The case focuses on Ken Powers, cofounder and chief executive officer of Sparrow Therapeutics, whose young biotechnology company has reached a critical stage where he has to decide whether or not to sell. The company's three main sets of investors have different priorities: (1) a quick cash sale now, (2) delay sale for about a year if returns are greater, and (3) delay sale for 2 years, build company value, and retain autonomy. What choice would be best for the company, for its investors—and for Ken himself? And when would be the best time to implement the exit strategy?