"...You’ve built a successful business, which you have no interest in selling, and would like to extract some liquidity..."
Why would a VC put money into a company in this situation?
Why would a VC put money into a company in this situation?
Not all VCs are early-stage, high-risk investors.
(updated to clarify that I meant a personal controlling interest)
I think a common tactic is to sell preferred non-voting stock during IPO, and retain voting stock for the founders. They get to keep control of the company, in exchange for standing last in line during a possible liquidation.
Facebook is one of the very few companies I can think of which is IPOing with a personal controlling interest from a founder.