The point is, regardless of circumstances, if no one wants to acquire the business then the business by definition has not created value (in the eyes of the market).
Being a mom & pop is not the same as being an entrepreneur. They are two separate mindsets. One use exit as a North Star the other just retires and closes up shop.
> What happens when the owner(s) wants to retire?
Maybe they just close down the shop.
> Or has a serious health issue?
And purchase disability insurance.