What do you think they should do? Who are they holding out for and for how long can they hold out? Retirement is a financial situation and an age. Do they shutdown the business when they are too old to function as an owner?

My friend's parent's local services company shutdown when they didn't find a buyer. A business limping under interest payments IMHO is better than a complete shutdown.

You're 55, making $400k a year as a HVAC Repair Company, and while you love the business and your kids are in expensive colleges (not taking over the business) you are offered $8MM to sell. Instant retirement. A buy out isn't the same as selling out because people live off of cash and not principal.