You realize that the whole premise of selling a company for 10-100x is that the buyer believes the dividends will in fact exceed that, right?
So again, all I'm asking is where are the investors supposed to get their returns?
I suspect the answer is three-fold.
1) Investors hope to get returns on private markets. Private markets provide a lot of liquidity these days.
2) Investors (and people who buy on private markets) hope that Sarah means "I want to retain control" when she says "I don't want to sell". It is a reasonable intepretation, and can provide excellent returns (did the Google guys "sell"? Did Zuck? Murdoch?)
3) Investors have a long term investment timeframe. They hope in 10 years time she feels differently.