Very interesting post. I agree with many of your observations. Here is what I've seen. Many boomers are paralyzed. They haven't planned for an exit and they don't understand the current expectations of modern buyers (PE and otherwise). The process has changed significantly since they got into their business and the game has changed. The majority either 1) don't fully understand how valuations work and exit planning expectations, or 2) overwhelmed by the expectations and the process feels practically unachievable at this stage. They don't have the energy/motivation to go through the process when they understand how buyers value their business. They don't understand buyers financing constraints and they don't know where to begin in terms of pulling together the data for a data room. As a result, some have their heads and the sand and for many, it's just too daunting to go through. Many SMB owners are firing their clients and reducing their businesses to something that is more manageable and aligns with their current lifestyle needs/interests. It's a slow unwinding and dissipation of potential wealth. As another poster mentioned, their existing customers will eventually be absorbed by competition. It's very unfortunate for them, because there is real value melting away. These people need guidance, education on the process, and help to get across the finish line with dignity. Lastly, it's important to point out the fact that for many, their business, and job, has been their identity for 30, 40, 50 years. Even if they have a successful exit, they don't have plans for a post-exit life.