No one with a good business sense would sell a profitable business for peanuts. People sell their business when they get a lucrative offer for it.
One of our friends started a good IT service company seven years back. He spent a lot of time and effort to make it profitable. The company picked up well but then had a setback during lockdown and Covid. It was actually in loss for more than a year. He was offered peanuts by few during that. But he was not tempted to sell it for peanuts due to loss. He retained the business, kept working on it and in another few years post pandemic, the company has reached new heights. He has been recently offered a huge handsome offer by one of the leading MNC who want to acquire. He is contemplating on negotiations and fetching some more money out of them. He plans to let them acquire it. He would be a filthy rich person if the deal is settled after all the negotiations. He plans to take an early retirement and try his hands on doing organic farming, something he always wanted to do. He is also an artist by hobby and wants to have a personal studio in his house and spend some time there daily.
So, he has his reasons and a good business logic behind letting his profitable business go.