While the Mill and the town were founded by Amory Maynard, as Amory grew older and infirm a new management scheme for the mill was required. In 1862 the ownership of the Maynard Mill complex moved from the Maynard family ownership to a corporation called the “Assabet Manufacturing Company” (of which Amory Maynard, was listed as the “agent”). This corporation lasted through the Civil War.
Assabet Manufacturing Company ran until poor business conditions drove it to insolvency on Dec 31, 1898. It stayed operating under receivership until May 1, 1899 when it was purchased by the American Woolen Company for $400,000. The American Woolen Company was a conglomerate of textile mills in New England and at the time the Maynard Mill was the largest woolen mill in the country with 350 looms.
By the early 1920’s the American Woolen Company had 27 mills, 7,200 looms, and clothed an estimated one in six men in the United States (the cloth was used primarily for men’s suits). By that time, despite its size and expansion to nearly 800 looms and 2,500 people the Maynard Mill was no longer one of the major mills in the company.