What I mean is, are there searchers looking for companies that have been around for a long time, but where owners never fully realized the potential of their "Stuff" or have taken it easy as they approach retirement?

I have one such company in the coaching/consulting world that had hundreds of contracts with Fortune 500's and Government but the owners were really more in it for the lifestyle, so never really built it to its true potential. They could have had a $5MM consulting practice easily but instead opted to take it easy and make a few hundred thousand per year. Even now, they coast on a few large accounts because their content and IP is unique and powerful.

If the IP is excellent and relevant, is it worth investing in such a company?