> Chicago had just 31 total exits during the period, equal to Raleigh. Austin, Texas, had 86; Washington, D.C., saw 87; New York posted 98; and the San Francisco Bay Area recorded 613. While Chicago had 14 deals that produced returns of more than 10-fold, San Francisco had 153 such deals.
There's a TVM calculation in there, to normalize the dollars you got paid on exit to the years that you did the work. And there's an opportunity cost for not being a salaried employee of an existing business while your were building your new business.
In the end, you probably want to reduce it to $X/week, run the calculation for all founders, and then aggregate by metropolitan area to see which city is best.
If your business becomes self-sustaining without a buyout, merger, or IPO, you can probably run the calculation using a TVM for a presumed perpetuity after the day you finally start paying regular dividends, along with your equity value as a lump sum. And if it goes bankrupt, you could end up with a negative value if you chose to pay yourself a salary lower than you could have earned elsewhere.