This is in my admittedly cynical view a false dichotomy posed generally by investors seeking to justify pushing out founders in favor of their handpicked person. I see this more from old school VCs than from the newer breed. Keep in mind the most successful tech companies (Microsoft, Google, Facebook) had founders who stayed in control all the way through. A fact that is recognized by Andreesen Horowitz for example.

The truth is that management is like any other skill - it's learnable and teachable. Founders who do that and can see through the old school VC shibboleths stay in control of their destiny.