The entrepreneur has a home-field advantage: he understands locals and has friends and a community. PE firms are at a disadvantage, and possibly the economy will shrink so it’s a bad time to buy. They took would need to find managers, if that was easy, the original owner could have found a successor among family of friends (if not his own), or sold his business to a local competitor. But all labor is short, all consumption is falling, buying a company is a fool’s game.
The entrepreneur has a home-field advantage: he understands locals and has friends and a community. PE firms are at a disadvantage, and possibly the economy will shrink so it’s a bad time to buy. They took would need to find managers, if that was easy, the original owner could have found a successor among family of friends (if not his own), or sold his business to a local competitor. But all labor is short, all consumption is falling, buying a company is a fool’s game.