Put another way, because my friend owned 52% of the business, he was able to take home $13mm on an exit of only $25mm. If he owned 15% of the business, which is the median for founders that IPO, a similar take-home would have required an exit of $87mm. He would have needed to build a business that is 3x larger for the same take-home. Building a big business takes time, capital, execution, and luck so the larger the business you need to build prior to exit, the more risk you’re taking. Founder ownership levels at the time various tech companies went public are below.