The payout is often in a mix of cash and stock, and the stock will vest. Sometimes there are holdbacks for performance. That can result in not-too-much cash bei

The payout is often in a mix of cash and stock, and the stock will vest. Sometimes there are holdbacks for performance. That can result in not-too-much cash being available upfront, and it'll all go to preferred shareholders leaving little for founders and none for employees. Of course, as an employee you'll now have stock in the acquiring company, should you choose to stay and vest. If the acquirer is itself illiquid, though, you've traded one lottery ticket for another.