Yeah. I’d guess that investors get less upside, founders get less upside and therefore take less risk, the best employees and managers are tempted to find opportunities elsewhere, there’s less profit to reinvest so the firm can’t grow as fast, and so on.
Yeah. I’d guess that investors get less upside, founders get less upside and therefore take less risk, the best employees and managers are tempted to find opportunities elsewhere, there’s less profit to reinvest so the firm can’t grow as fast, and so on.