When asked why he thinks he continues to be so successful, the elder Lazar answers, Retail has always been difficult. But our employees do not work on commission, so they help customers. They sometimes spend hours with perspective customers. We never force a sale. In addition, he says, Its nice to know you have family members around and loyal employees who are like family.
Balance is important.
We take the bad with the good. Like Lazar, many family businesses are gearing up to pass their businesses on to future generations. According to Karofsky, six to twelve trillion dollars will pass hands from one generation to the next as baby boomers exit their businesses in the next 15-20 years. Still, both business owners and family business professionals are optimistic about the future of family businesses. With the cost of technology going down every day, a small nimble family business can look, act like, and most importantly be perceived as being much bigger by its customers and competitors, says Messick.