Why not acquire <100% stake?

The traditional search fund way seems to be to acquire a 100% stake (minus potential rollover), but I am curious to know why it is not more common to take a say 51-75% stake. The way I see it:

Pros:
1. De-risks what is the riskiest move in your life (e.g. wrt informational transparency and succession risk)
2. Higher deal certainty as it de-risks what is also the seller's biggest deal ever
3. Allows larger and less risky TargetCos (albeit presumably at higher multiples -> lower CF yield)

Cons:
1. Only a potential con but it might be that Searcher cannot assume CEO role
2. Lower CF yield (see Pros 3 above)

Interested to hear your thoughts.