Background: I work in technical diligence and talk to a lot of companies just before they do exits to PE firms (i.e., usually the first big cash-in). One of the things I see over and over again is just how much great people matter. Not only do they matter for getting you there, but they matter for how much you get when you get there. Our work is used at the negotiation table: piles of tech debt and stuff that needs to be seriously fixed up comes off the top... a "hair-cut" as they put it. Your pile of tech debt and ignored security issues and so on could be millions off the deal.

So... I agree with this writer that it there is likely more value to early founders than they think in doing that which motivates star-level early employees to join and stay.