Company being old certainly does not mean it needs to be full of legacy systems and business processes. It only means that the company's management is not competent at evolving the company's processes and systems, which means it will eventually fail regardless of being a fresh startup or centuries old going concern.
Bosch, Siemens, Bayer, BASF and Carl-Zeiss are all examples of over hundred year-old German companies that continue to innovate at the cutting edge of their industries and are massively profitable.
