> If these sellers are only lacking capital in order to see growth, wouldn't they be getting it from others by now, even in a tight lending market? As an ex bo

> If these sellers are only lacking capital in order to see growth, wouldn't they be getting it from others by now, even in a tight lending market? As an ex bonds guy, I can say for sure that the lending market isn't close to efficient. One anecdote - the Fed has extended a ton of credit to banks (large and small) in the last 4 years. They've also been concerned in the process because those banks have hoarded the capital to cover loan default losses. Small and Medium sized businesses are often unable to get capital because a. there's far too much friction in the application process, and b. banks often use the same metrics to evaluate large and small businesses, but oftentimes the credit of a small business aligns better with the credit of it's proprietor, than it does with any other factors.