How does one get a buyout offer in the first place?
In my case, we'd been approached.
Guy Kawasaki wrote "The Art of the Start," but I think there's a need for an "Art of the Exit" as well.
However, we already had an investment banker (Quincy Smith) who was able to talk to people on our behalf.
* Build something that someone will want to buy. Something awesome that solves a real problem elegantly, that's proven itself by garnering users, and that would fit well in an acquirer's business.
* Closely related to that: don't be a giant, money burning machine. Really cool ideas (i.e. unlimited free music) are often implemented with intractable business plans. Being far from profitable will make any buyer think twice about you.