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Microsoft - keep your filthy hands off Valve, leak shows MSFT would buy Valve
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Well, the idea is you can do something else with the money instead of it being tied up with that company. You could start another venture if you want to. I'm pretty sure Valve is what he wants to be doing though, so starting a different company isn't really something he'd want to do.
Even if he doesn't want to run it, doesn't mean it has to be sold to another company. It can just keep on being a private company with a new handpicked leader. There's no upside to selling for Gabe. After he passes however... all bets are off.