Too patient to compete? Why Strategic Renewal is no longer optional.
- 6 giorni fa
- Tempo di lettura: 5 min
In the face of ongoing multiple crises from geopolitical shifts, market tensions, and constant disruptions, family businesses must concentrate on their core competences.
One key distinctive factor between family firms and non-family firms is the long-term orientation that results in the co-called Patient Capital (Reynolds, 1992; Sharma & Sharma 2019). Patient Capital, particularly in the form of patient financial capital, describes investments that are committed for the long term (for the next generations), allowing the firm to invest in growth and innovation without pressure for immediate financial returns. Patient Capital is regarded as a key strength of family businesses and a source for competitive advantage. However, extremely cautious and protective behavior creates a mindset of: we keep doing what worked in the past, even when we know that the context has changed (fear of losing socio-emotional wealth).
If the entrepreneurial family is too patient, regarding renewal, the entrepreneurial family risks stagnation and pays for its reluctance. Here is a growing risk for strategic inertia in a rapidly changing world (Columbia Business School 2026). Entrepreneurial families with firms that have lasted over decades use the family as an important asset. Inter-generational dialogues help them to make future-prove decisions, and the patient Capital helps them to bring these ideas into action.
A recent example in our network shows how a family business proactively engages in investments for future generations while still nurturing family traditions.
Interview: Transformation Requires Consistency
Dr. Andrea Gerlitz from JH-Holding conducted an interview with Bernhard Lemmink, family CEO and shareholder of Lewell. Below is an excerpt from the interview.
Lewell Kartonagen GmbH (hereinafter: Lewell), a family-owned packaging firm in the transition from the second to third generation, invites us to explore how they balance on one hand continuum regarding tradition, Patient Capital, and family values and on the other hand flexibility, innovation, and strategic renewal.
Bernhard Lemmink,
Family-CEO and Shareholder,
Lewell Kartonagen GmbH
Dr. Andrea Gerlitz: You have a long tradition as a packaging manufacturer. In 2023, you became a Packaging Park Partner of Progroup. How did that come about?
Bernhard Lemmink: For years, we’ve seen toll and freight costs continue to rise while production volumes in Germany have declined. At the same time, competition has become increasingly intense. With a price-sensitive product like ours, you eventually have to ask yourself honestly: do we remain a niche player, or do we fundamentally rethink our business model?
Since we had been working with Progroup and the Heindl family from the very beginning, and I was already familiar with the Packaging Park concept, it became clear to me purely from a cost perspective that this was the right path forward.
"If you want to position your company for the future, you have to be willing to embrace new approaches. The Packaging Park concept enables you to operate far more efficiently, reduce transport costs and CO₂ emissions, and grow together" (Bernhard Lemmink)
Dr. Andrea Gerlitz: That sounds like a textbook example of strategic renewal. How does this fit with your long-term orientation as a family business?
Bernhard Lemmink: Our DNA is rooted in tradition and long-term thinking. One of our core Lewell values is that we don’t just supply boxes — we provide a complete service, so our customers never have to worry about packaging. That gives us a very clear compass.
Those values don’t change. But the way we put them into practice has to be constantly re-evaluated. That’s exactly where the difference between healthy patience and dangerous inertia becomes visible.
For us, patience does not mean waiting. Patience means implementing change calmly, but consistently.
Dr. Andrea Gerlitz: You invested more than €33 million, the largest investment in the company’s history. Was that a difficult step?
Bernhard Lemmink: Absolutely. With a greenfield strategy like this, you’re entering completely new territory: new contractual structures, new coordination processes, new risks. But this is exactly where the strength of patient capital becomes apparent. We were able to make this decision without being under pressure to deliver short-term returns.
At the same time, we knew that if we hesitated for too long, we would risk stagnation, and ultimately jeopardize the company’s ability to thrive for future generations.
Dr. Andrea Gerlitz: What concrete changes has the partnership brought to your company?
Bernhard Lemmink: The collaboration has become much more intensive and tangible. In the past, many things felt abstract. You would see a truck arrive and then leave again. Today, I know the employees at the corrugator personally. If the corrugator stops operating, we notice it immediately, and vice versa. If our machines are down, the colleagues at Progroup see it right away because the warehouse starts filling up. That makes the partnership real and visible in everyday operations.
Strategically, a lot has changed as well. We evolved from a high-value provider into a high-volume supplier. That allowed us to grow faster and enter new markets, especially in the consumer goods and food sectors.
Dr. Andrea Gerlitz: Cooperation seems to be a key element. Is this the future for family businesses?
Bernhard Lemmink: I clearly believe the future lies in horizontal cooperation between family-owned packaging companies. That’s the only way we’ll be able to serve European accounts effectively.
I’ve observed that family-run packaging companies often do a better job operationally than large corporations. What we still lack, however, is familiarity with the rules of the game and the agility required to operate confidently on the international stage. That’s where the Professionals Academy and the JH-Holding make a very important contribution - we simply wouldn’t have the internal capacity to build that alone.
Of course, we’re still at the beginning of this journey. Many companies still think like lone fighters, and the emotional barriers shouldn’t be underestimated. But we are already seeing encouraging developments.
Dr. Andrea Gerlitz: Can you give an example where this cooperation became especially tangible?
Bernhard Lemmink: During the implementation phase of our project, our old site burned down. In that situation, the network immediately stepped in with material supplies and valuable contacts.
Without that support, we would never have managed the crisis nearly as well. Experiences like that create lasting bonds and strengthen partnerships in a very sustainable way.
Dr. Andrea Gerlitz: What role does the next generation play in this renewal process?
Berndhard Lemmink: The next generation plays a central role in our strategic decision-making. I have three daughters, and we regularly exchange views on strategic topics. That intergenerational dialogue is incredibly valuable. The younger generation brings fresh perspectives and challenges established patterns of thinking.
Renewal is not a one-time project, it’s a continuous process, driven by experience and values on the one hand, and by fresh impulses on the other.
Conclusion: Patience Needs Direction
This example illustrates one thing very clearly: patient capital remains a key competitive advantage for family businesses - but only if it is actively put to use.
Too much patience can become harmful in a dynamic world. Successful entrepreneurial families manage to combine long-term orientation with consistent strategic renewal. They use their traditions and values as the foundation for transgenerational decision-making.
Or to put it another way:
Patience itself is not the problem; the real question is what you do with it.
Anyone facing similar challenges, looking for fresh impulses, or keen to share their own experience is warmly invited to contact Philipp Blank, Head of Professionals Academy (pblank@professionals-academy.de). He will be happy to connect you with Bernhard. It is often precisely these encounters that spark the best ideas and not infrequently even lead to joint projects.
References:
Columbia Business School. (2026, February 16). The cost of control: Is your legacy fueling “innovation reluctance”? Family Enterprise Insights. Columbia Business School
Reynolds, L. (1992). Changing mind-sets: Taking the long view of investment planning. Management Review, 81(12), 31–33.
Sharma, S., & Sharma, P. (2019). Patient Capital. Cambridge University Press.