CDBaby Pricetag Revealed. CEO Had 100% Equity.

CD Baby, the indendent online music retailer and longtime companion of independent musicians looking for a friendly publisher, was sold in August to Disc Makers.
Today, CD Baby founder Derek Sivers revealed to Venture Voice that he sold the company he started in 1998 for $22M. He held 100% equity in the company.

Was Sivers lucky to sell before the crash or could CD Baby have navigated its way to a higher pricetag?