[csa]

> I think that it is logical to sell your company to highest bidder when you want to exit

Some founders are more than happy to sell at a lower price if they think the lower bidder will be a good custodian of the company.

“Good custodian” is relative, but often means things like treating existing employees well, trying to maintain the best parts of the company culture, keeping clients happy, keeping the quality of the product or service of a company at a high level, etc.

Sometimes founders realize that an extra bag of money on top of the multiple bags they are already getting won’t buy them self-respect.

Fiduciary responsibility can make this murky sometimes, but that’s a cop out more often than not, imho.