Earlier quoted context omitted.
"Tech startups" that make enough money to be interesting [1], but do not have the property of being a winner-take-all market, are the truly magical unicorns of software. If you have one, you should covet it and guard it viciously, because otherwise someone with more money is coming to eat your lunch [2][3]. OP wasn't talking about this kind of thing, of course. The phenomenon of hobby projects being "startups" has al…
Is the vet clinic thing a lasting phenomenon? Are independent vet clinics not economically viable or is there just a VC/PE market imbalance where capital is overbidding for a business that doesn't really have a great moat. I would be perfectly willing to believe that if you knock on the door of a perfectly viable business and offer them more than it's worth as well as a salaried position at the new business, (almost)…
The moat is the land. It doesn't even matter if it self-owned or a lease.
The vet just can't walk away and open a new practice nearby.