Are IPOs and acquisitions the only two positive outcomes for startups, or are there other success paths?

I recently spoke to an acquaintance who spent the last 10 years growing his company. Their last VC round was 2-3m Series A before they couldn't raise any more. The investors and customers then was much more pro-spending. His company is currently (finally) at a stage of profitability, and he's stepping away from it. He cautioned me that the path of VC-financed has only 2 endgoals - IPO and Acquisition. And they want you to do that fast, not (for eg) take 10 years. Are there any other favourable path results? And is the other path being a non-VC-backed small-medium enterprise with the hopeful end result of being a large private enterprise? I'm trying to understand the possible 'exit strategies' available. (That also goes without saying I know that you can IPO or be acquired without being VC backed)