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> When you are in this position the only reason to sell is if your company is no longer growing

False. Valuation is not based on a point-in-time analysis of your current revenue run rate or total size of your userbase, it tends to rely much more on first and second derivatives, such as how fast you are growing revenue.

There is a point in a company's lifetime when, if you stop growing as fast (even though your revenues are still growing), you may be worth less while making more money.

Also, there is a lot of risk in running a startup. The landscape can shift under anybody, and evaporate value in a heartbeat.

If a deal is above your target threshold, and you find that is fairly or over values your company, an acquisition can be something you seriously consider, even while you're still growing.




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