...The previous owner was older and seemed to be stuck in the good old days when his business was booming. The type of art and products he continued to use was hurting the store sales. After looking at a few other operations I saw a similar pattern...
Generally, I believe that's a good observation.
The Golden Age of custom framing was in the 1980s and 1990s, when almost
anyone could unlock the door on a storefront and make a living as a framer. Small independent frame shops dominated what was a fast-growing framing industry at the time.
Professional training and education became available to all framers in the late 80s, but before that, most framers learned from an experienced framer/mentor. There were lot of 30-year framers who had one year of experience 30 times over, because they stopped improving and thought they knew all they needed to know. They are mostly gone now, but a few remain.
The market has evolved greatly in the past decade. Today, some of the old-school framers are still holding on, but the newcomers to framing are much better oriented to success in the 'new market' of custom framing.
Older framers still dominate the industry, but that will change over time, as the new generation of framers takes over. Admittedly, the age transition has slowed down, as the small-independent segment of the industry continues to shrink. Just the same, today's 30-year-olds will eventually become the elders of the industry.
I opened my frame shop in 1988 at the age of 40, after a moderately successful career in boring industrial stuff. I try to keep up. My shop's profit is still growing and I have no plans to leave the industry. However, I would like to learn more, teach more, consult more, finish the three framing books in process and maybe write a few more. I hope to continue embracing new framing techniques, too.
Regardless of age, continuing to learn and progress is essential to survive, and enthusiasm is essential to thrive.