By Steve Watkins – Staff reporter, Cincinnati Business Courier
Jul 25, 2024
Paul Hemmer Co. has made it through three generations and is preparing for a fourth, 103 years into its history.
Paul Hemmer Jr., the Fort Mitchell-based construction management and development company’s third-generation CEO, acknowledges most companies won’t even make it past the second generation. But he adopted the approach of his predecessors.
“Having an entrepreneurial and creative mindset has been very important to my success,” the 74-year-old Hemmer said. “And it’s important to lead by example, with a strong work ethic, perseverance and sacrifices.”
Hemmer’s grandfather started the company out of his pickup truck in 1921. Hemmer’s dad and his dad’s brother and brother-in-law took it over before Hemmer took the helm.
The company has avoided the pitfall of giving roles to family members regardless of accomplishments.
“A lot of family businesses have an expectation of equality and a socialistic mindset,” Hemmer said. “That’s where many fail.”
About Paul Hemmer Co.
- Courier 100 ranking: No. 86
- Industry: Construction management, real estate development and facilities management
- Year founded: 1921
- Headquarters: Fort Mitchell
- 2023 revenue: $120 million
- Employees: 119
The company has benefited from seeking external advice to avoid getting too locked into the family’s ideas. It has hired people from outside, and the fourth generation’s owners will include several non-family members. It doesn’t rest on its laurels.
“People have a tendency to be satisfied and don’t challenge themselves,” Hemmer said. “We try to keep challenging ourselves.”
But Hemmer doesn’t plan to retire yet. And he’ll remain as a mentor and coach to the fourth generation.
“Transferring the mindset from manager to owner doesn’t happen with the snap of a finger,” he said.
Revenue fell in 2023 to $120 million from $204 million the prior year. Soaring interest rates prompted slower development of new distribution centers. It’s diversifying its business to prevent future cycles from affecting it.
The company has several big projects now, including OneNKY Center, a $26 million, 43,000-square-foot office building in Covington, and the Boardwalk Residences at Ovation in Newport.
It plans to grow through acquisitions and organically by expanding geographically, Hemmer said.
“I would like to see this company vibrant and active 100 years from now,” he said.
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