Over half (53%) of business brokers surveyed say a recession is the biggest concern affecting business valuations in the U.S., according to the “Q3 2019 Market Pulse Report.” “The market doesn’t like uncertainty particularly on Main Street,” said Craig Everett, Ph.D., director of the Pepperdine Private Capital Markets Project at the Pepperdine Graziadio Business School. “Small business owners are worried that a recession is coming, and trade issues are causing volatility. All that nervous energy means buyers are dialing back a bit—particularly on smaller market deals.” Uncertainty over the upcoming presidential election and the trade wars with China are also having an impact on small businesses but less so than a looming recession. The Q3 2019 survey was conducted in early October and was completed by 236 business brokers and M&A advisors.