There is a changing landscape of Filipino family businesses that are oftentimes pockmarked with corporate intramurals and courtroom drama, with the founders seeing their companies about to flounder due to the family members’ incessant wrangling.
He also provided context to why certain family-owned businesses failed to succeed with the succeeding generation. And he dwelt at length on the family businesses here and in Indonesia and Singapore where he served as advisor to the founders. To him, the patriarchal head, especially for Chinese firms, should be open to having a non-family member as head of a conglomerate when no relative is up to the challenge.
In his book, “Ensuring the Family Business Legacy,” Prof Soriano said that succession planning should be made not in response to an external event such as illness, accident, death, marriage or divorce. He said that “one of the worst mistakes entrepreneurs can make is to postpone naming a successor until just before they are ready to step down.”
Prof Soriano doffs his hat to how the founders of the John Gokongwei and Andrew Tan conglomerates prepared for succession planning where a rulebook on the handover was prepared and made. The two taipans saw to it that their sons Lance and Kevin had to start at the bottom before taking baby steps towards the leadership mantle.
Source: News Formal (newsformal.com)
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