Luck Companies
Slide 2:
Background
* Luck Companies was founded by Charles Luck, Jr. in 1923 in Richmond Virginia; Charlie Luck IV become president and COO in 1995 and CEO 1999 * Family run business that like many small businesses used a “top-down” management style * Built on a “we care” attitude that emphasized integrity and treating people right, they created a competitive advantage with their stellar customer service * Competition increased and growing consolidation within the industry started in early 2000’s * With this increased competition and market expansion, Luck had to change their management style to better meet the needs of customers and its employees * This led to Luck to diversify and separate the company into their current business units to better meet those needs
Slide 3:
General Environment:
The most influential trends are:
Demographic:
-high quality stones and upscale design-oriented architectural stone center focus on the design savvy homebuyers—higher income homebuyers
-Each quarry owned by Luck Companies needs nearly 500 acres to operate efficiently. Location is vital to the aggregate industry; in turn, the land development industry is highly dependent on location and proximity to population hubs.
-The life of the quarry is obviously limited to the reserves in the ground
Economic:
-recession, inflation rates and increased energy prices cause an industry like this to slow down significantly. Governmental funding for public construction can sometimes add constraints to projects.
Sociocultural
-a key associate left Luck Companies in 2000 because he felt the company “lost its way.” This spearheaded a values based leadership program that would define the company. These values included integrity, commitment, leadership and creativity. They offer numerous incentive programs for employees and have since seen the positive changes in the workplace.
Technological
-industry leader in technology and innovation; the first
Background
* Luck Companies was founded by Charles Luck, Jr. in 1923 in Richmond Virginia; Charlie Luck IV become president and COO in 1995 and CEO 1999 * Family run business that like many small businesses used a “top-down” management style * Built on a “we care” attitude that emphasized integrity and treating people right, they created a competitive advantage with their stellar customer service * Competition increased and growing consolidation within the industry started in early 2000’s * With this increased competition and market expansion, Luck had to change their management style to better meet the needs of customers and its employees * This led to Luck to diversify and separate the company into their current business units to better meet those needs
Slide 3:
General Environment:
The most influential trends are:
Demographic:
-high quality stones and upscale design-oriented architectural stone center focus on the design savvy homebuyers—higher income homebuyers
-Each quarry owned by Luck Companies needs nearly 500 acres to operate efficiently. Location is vital to the aggregate industry; in turn, the land development industry is highly dependent on location and proximity to population hubs.
-The life of the quarry is obviously limited to the reserves in the ground
Economic:
-recession, inflation rates and increased energy prices cause an industry like this to slow down significantly. Governmental funding for public construction can sometimes add constraints to projects.
Sociocultural
-a key associate left Luck Companies in 2000 because he felt the company “lost its way.” This spearheaded a values based leadership program that would define the company. These values included integrity, commitment, leadership and creativity. They offer numerous incentive programs for employees and have since seen the positive changes in the workplace.
Technological
-industry leader in technology and innovation; the first