When most things in life break, it's clear that they are broken. There is no subjective debate, it's simply a fact; if your TV blows up, if your washing machine stops working, if your car won't start. Clearly, these things are broken and need to be fixed. You call in an expert and get it sorted.
However, in business it's hard to know when a company (or product) is truely broken...unless it's too late. Is it when sales are down year after year and margins are getting squeezed? Is it when advances in technology is threatening the business model? Is the business broken? It could be. Maybe not. Compounding this muddiness is the fact that most businesses are steered by committee - some will say the business is broken, and some will say it isn't. Add on the capital and emotional investment in what already exists, the fear of change, and the risk of failure, the "is it broken?" question is more often than not left unanswered until the business is indisputably broken (I.e. it stops working and closes down).
I'd suggest that if there are rumblings that it could be broken, it probably is. So start the journey now to explore what, how, and when to change before the power to do so isn't in your hands. And keep in mind, just because you explore changing, doesn't mean you have to (this should lesson the gravitas of the project).