Successful business owner has revenue of $2-20MM with their owner's "salary" being $200k-4MM which is very respectable.

Owner gets old or want to quit the business and a PE offer of 2-8x Revenue comes in.

Owner making $200k instantly cashes that $4MM check and walks away.

PE takes contracts, guts all the expenses and cuts staff in half, and purchase price is recovered in <2 years.

Suddenly there is only one HVAC or dentist company that can maintain licenses and insurance.