According to Rare Brain Capital:
Let’s start with the first reason. The reality is that in many cases business owners create the perfect conditions that reduce company value. When the business owner starts their business, the rules are simple. Don’t take no for an answer. Do what needs to be done. From day one they are worried about cash flow because that’s their lifeline. As a result, from the very beginning the business owner gets buried solving one problem to another, i.e putting out fires.