Most exit plans are simply one paragraph on the deck that says, "acquisition by major player or IPO." The real exit plan is in how well the C corp is structured and managed, how clean the cap table is, how transparent the corp finances are, and overall whether or not the founders have seriously considered the exit when they plan and put the equity structure together. Most novice founders will miss most of these points and only figure it out after a deal has come down not very favorable to them. When the due diligence team shows up with their proctoscope and finds an ill-prepared mess, the valuation will go down. As with moist things, good preparation is the the real plan and the key to a successful exit.