According to the "three-generation rule" for family businesses, it is believed that the majority of family-run businesses do not survive beyond three generations. But this perception is far from the truth. While the prudence and expertise of older entrepreneurs with decades of experience in the market are priceless to the growth of an organization, their successors are bringing a lot to the table as well.
Abhay Shah, a third-generation entrepreneur and whole-time Director at Leo Packers and Movers shares keys to running a successful business over generations and continuing his family’s legacy.
Commitment to family values
With humble beginnings in 1975, today, Leo Packers and Movers has offices across India with over 200 employees on the payroll. For any organization to thrive, company culture plays a pivotal role. “Our sense of purpose and core values are imbibed by all across the organization from the white-collared staff to the ground staff responsible for all the packing and shifting. There is a deep sense of commitment to growing as a community and treating every customer with utmost respect and care. Trust, integrity, quality, innovation, transparency and sustainability are virtues that Leo abides by.” says Abhay.
Brand name seen as a mirror of family’s reputation
“The brand name is taken very personally at Leo. Any negative remark from a client or partner is considered blasphemy. All efforts are made to ensure that every relocation is handled with utmost care and precision.” says Abhay.
With changing market dynamics, especially on the operational and technological front, the sense of ambition and client-centric business decisions is what makes most family businesses resilient in the face of change.
Financial prudence - Thinking in generations, not quarters
Rather than focusing on hitting short-term financial targets, family businesses generally tend to plan in terms of generations which makes them better equipped to endure tough times. “We have always been a forward-looking organization. In 2019 we started aggressively investing in technology and automation. From lead handling to logistics to reporting, we’ve developed software such that our teams can efficiently handle the entire customer journey even from their home! In fact, our faith in technology was further reinstated in 2020 during the pandemic. We were able to service clients and handle all jobs effectively and were able to 2X our turnover compared to the previous FY.” says Abhay
Providing Staff with a Second Home
"The true success of our business lies in how we've trained and retained our staff. Ours is a human resource intensive business; client experience rests on the shoulders of our relocation crew as they are the ones who are on the field with the customers, delivering quality service and building relationships. We pay utmost attention to ensure that our staff is well taken care of. We take pride in the fact that we have staff working with us for over 20 years." says Dilip Shah, Managing Director, Leo Packers and Movers. “Since inception, multiple initiatives have been taken to make Leo a better and happier place for employees. One such initiative was investing and constructing staff quarters for our crew” says Abhay.
Nurturing a customer-first organization DNA
“Just as people have “family doctors”, some of our clients fondly call us their “family movers”, that’s the kind of personal connection and relationship that we maintain. As a business, we are constantly reinventing ourselves to keep up with the growing expectations of our clientele”, says Abhay.
Evolving with the times, family ownership brings a competitive edge in situations that require resiliency over rapid growth. Family members at the helm of the business can adapt quickly to changing market demands and navigate seamlessly keeping in mind long-term growth objectives. That means working hard not only to manage cashflows but also to ensure the well-being of employees and communities at large.
Know more about Leo on their website.