71. Legal Monopolies – sometimes a law which outlaws a particular business opportunity in a particular location will have grandfathering or some other loop hole which allows for one business to operate.

Legal monopolies have a sustainable competitive advantage unless or until the law is overturned.

This barrier to entry and lack of competition generates value for the one company that is allowed to operate.

Lucky Dogs is grandfathered in as the only hot dog cart company allowed to operate in New Orleans’ French Quarter.

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