According to Exit Planning Institute "only 20 to 30% of businesses that go to market actually sell", while Morgan and Westfield find that "the success rate for small businesses is in the range of 15% to 30%, and that of mid-sized businesses is in the range of 30% to 70%".
In any case, there are plenty of examples of beloved businesses simply closing when they were unable to sell the business, whether to a third party, the management, family members, or otherwise. Employee ownership could have helped many of those businesses avoid closure, retaining jobs, and the legacy of the founder.