The first exit strategy was going public, the initial public offering of stock. This is still popular, but it requires of company founders a commitment to stay with the outfit for an indefinite period of time. Of course, this is a lie. Founders are adrenaline junkies and become bored with success. It is a rare founder who can convert to being a good manager.
Acquisition is easier in many ways.
It means the founder will no longer be in charge and can get out of the company much easier. Being acquired is faster and cheaper than going public, and lately produces nearly as much wealth. The trick is to be acquired not just by a company with money, but one with great long-term prospects of its own. This all has to do with the management of sudden wealth. If your startup is bought by Rustbelt Inc., an aging industrial concern trying to reinvent itself, good judgement suggests selling that Rustbelt stock as soon as possible, regardless of the tax consequences.