Why Owners Do Not Sell When They Should - Michael Lay, OnCap

In the Globe and Mail, interesting article with a highly relevant comment from Michael Lay, managing partner at Onex's mid-market private equity business, Oncap.

It's a tough time to acquire. Many private businesses the group has pursued have owners who believe strength is returning to the equity markets and are reluctant to sell. "Or, a number of them have said 'I'm comfortable with my business, I know it, if you guys write me a cheque I don't know what I'd do with it,'" he said.”

What do you think?