I've done some due diligence work recently. This required me to read a pile of board minutes. And what a depressing read they were, by and large.
Putting the formalities aside it was clear from many of the board reports that what the company in question spent most of its time doing was looking at what went wrong. As a due diligence exercise this was not good. It gave the impression of a management focussed on the past, who rarely got things right and weren't always sure what to do about it. Despite which someone wanted to buy their company.
The reason why they wanted to buy is that they saw the potential to make more money out of the business than the existing owners did. That, after all, is the win : win logic of takeovers.
So why couldn't the existing management and owners see that potentia...