[raganwald]

perhaps, but I also try to remember that the vast majority of startups don't have any exit of any description. Getting even a dollar of goodwill is a small victory.

The only time I would look askance at a modest exit is when the founders were tricked out of making a lot more money. In other words, if this company run by these founders could have fetched 10x as much, then it's a loss. But if they've made as much as could be reasonably made given the idea and circumstances... Then selling for market value so they can move on to a better idea is good business.