Private companies can issue dividends too - it's what we plan on doing if we're fortunate enough to get that far (1). M&A is for suckers (2) and IPOs aren't worth the trouble anymore unless you desperately need liquidity (e.g. Google) or you're not profitable.

1 - Assuming the capital gains tax remains similar to what it is currently.

2 - http://is.gd/2Fla

http://news.ycombinator.com/item?id=304790