You own 60% of the thing that ate you.
The spinout runs on usage pricing from day one, with Box's content estate as its first customer and no sales org to revolt. By 2029 it serves 3,000 companies, half of them never Box customers. By 2030 it's worth more than its parent.
Box, the store, is now its plumbing. Box, the company, is a holding company for an omni agent, and a very thin compliance utility. You're chairman of both. One of them matters.
You couldn't lead the pricing transition inside the P&L, so you moved the transition outside it. The parent shrank. The child owns the relationship. This is what 'buying a neutral agent' looks like when the acquirer actually lets it stay neutral.
One path that gets here
C · Go on offense. Box becomes the agentC · Spin the agent out. Box's content is its first customer