This is not uncommon in the more blue-collar businesses. Many boomers now retire, and they often can't find a suitable successor. Most ambitious young people are being led down a different path via university, so there is a real unmet need in less glorious, but nevertheless still profitable fields. Btw he wasn't gifted the company, he had to buy it from the owners of course - still a good deal.
If you get to know small business owners in these areas, you find that a large number of them have NOBODY to take over the business, for love OR money.
Being a competent employee and you'd be surprised what can happen.
Of course they want someone to "take over" the business while keeping most of the business profits, while you are essentially just an employee.
For a small business, if you are really looking for someone to take over, you need to offer them a stake in the business, otherwise why would I bother working my ass off? I can make the same or more money just being a grunt in a large corp with much less risk and much more stability.
