Companies like most photo studios aren't really companies at all, they are just jobs for the founders. they can't grow beyond the work capacity of the individual. They have no real value beyond their assets.
Is it really a company if it's revenue goes to zero when the owner retires, or takes a vacation, what if they get hurt and are unable to work Does the company keep making money? If it makes money with out the owner doing all the work then it's a company if the owner MUST work to make it generate revenue then it's really just a job.
So you're basically saying that if the founder(s) have to do actual work in order to maintain profitability than it's not a company?
I should also point out that there are quite a few successful photography photography studios that not only have employees, but also pass their business down to successors, so they DO outlive their founders.
In the end, it's honest work for honest pay, which in my experience is not the case in IT, which is usually a waste of talent. I've worked in the IT industry for 17 years as a software developer, and most of what I've seen is that most of the developers in the industry make up for a complete lack of talent and skill with a lot of hackery and long hours.