Even still, those $20-100M companies still get bought out by bigger conglomerates. If you look just at Google and Facebook's acquisition list, it's pretty much all the deals they did the last 2 years.
Right. The larger you grow, the shorter the list of potential suitors for a liquidation event/buyout becomes.
On the other hand, the businesspeople in charge of buyouts tend to like large, within their budget. It's about the same amount of due diligence work whether buying a $10M company or a $100M company, so if they need to hit certain numbers, then larger is better.
