Six Sigma is a powerful methodology that reduces variation, minimizes costs increase product and process quality in an organization, and ultimately maximizes customer satisfaction. This study examines the pros and cons of Six Sigma by exploring organizations' perceptions of their implementations. In order to achieve this, survey data were gathered from 66 companies from different industries. The impact of Six Sigma on various performance dimensions is explored for different stages of Six Sigma implementation within organizations. Frequently used Six Sigma project types and the issues related to Six Sigma applications are determined from the perspective of its practitioners. Finally, for companies that do not-implement Six Sigma, reasons for not implementing this initiative are analyzed from multiple perspectives, i.e., cost of Six Sigma implementation, Six Sigma awareness, risks, the necessity of Six Sigma, the sufficiency of the company, and Six Sigma's suitability for the company. Kolmogorov-Smirnov tests are conducted to determine the differences that exist between different stages of Six Sigma experience in terms of performance scores. The main reasons for not implementing Six Sigma are verified through exploratory factor analysis, as a unique approach in the literature. The results of this study can assist managers to prepare action plans toward Six Sigma success and can encourage managers, who currently do not implement Six Sigma, to initiate the methodology within their organizations.