Say I own $100 million in some stock. I need say $2 million a year for my lifestyle. I could sell stock and pay LT capital gains taxes on it which could be 30% if I reside in California. OR, I could borrow, and pay 5% interest on it, per year.
Many owners of larger businesses who are "wealthy" prefer to retain their level of ownership of the business rather than selling it. They can do this by borrowing, which avoids any income taxes.