I have yet to meet members of a leadership team who I thought lacked the intelligence or the domain expertise required to be successful. I've met many, however, who failed to foster organizational health. Their companies were riddled with politics, various forms of dysfunction, and general confusion about their direction and mission.
Meetings are the linchpin of everything. If someone says you have an hour to investigate a company, I wouldn't look at the balance sheet. I'd watch their executive team in a meeting for an hour. If they are clear and focused and have the board on the edge of their seats, I'd say this is a good company worth investing in.
Some companies simply aren't meant to be bigger than they are. They provide products and services that satisfy their customers in a way that pays the bills, produces reasonable profits, and allows them to keep their people employed and fulfilled. And there's nothing whatsoever wrong with that.