“The ability to raise capital as a public company is the #1 advantage. The liquidity of your stock is the #2 advantage, but for the entrepreneur or particularly for the CEO, it is not a liquidity event. Your capital is locked inside the business, and you can sell tiny bits of it, called the 10b5-1 plan where you decide essentially a year in advance, a couple of quarters in advance, you come up with a plan that says sell off a little bit on these predefined dates. It doesn't matter if the stock got hammered, it doesn't matter if the stock's high. So, it's kind of like sucking through a very small straw. For me, I had been at it for a long time.”