Best Family Business Practices Tackled on Family Enterprise Excellence Conference
The Family Enterprise Excellence Conference last April 13 gathered entrepreneurs from various parts of the country, mostly from Visayas and Mindanao. The attendees spanned from the first to the third or fourth generation of family businessmen. The fact that all 3 generations were gathered in one location was for me a very considerable feat because most of them have tight schedules.
Family enterprises are actually a major contributor to the development of our economy. A visionary in the family is the one who started up the family business, most of these visionaries are the Taipans who migrated to the Philippines or were born in the Philippines from parents of pure Chinese descent.
It is very challenging to manage a family enterprise because one would have to find balance between business strategies and quality family bonding time. Most of the time, this balance is not achieved. The family ends up as a loser and the family business the sole victor. This is sad but true indeed.
When the generation gap widens from the founding generation to the recent one, issues about succession and power would arise. The challenge for the one who will inherit the business would be meeting the needs of the expanding and ever demanding family enterprise and fulfilling the expectations of the family.
Asian countries like the Philippines has a certain phenomenon going on. Since family enterprises here are relatively young, they are under the “liability of newness” wherein there is high mortality rate upon genesis but tends to decline when the company matures.
Luckily, we can learn timeless principles and lessons from family enterprises that has flourished for more than 2 generations and which have been successfully passed on to the next generation.
Family enterprises must be made aware that a succession plan is very essential because it helps in the smooth transition of ownership as well as the transfer of shares, and responsibilities.
With this year’s theme “From inheritance to Legacy — Growing and Sustaining the Family Business for the Next Generations,” the gathering highlighted family enterprises who have been successfully managed from one generation to another.
The speakers were experts and well-esteemed in their respective dominions.
Dr. Bernie M. Villegas (UA & P co-founder and vice president) had his say about giving importance to family values and unity to reassure business stability.
Mr. Philip N. Tan (president and CEO of Wellmade Motors and Development Corporation) talked on how face the challenges faced by the family.
Mr. Victor S. Chiongbian (Chairman of Fast Logistics Group) and William Joseph B. Chiongbian II (President and CEO of Fast Logistics Group) tackled about the interesting father and son dynamics in business enterprise.
Mrs. Elizabeth S. Fernando (president & CEO of Fersal Hotel Group) gave her insights about the act of balancing her role as a mother and a business leader.
Dr. Ginny L. Santiago (vice chairperson of De La Salle College of Business Management and Organization Department) shared her international piece about the role of the in-laws in the family business.
Prof. Jacob Reuben Cabochan (Ateneo Family Business Development Center outgoing director) emphasized the use of a family system that will sustain the family values and establish unity among all members.
The organizers were very hopeful that with all the insights shared by the speakers, participants will become better stewards in their business and with their families. When family enterprise and family affairs are in balance, there will be suitable growth in business, which will contribute to the overall performance of our national economy.
Post a Comment