Close to 50% of sale efforts fail even during strong market conditions. Brian Cassidy observes that this reality makes broken processes a standard feature of dealmaking.
“I think every time you go through a sales process, you need to be eyes wide open because I think even in the good times, I think close to 50% of sale processes fail…”
Brian Cassidy, Private Equity Spotlight · October 2026 · Listen ↗
Sellers face difficult conditions for full control exits. Brian Cassidy points to partial sales and strategic investments as viable options.
“You need to be really flexible with exits. It could be a partial sale. It could be a strategic investment. You're not gonna always sell 100% of the business in this market.”
Brian Cassidy, Private Equity Spotlight · October 2026 · Listen ↗
Brian Cassidy points out that close to 50% of sale processes fail even during strong market conditions, meaning broken processes are a standard feature of dealmaking rather than rare errors.
Alexis Underwood of Wynnchurch argues sponsors must treat a failed process as a new investment decision, discarding defensive postures to re-underwrite the asset from scratch.
Alex Greenbaum reports that typical sales processes run a 1.5% conversion rate: out of 100 teasers and NDAs distributed, 98.5% of prospects decline even during benign market conditions.
Geopolitical shocks and credit freezes regularly halt late-stage transactions, forcing sponsors to abandon 100% control sales in favor of minority stakes, structured equity, or strategic partnerships.
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