One pattern I see is small private companies that have that have a pretty great owner/leader, but it all breaks down near retirement, or hand-off to another gen

One pattern I see is small private companies that have that have a pretty great owner/leader, but it all breaks down near retirement, or hand-off to another generation of the owning family, or maybe a temporary financial bottleneck. Maybe it's ok that small companies have lifetimes and get replaced, but the problem is that today, there is always a capital pool collecting and the large pools live forever, so maybe they won't collect today, but if they are systematically there at the transition points, then we get big entrenched interests with enough accumulated mass to bend the market rules.