The first stage (1954-1970): establishing the purpose of development. In 1954, Leonard Miller invested $10,000 to establish F&R Builders and entered the construction industry in Miami, specializing in building homes. 1969 Began developing and managing commercial buildings and multi-unit residential buildings. In 1970, the company officially changed its name to Lennar Corp.
At this stage, the company has established its development purpose: to build better homes so that Lennar’s customers can cherish them for a lifetime; Lennar is building a better company – because Lennar focuses on “better”; Lennar There is no confusion between prosperity and activity, nor between size and quality.
The second stage (1971-1983): listing, geographical expansion. In 1971, Lennar was listed on the New York Stock Exchange. In 1972, it entered the Arizona market and began to become a national company.
The development history of Lennar Company in the first and second phases is exactly the same as that of Pulte Homes Company. First, it seized the opportunity of the rapid growth of the real estate market during the post-war reconstruction process in the United States in the 1950s; then, faced with the market downturn caused by the overheating of real estate in the 1960s, it began to develop across regions; then it went public in the 1970s, incorporated market funds, and began to develop new businesses. A round of scale expansion.
The third stage (1984-1995): from financial services to "organic diversification". In terms of financial services, in 1984, Lennar took advantage of the U.S. government's relaxation of real estate financial policies to establish Universal American Mortgage Company to provide housing mortgage loan services. To date, Lennar has six real estate financial services agencies, responsible for different real estate financial services: housing mortgage loan issuance and management; real estate financial insurance services; communications and security monitoring technology services, as well as property security services; real estate and property insurance Services; providing loans in Pacific Northwest; designated securities intermediary business.
In the 1990s, Lennar further proposed an "organic diversification" development strategy, striving to build comprehensive service capabilities, especially by continuously improving and expanding financial services to support the company's expansion. Through joint ventures, mergers and acquisitions, and self-construction, Lennar has established competitive advantages in the commercial operations of loans and real estate mortgages. In 1997, Miller formed LNR Real Estate Management, which manages more than 90 residential communities, 12 shopping centers, approximately 25 office buildings, 5 industrial properties, 9 hotels, and more than 2.2 million square feet of industrial space.
Real estate finance and related services have not only lowered the threshold for consumers to purchase houses, but more importantly, Lennar has gradually created so-called "one-stop" purchasing service capabilities through organic transformation of its business structure, allowing Consumers get a better and faster buying experience.
The fourth stage (1996-2000): mergers and acquisitions, standardization transformation and scale expansion. In the mid-1990s, Lennar began to engage in frequent mergers and acquisitions. From 1996 to 2003, Lennar acquired 19 companies, including the acquisition of US Home in 2000, which doubled the company's size.
Lennar's M&A strategy is management-driven. On the one hand, through large-scale replication of business models, standardized transformation of merger and acquisition objects is carried out. On the other hand, it also strengthens its management capabilities through mergers and acquisitions. For example, after acquiring US Homes, the company's CEO became Lennar's COO. With the company's experience, Lennar strengthened its production and operation management capabilities.
After 2000, the market trend of industry consolidation became further clear. Lennar continued to implement a large-scale expansion strategy with mergers and acquisitions as its core by continuously building its core competitiveness. By 2001, the company had built more than 500,000 housing units. The company's sales soared from $427 million in 1992 to $8.908 billion in 2003.
Lennar Corporate Culture