But, and this is important, this isn't an alternative between "exit with fat sacks of cash" vs. "exit flat broke", for either the founder or the employees. Presumably, in the "founder drives a Porsche" scenario, the startup is not in imminent danger of collapse and the employees are not subsisting on ramen. So if the founder decides not to cash out, the employees have the "stable financial footing" of having a job that, presumably, they like and are good at. On the other hand, if the buyout was a talent buyout aiming for the founders or a shutdown buyout, if the founders decide to cash out, the employees may have some $$ in hand but are back on the job market. That's not exactly the most stable of positions.