Thanks & no argument with what you posted. I'd add a big reason that I've seen many fail - when investors who have large company experience buy smaller business they fail to adjust their expectations. In a large company there is a marketing department. In a small company they may have no one or at best, marketing is a third of one person's role. Small business employees often have long tenure with no real experience elsewhere. These employees often get tasked with more than they are capable of with respect to capacity & competence. A buyer who fails to understand this will assume abilities that are not there. It often ends with deep cynicism, lost trust and diminished returns against expectations.

^redacted‌ - That's a different and wonderful insight. Thanks for sharing!