A partial cash-out helps the founders diversify a bit, which can be good because they can then afford to take big risks. However, I'm guessing that Ron's conce

A partial cash-out helps the founders diversify a bit, which can be good because they can then afford to take big risks. However, I'm guessing that Ron's concern is that it can also act as a sort of bribe, causing the founders to act not in the best interests of the shareholders (which kind of screws earlier investors).