Had this with the last company I worked for. Owners were of retirement age. Only one of the 6 kids worked there. Rumours floating around about potential sale. They bought a floor scrubber for the warehouse when the floor had never been scrubbed ever. Fresh paint, and repaired sheet rock. Money spent when it never had been spent before.
It did sell and they did not tell anyone until the deal was done. And then a bunch of important sales people left. I got out before this.
Company I used to work for the kids did not want to take over because of their father. They waited until he completely got out before taking over. By then he had killed revenues in one of his companies by over half.