Pete Townsend wrote the song about the changes over generations and the same applies to passive equity companies or lifestyle businesses. In Cambridge, ironmongers Mackays has had planning permission for change of use of their site rejected. Guess some families are lucky and the location for the business chosen by the earlier generations becomes a nest egg but some like brothers Duncan and Ian Mackay are unlucky. They have a valuable site but planning permission takes time and costs money. In another case, the business had a quiet location down a country road. As the business grew and was serviced by larger and larger lorries, it now needs to be moved. But the cost and upheaval is enormous.
Something for the next generation to worry about? Not a problem with the global technology companies with active equity companies which are sold in the first generation. Let the people who create the wealth, enjoy it!
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