This HBS analysis explores the 'Dual Track' exit process. It reveals the conflict of interest: VCs often push for M&A (Trade Sale) to get liquidity within their 10-year fund lifecycle, while Founders often prefer IPOs to maintain independence. The study shows that 'Late Stage' investors with liquidation preferences often block IPOs that would yield lower returns than a strategic sale. It advises founders to align their 'Exit Horizon' with their investors' fund vintage.

You don't sell your company; you are bought. This archive helps founders navigate the board politics of an exit. It warns against taking capital from funds that are near the end of their lifecycle, as they will pressure you to sell prematurely. It frames the IPO vs M&A decision not as a dream, but as a cap table negotiation.