There are many businesses that I would like to own, but that I wouldn't like to buy. They can have strong cash flow, but are risky due to complexity, (uncontrollable) external factors, or people risks.
Examples:
- Amazon FBA businesses (channel concentration)
- Consulting firms (usually not too scalable)
- Coaching companies (lifestyle-based)
- Law firms (relationship-based)
- High churn businesses (no stability)
- Content production companies (faddy)
- Fireworks resellers (seasonal)
- License-reliant liquor shops, etc. (high regulatory risk)
- Print shops (industry headwinds)
