The 'History' page of the Gorman [precision magnetic coil winding] Machine company is a fascinating read. http://www.gormanmachine.com/history.htm

There used to be many thousands of such manufacturing-based small businesses in America. They tended to stay focused on their competency or branch out tentatively into related products, flexibly grow and shrink to meet demand, or sometimes get acquired. But I don't think many of them planned to become the next General Electric.