I worked for an owner who, when he was showing the business to a potential buyer, boasted that he didn't spend any money on it all the years he'd owned it. It showed - we had old equipment that was jury-rigged with parts from other machines that didn't quite work, stuff that just limped along, etc.
But wait, it gets worse. The other guy bought it and started spending loads of money right away - on painting his new logo all over the walls, painting the outside of the building, tile flooring, new furniture... in short, on looks rather than sorely needed new equipment or even fixing the old stuff we had. I still shake my head. BTW, it went out of business.