If you’re lucky enough to get approached by a big company that wants to buy yours, remember it is usually not choosing between buying you or buying your competitor.
It’s often choosing between buying you or setting up shop to compete with you. As soon as buying you becomes more expensive than competing with you, it’ll compete.
Very important advice. Don't forget that folks that want into your business have three choices… Buy you. Partner with you. Compete with you.
If you an acquisition is too expensive, you might just find that you have a new competitor. As the author suggests… Don't overplay your hand.