He died on Saturday 21 October aged 89 and leaves behind a wife, four children and eight grandchildren.
Scott used his demob money following national service to start the business in 1960, initially running a printing press in his front room.
As the business grew he relocated to a nearby chapel, before taking premises at Darnley Street in Burnley. The business then moved to Billington Road after a fire devastated the Darnley Street operation.
Scott retired from the company in 1992, briefly returning in 1998, around the time current owner Murray Dawson bought the print business.
Prior to buying Peter Scott Printers, Dawson also ran full-service marketing and ad agency Scott Dawson Advertising, a sister firm to the print business, which he founded in 1991 with a £5,000 loan from Scott.
Although Scott retired to the coastal town of Banff in Aberdeenshire, Scotland, he remained in touch with the business and hosted a meal in 2015 to celebrate its 55th anniversary. The event was attended by the then current staff as well as former employees.
Scott, who was presented with a special bottle of whisky by directors at the celebration, said at the time: "I cannot thank the current team enough for keeping the proud name of Peter Scott Printers flying high."
Five years later, in 2020, the 15-staff business relocated to £1m factory on the Heasandford Industrial Estate on the outskirts of Burnley in a £200,000 move.
Dawson described Scott as a local legend and said: "We were still in touch with Peter and always wished him and his family well.
“I have a lot of respect for him, and whilst saddened by his death still have fond memories of his phrase ‘nothing happens till someone sells something'."