1) You're (incorrectly) assuming that everybody who sells their company set out with "a view to exit". That is, quite honestly, bullshit. 2) Not everyone who i

1) You're (incorrectly) assuming that everybody who sells their company set out with "a view to exit". That is, quite honestly, bullshit. 2) Not everyone who is given the choice of a small exit is also given the choice of a follow on round of funding. If you're not making enough revenue and unable to strike a deal with a financier, you are going to have to shut down your product whether or not you strike a deal with an acquirer. 3) Your post has eliminated a "soft landing" from your startups' possible exits. If you wind up in the situation described by #2, you'll look like quite the hypocrite if you do anything other than die. 4) "I'm sure your investor's wallets think of your exit as a success" -- You'd likely be wrong about that. Your investors probably would rather you fail swinging for the fences.