Well, they are literally different things and yeah, I'm caught up on that. I'm trying to figure this out too.
I've known of founders who wouldn't take a deal because they liked being, to use Zuckerberg's honorific, CEO, bitch. And then they rode that into the ground.
I think you're saying they're two forms of the same thing. That's true but they're not two reversible forms. Moreover, there is no control after exit.
So the point is that taking a little less at a concrete exit might be worth more than taking a little more of a sleigh ride.
I've known of founders who wouldn't take a deal because they liked being, to use Zuckerberg's honorific, CEO, bitch. And then they rode that into the ground.
I think you're saying they're two forms of the same thing. That's true but they're not two reversible forms. Moreover, there is no control after exit.
So the point is that taking a little less at a concrete exit might be worth more than taking a little more of a sleigh ride.