I think it is because many deals are first time transactions (for buyer or seller or both) and people trying to accomplish something outside of their competency is a challenge. Buying/Selling is a skill like operating any business is a skill. And skills are enhanced through experience and repetition. That is why it is so important for buyers and sellers to seek experience buy side/sell side consultants who can assist in navigating the waters.

Think of it in the following (exaggerated) example... what if this website was created for people that wanted to do self-operated hip replacements. The posts would "has anyone replaced their hip" or "hey I replaced my hip and it is swelling pretty bad, anyone have the same issue...Naturally that website doesn't exist because no one would perform their own hip replacement...when there are professional called "Doctors" available.

So replace hip replacement with buying/selling a business and replace doctor with consultant... and i think that 90% wasted deal number would be dramatically reduced. Have any interest to discuss buy side/sell side strategic consultation - just DM me, glad to chat.

high customer concentration, owner dependency, lack of tailwinds, decreasing revenue, lack of revenue quality, employee dependency, very competitive market, limited talent pool