We have a link we to: Grace Construction, but the company has switched owners, and is not local anymore.
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I have a second question to put forward!
Probably close to 8 years ago I exchanged a link with a good friend's construction company, Grace Construction. We are a local fence company in Oklahoma City, Oklahoma. They were new home builders and we sometimes would build a fence for their new home owners. They wrote a positive review of our business and I published it on our reviews page: (it's near the very bottom)
http://www.a-better-fence-construction.com/fence-reviews.html
And, they linked to our website from their website.
However, now after 8 years, they no longer build homes and have let their domain name expire and has been repurchased by a construction company in Florida.
I had linked to their website from the text and the image of their logo. I am not up to speed on what is best practice. What do you recommend I do?
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I would remove the link. You can keep the testimonial and logo. Removing the link will not impact your rankings.
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You can too disallow the link with this google link: https://www.google.com/webmasters/tools/disavow-links-main
So it will not hurt you