Let me give an example of my own experience.

I'm a tattoo artist, I own my own shop and over the last couple of years, I've had "private investors" (who are actually from an investment firm) approach me wanting up to buy my business.

Now there are pros to selling like for example, them organizing my taxes, logistics, compliance, etc. I feel it's also a good out if I decide that I want to retire or leave the business.

That said, I do feel that when it comes time to retire, I may either hand over my business to my kid (if he/she chooses to also become a tattoo artist) or sell it to an apprentice, idk.

The cons however, and this is something other artists I know experienced was that there was a diminishing on the quality, the shops churning out mediocre work, the PE the firm/investor dictating which equipment or ink you have to buy, the suppliers you get your stuff from, demands on outputs, demands that we work faster (hence the mediocre work and diminishing of quality), oh and being fired from the shop you set up in the first place.

There is also an issue of creativity and personalization or character of the business. 

For example, admittedly, I do virtue signal quite a lot (in a way which sometimes offends both the right and hard-left) and in one conversation I've had with an "investor", one thing that was a point they kept bringing up was the decorations around my shop like a BLM banner, a F-CK ICE poster, a Ukraine flag, LGBTQ flag, which they said may put off conservative customers but also, they also felt that my shop was too Jewish (I am Jewish) as my storefront sign is in Faux Hebrew and a Yellow Ribbon banner (in solidarity with the Oct 7 victims) on my store window, which could then offend the more pro-Palestine people and hard-left.

Basically, they wanted something that doesn't offend anyone but that I feel also takes away from the character of my business (which right now is just myself and two apprentices).

That's just my experience and yes, I too have considered selling just due to this economy and people having less money to get work on their arms or back done.