Summary of the Asian Family Enterprise Excellence Conference 2021
With a powerhouse round up of over 30 speakers who are highly esteemed international family business leaders, experts and researchers, the Asian Family Enterprise Excellence Conference which took place last June 25 and 26 was certainly a great venue for shared learning and gaining new and innovative insights in pivoting the family business to be sustainable and resilient in this new world.
If you missed the event, here’s a recap of what transpired during the two-day conference---
On the first day, topics such as harnessing the power of data and research to innovate the business were discussed by James Wong, Head of SAP Business One & Business ByDesign Southeast Asia, while Wealth Management was elaborated by Atty. Alex Cabrera, Chairman and Senior Partner of PwC Philippines. Atty. Cabrera showed us the existing relationships between the first to fourth generations in a family business to expansion, diversification, digitalization, and sustainability. He explicitly stated that there is clear evidence of positive changes in relation to written family values. Conflict in the family is high when family businesses are involved, but governance policies and succession plans reduce them and improve family cohesion and trust.
Meanwhile, Premier Family Business Consulting CEO, Jonathan Ramos, and Dr. Samuel Mendero III spoke on the topic of family business leadership in crisis and how adapting to change and pivoting may be challenging, at first, but reaps positive results in the long run. Ramos reminded us of the Three Circle Model of family business, in which we have three circles which represent the three systems that come together to intersect at the center, namely Family, Ownership, and Business. On the other hand, Dr. Mendero III highlighted how family enterprise planning helped their family survive multiple challenges which started with expansion, combined with his father’s sudden illness that required accelerated and unprepared for succession, as well as the arrival of the pandemic in the Philippines.
Joey Garcia, President & CEO of Eight-8-Ate, also shared their strategies for pivoting Conti’s bakeshop and restaurant despite the uncertainties and drastic changes during the pandemic. We also learned that inheriting existing family businesses does not mean you can’t pursue a different field. Take the likes of world-renowned fashion designer Monique Lhuillier, German Pool Executive Director and Founder of Sparkle collection Karen Chan, and award-winning industrial designer Kenneth Cobonpue as they told us how their family business roots greatly influenced their passions and thriving careers.
Mr. Stephen Chew, the Principal Consultant of Summit Planners, illustrated for us scenarios he witnessed in Singapore and Hong Kong wherein the death of business founders resulted in conflict in the next inheriting generation, thus the quote “Wealth cannot pass through three generations.” He emphasized the wisdom behind making crisis proof the family legacy and presented the creation of a family constitution as a viable solution to family conflict.
Mr. Melvin Esteban, CEO of Welead Financial Advisory, explained to us the different options we can take advantage of in relation to wealth succession. These options included drawing up a will and testament, carrying out a direct donation, and establishing trusts, family corporations, bank deposits and insurance policies.
Sir Borja Raventos focused on emotional leadership, pointing out that the absence of emotional management causes 60% of family business failures. He went on to say that, “Our families live out different patterns, both positive and negative. A family business must educate the next generation in “soft” skills which would allow each member of the family to be a leader with a different role.”
More wisdom was to be had on the second day! The Managing Director of Exaudi Family Business Consulting, Guillermo Salazar, together with the Bruna Group cousins Andreas and Antonio, emphasize the essence of constantly bonding and interacting with family members from different generations, and that being open to each other’s new ideas and perspectives keeps the family and the enterprise solid and harmonious. Next, Amaya Aboitiz-Fansler, President and CEO of the Ramon Aboitiz Foundation, discussed the impact of community involvement in a sustainable family firm. While Christian Stewart, Managing Director of Family Legacy Asia, encourages us to focus on family as the foundation and to strengthen family resilience.
In separate sessions, Change Works Global Founder and published author Dennis Jaffe, and Toshio Goto, Research Professor of the Graduate School at Japan University of Economics, shared keys to lasting family businesses with emphasis on creating and instilling the right values over time through generations, and not just money. Shanti Poesposoetjipto, Chairwoman of PT Samudera Indonesia, Tbk, and Bani Mulia, President Director, PT Samudera Tbk, gave us an Asian perspective of professionalizing the family business.
Lastly, as Gwendolyn Pang stated early on as the first speaker for day two - “While things are getting better with vaccination, many things are not going to be the same again. No one is safe until everyone is safe. The journey to recovery is about collective effort, and not just a government responsibility.”
If we are to rise together, we have to do it together. And we hope that this conference will inspire us to do so for a more resilient and sustainable new world.
The best part is that all this valuable knowledge and more are at the tip of your fingers with on-demand video replay conference access available until July 31. Gain access to the on demand videos with materials/handouts, network with exhibitors, sponsors, and other attendees, and obtain bonus content that weren’t featured during the live event— all these and more for only US$50!
