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Standing apart by standing alone

Bell Incorporated's status as an independent carton converter status is a vital factor in the company's ability to achieve and benefit from the low-cost supplier, low-cost producer tenets of Mark Graham's original operating philosophy. "As our industry continues to consolidate, there are only a handful of suppliers who can service the needs of the larger CPGs," Ben Graham says. "Our strategy is to be a viable complement to the big guys. We have the same cost-structure, with the stability of a family business. That is, we are long-term players, versus the short-term private equity investors." Free of the possibly competing interests of external stakeholders, Bell "can grow over time, organically," he says. "The company can focus on the fundamentals, including a long-term business strategy of prudent growth through investment. It doesn't have to worry about the quarterly earnings report."