I was in round four of interviews before they made a decision. That seems excessive for a small company whose CEO is in on the interviews and has the authority to make the call.
My overall impression was that it was a very nice group of people but that they are very young (leadership included) and their comfort zone is familiarity. They don't seem truly interested in bringing on experienced people who may have ideas of their own--in other words, the founders are still very much running the little details.
It came to light during my interviewing that no fewer than three of my good friends/former colleagues/incredibly talented art directors were also interviewing. That none of us were offered the position is what gave me the impression of indecisiveness at the top. I would hire any/all three of those people in a heartbeat.
The thing we all have in common is that we are over 40. Perhaps we were considered over-qualified (true--we are creative director level and the job was art director), too expensive (not true--the salary range was discussed early and often) or too professionally experienced with ideas of our own (at healthy companies this the whole point!).
I hesitate to say it but my hunch is simply that we were too old. I'm adding this review in hopes that this company will be more careful of that bias.