LERNER ENTERPRISES WINS 1999 GREATER D.C. FAMILY BUSINESS OF THE YEAR AWARD
Washington, D.C. – October, 1999, Lerner Enterprises, based in Bethesda, was awarded the 1999 Greater D.C. Family Business of the Year Award, for the large family-owned category. Lerner Enterprises will compete for Mass Mutual's national family Business of the Year award to be presented in March 2000.
Sponsored by American University's Kogod School of Business and the Washington Business Journal, the family Business Forum awards held at the Four Seasons Hotel recognize "and celebrate the family business," says Nina Paul, executive director of the forum. "It is intended to highlight those who have been exceptionally successful."
"The conventional wisdom is to describe the measurement of any firm's success by the bottom line." she notes. "That's just not getting it when it comes to family-owned businesses. The real value of performance for a family-owned business is to look beyond the bottom line to four additional measures of success: multi-generational involvement, innovative business practices, positive family business links and contribution to the community," Paul offers.
Lerner, the largest privately-owned real estate company in the Washington-Metro area, was founded by Ted Lerner in 1952. Lerner completed its first retail property, Wheaton Plaza, in 1959. This successful venture was followed by Wheaton Plaza North, Tysons Center, Landover Mall, White Flint Mall, Tysons II, Annapolis Harbour Center, The Lillian Court at Tysons II, and Dulles Town Center. The company has doubled in size in the last decade, with a 20 percent increase in the employee count.
Other family-owned business finalists for the 1999 greater DC Family Business were:
SMALL FAMILY BUSINESSES
Family Nursing Care, LDG, INC, The National Capital Bank
MEDIUM FAMILY BUSINESSES
American Service Center, Hayman Systems, W.C. & A.N. Miller Companies
LARGE FAMILY BUSINESSES
Lerner Enterprises, Linens of the Week, Red Coats, Inc.
Each of the family business was judged in five areas:
- multi-generational involvement
- business success
- innovative business practices or strategy
- positive family business linkage
- contributions to the community
American University's Family Business Forum was established in 1995. the intent of the program, and the chief benefits received by its members include education to teach communication skills within the business; establishment of a peer group or mentor relationship with other family businesses; and access to state-of-the-art resources and education through the Kogod School of Business to keep abreast of trends in the industry.
Members attend Executive Breakfast Roundtable meetings every other month, and then small groups meet at mutually convenient times in between. They also receive a participant directory for networking purposes.