Strategic acquirers don't just buy startups; they buy market share, talent, and future revenue streams. This episode examines how companies like Microsoft and Alphabet structure their acquisition deals to maximize strategic value while minimizing founder liquidity. We look at the specific mechanics of earn-outs, retention bonuses, and equity vesting schedules that often leave founders with less cash than expected. Drawing on recent market data from late September 2026, we break down why a high valuation headline doesn't always translate to a high payout for the original owners.