> that the way to solve it, is to do absolutely no new features for a quarter or two, refactor the code, learn new methodologies
Even in a world without shareholders, we still are building things for users. 6 months without improvements has an effect on them, too. When possible, I think it's better to spread cleanup work out. Even if one spends 80% of the time on cleanup and 20% on features, that is much better for relationships than going dark for a quarter or two. And in my experience, continuing to do productive work during that period makes the behind-the-scenes improvements better.