A small exit might be a better exit

Portnoy had a family to support and no nest of cash to fall back on. An acquisition would make his financial situation much more comfortable. In addition, one of his board members had run a company that took a lot of funding and eventually went public. Even though that board member’s company had an exit 30 times larger than Portnoy’s, he ended up with about the same amount of cash.

Source: Why Selling A Startup For $20 Million Is Better Than $200 Million – Business Insider

Sometimes, having a small exit might just be a better move.