Owners of family-run companies typically avoid selling during economic downturns. Far better, they figure, to wait until cash flows and valuations revive. Similarly, corporations prefer hanging on to non-core divisions until better times arrive. That way the cash generated from the sale for shareholders can be maximized. Sponsors that have companies ripe for sale like strong economies and high valuations as much as the next seller. But they also have motivations to sell that other kinds of sellers don’t, even during downturns.