The $2.5B acquisition of Manus exemplifies a "local maximum" exit. While VCs might push for a higher valuation later, the founders rationally chose to sell. This decision optimizes their personal, undiversified financial outcome by de-risking against future competition and market shifts.

Selling 100% of a company isn't the only exit. Founders can take "multiple bites of the apple" by selling a majority stake but retaining significant shares. This allows them to benefit from future sales or an IPO under new ownership.

To sell a company from a position of weakness, first secure a strategic partnership. This creates dependency and leverage, reframing the eventual acquisition talk around a proven, shared success rather than a failing business.

Taking a small amount of money off the table via a secondary sale de-risks a founder's personal finances. This financial security empowers them to reject large acquisition offers and pursue a long-term, independent vision without the pressure of life-changing personal wealth decisions.

A successful exit is a highly choreographed dance, not an abrupt decision. Founders should spend years building relationships with line-of-business leaders—not just Corp Dev—at potential acquiring companies. The goal is to 'incept' the idea of an acquisition long before it's needed.

Founders who try to perfectly time an exit with market conditions are twice as likely to have second thoughts and report less satisfaction. The most fulfilled founders are those who sell when they are personally ready, regardless of market timing.

The path to an exit is a market in itself. It's often easier to sell a $20M company you fully own than a $500M venture-backed one. The pool of buyers is larger and the process less scrutinized, making a smaller, bootstrapped exit potentially more profitable for the founder.

Melissa Wood Tepperberg challenges the common entrepreneurial goal of building a company to sell it. After experiencing investor-led growth, she realized her true desire was to continue doing the work she loved, not to cash out. Founders should define their own "North Star" beyond a lucrative exit.

From a buyer's perspective, founders should sell after they have demonstrated a strong growth trajectory and hit an inflection point. Pitching a 'hockey stick' forecast without historical proof is less compelling. Waiting until you have proof of the upswing optimizes both value and strategic interest.