Pencil-maker Faber-Castell has been in business since 1761, but it is still innovating and adopting new technology.

In this episode, Harvard Business School associate professor Ryan Raffaelli discusses his case, “Faber-Castell.” He explains how the company balances stewardship of its brand with innovation and evolution, and how leaders decide when—and when not to—adopt new technologies. Plus, he breaks down Faber-Castell’s “generational” approach to formulating strategy to sustain their business for the longer term.

Key episode topics include: strategy, product development, innovation, family businesses.

HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.