KEEPING IT IN THE FAMILY
The Lazarus family has been involved in the South African retail motor business for over 66 years with the fourth generation of the founder, Reggie Lazarus, having joined Lazarus Motor Company in recent years to continue the family tradition of providing outstanding service to satisfied customers in line with the company slogan: “We lead. Others follow.”
The Lazarus family is certainly unique when one looks at statistics around family businesses where it is reported that only 30% of these businesses last long enough to be passed on to the second generation. Statistically only 10% of family businesses survive through the third generation.
The fact that the family involved with the Lazarus Motor Company is now in its fourth generation singles them out as a family with an amazing bond and commitment to an ongoing challenge in an increasingly competitive business environment.
WHAT ARE THE BENEFITS OF A FAMILY BUSINESS?
Playing to our strengths
The long history family members have with each other equips then to define each member’s strengths and weaknesses correctly when allocating them to the various departments in the company. This means families are more likely to assign each person to a suitable business role which gives the company a competitive advantage over other businesses where employees’ true talents may not be recognised.
Family members involved in running a business together often are more committed to its success because they all have a stake in seeing the business prosper.
Family businesses generally take better care of their employees and this is very true in the case of the Lazarus Motor Company. There are not only many long service employees, but also many personal success stories as employees have been guided and mentored to assume senior management positions.