(background: I work in tech mergers and acquisitions for a company that does pre-acquisition diligence.) It is worth noting that, most of the time, the things

(background: I work in tech mergers and acquisitions for a company that does pre-acquisition diligence.) It is worth noting that, most of the time, the things that are so wonderful about working at the small company are fun for all the same reasons that they aren't sustainable. Most startups are not cash positive - they don't make money, they just lose money more slowly than they get investment (by selling off bits of the company). So very often, the stuff you want to have continue just can't because it was based on imaginary income. The exit plan always involves the company becoming profitable at some point (maybe after multiple rounds of acquisitions) and that usually means that on each round the company has to become more realistic about how they spend their money, including how they manage their devs. On the other hand, it's true that a small lifestyle company can keep many of those things, but they do that by not having a plan to sell, which tends to mean you get the spirit and independence but not the throwing-around-cash-like-it-was-free fun times. When you factor in opportunity-cost, the whole office plays lazer tag on friday is really bloody expensive.