I don’t have the slides for this and wish I did but the video is worth a watch.
Startups don’t always talk about it but most exits are via mergers or acquisitions. Yes – founders can dream about going all the way but that doesn’t noramlly happen. If the startup even makes its, cause going bust is the normal route, the path to exit won’t always be an IPO or making piles of cash.
Founders shouldn’t avoid an acquisition as an exit route, in fact it might very well be the most lucrative outcome.
All that aside though, if founders think companies are bought then they are in for another surprise. Companies are sold which means you need to know how to sell your company by understanding which companies might buy you and figuring out how to navigate corp dev.
Startups should start thinking about how all this works earlier than they normally do.