A Rare Achievement
26 June 2018 marks 70 years since the company was founded. Here's what Pratley CEO, Kim Pratley wrote today in a memo to Pratley employees.
"Today marks the actual date on which the Company was founded 70 years ago.
An article that I was reading makes the following statement: “Corporate endurance should not be an end in itself. That said, in a very real sense, survival is the ultimate performance measure.”
US Census data reports that +60% of all start-up companies fail in the first five years and only 25% last 10 years. In 1987 John L Ward did a study of US family businesses and found that only 30% survive to the second generation and 13% make it to the 3rd. If I combine this data it suggests that in the USA only about 3 out of every 100 family companies survive to the 3rd generation.
A business comprises people and those people are the employees. Celebrating 70 years in business is primarily an employee achievement and I believe that all who work here can be justifiably proud of their achievement and of the Company/Group for whom you work.
Consider this: How many South African companies have been in business for 70 years and can claim to have an almost universally recognised and trusted brand, plus a product on the moon, plus over 300 patents (which represent truly new innovations), plus a squeaky-clean business record, plus zero debt, plus a large number of long service employees, plus a research facility, plus a training facility and over 1000 high quality products?
I don’t believe that any employee would ever be ashamed to say that they work at Pratley.
I am not so naïve as to believe that 70 years in business guarantees 80 or 100. That requires that we continuously change and innovate and respond to the environment in which we operate. We must never become complacent. I am however very proud of this 70-year achievement and of all the employees (including past employees) who have worked to get us to this point."
Happy 70th Anniversary Pratley!