EY Strategic Growth Forum™ session highlight
Family Business - built to last
Family business is an important part of the world’s economy and can be the backbone of a country’s economic system. Typically, family businesses remain robust in the face of adversity and succeed by operating via a management style which is focused on long-term vision and investment. But what makes a family business that is truly “built to last”?
Five second-, third- and fourth-generation panelists from family businesses in five discrete industries discussed the key factors in their success, such as that resilience, growth and sustainability. To get there, family businesses must practice the systematic, long-term alignment of business, purpose and family.
This concept translates into the three Ps: of wealth preservation, legacy preservation, and harmony preservation where the three elements are strategically nurtured separately, but simultaneously. This alignment, or balance, helps maintain the relevance necessary to endure in an era of continuous change.
Surrounding this fine balance are practices of fairness, frugality, social responsibility and innovation. Additional requirements include patience and perseverance in the personal and professional lives of family business leaders.
The panel was moderated by Peter Englisch, Global Family Business Leader, EY. The panelists were Stasshani Jayawardena, Director of the Board, Aitken Spence PLC; Meher Pudumjee, Chairperson, Thermax; Ben Walters, Founder and President, OSPOP; Roger King, Professor, The Hong Kong University of Science and Technology; and Frederick Chevalit Tsao, Chairman, IMC Pan Asia Alliance Group.