Mark Suster Partner Upfront Ventures and former entrepreneur
“VCs want big outcomes. [VCs] will demand a veto right over [a company sale]. [A founder] might be very happy selling [his] business for $9 million and owning 50% of the company. [A] VC is not necessarily going to be happy getting $3 million for his 33% stake for which he invested $1 million.
[While that’s] a 3x return  it’s still just $3 million and if the VC has a $300 million [fund] it is just 1% of the money [needed] to reach his “hurdle rate” of when he’s entitled to earn carry (e.g. big bucks). It’s just too much time to spend  for such a small total return. Many VC’s would still let [a founder] sell ” but some would block the sale. Mark Suster Do You Really Even Need VC? July 22, 2009; http://www.bothsidesofthetable.com/2009/07/22/do-you-really-even-need-vc/