Yeah that’s fair. It can definitely go both ways though. Like your sign over your shop can look old because you’re still getting growth/a really nice cash flow without updating the sign or it can look old because you stopped caring a long time ago and you’re just milking what you can from the remaining customers.
I had a friend who’s ISP was very much in the latter category about a decade ago, charging like $90/mo for 10Mbps (IIRC with a data cap).