A startup that raised more than $50M is shutting down, and most are asking "Why didn't they just get acquired instead?" Speaking from experience, it's really, really hard to have this outcome. There's a perception that it's super easy, and people just buy companies. You see the headlines of 18-month-old AI startups getting acquired for $1 billion, and think acquisitions grow on trees. Every week there seems to be a new life-changing outcome. Reality is just so different. I've tried. I have a ton of friends who've tried. "Just sell" to a founder feels like saying "Just play in the NFL." Companies simply aren't out hunting for startups to buy, because it's a risky game. So many purchases go sideways for the acquirer. Even if the company is doing well. And if they're not? No one wants to buy a company not doing well, nor are there tons of companies with cash / stock looking to do the rollup game. Even if you do get an LOI, it's not guaranteed. Paul Graham, the founder of Y Combinator, puts it well: "Birds fly. Fish swim. Deals fall through." Companies at the $100b+ scale move slowly, so you need a product leader / champion to buy into what you're building, and THEN 50-100 people need to independently sign off. There's so much surface area for a 3-month due diligence process to end in a "No thanks." Pulley did the right thing by providing a soft-ish landing for their customers, transitioning them over to Carta. This alone probably took weeks of back-and-forths with the Carta team. Exactly why "just sell" is harder than it looks. Thoughts going out to the Pulley team.