Most entrepreneurs wait too long to start thinking about their exit.

They usually sell their companies for much less than they could have. The valuation curve, and return to shareholders, usually ends up looking something like this.

That’s exactly what I did in my first company. (It was the first time I lost several million dollars, and the first of many similarly expensive - and valuable - lessons about exits.)

Most of the technology companies I’ve known well exited too late. Yes, most...