The problem with any of these small companies with high insider ownership is that they can't be bought unless the insiders are on board. Sometimes it gets to the point where the insiders can't (or don't want to) grow the business enough to produce maximum shareholder value and value can't be realized through a sale of the company if the insiders won't let go. I would love to see VFC buy COLM, it would be a great fit, but the company may not be for sale.
COLM is a well run company with a nice balance sheet and a great brand name but the owners may have taken it about as far as it can go. Brands like The North Face and Under Armour are "fresher" than COLM and can put a lot of pressure on COLM unless there is a plan to reinvigorate the brand. The low profit margins are an indication that the brand is not "hip" enough to demand much of a premium anymore, still, it's worth more than this.