.

### Commonly confused

A single benefit. A benefit is one measurable improvement; value is what the accumulated benefits are worth to the enterprise, ultimately at exit.

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