Bonding in (family) business

MANILA, Philippines - The family that does business together stays together.

“Never make your children the excuse for not being able to succeed in business, instead make them every reason that you should,” says Rebecca Bucad, president and CEO of K2 Drugs.

Bucad indeed believes that family and business can mix as all her three children are involved in the business. Two are in management, the other in operations.

“Every business discussion among us has never been a source of stress. In fact, we consider it the common thread that strongly binds us. As we bond the business becomes stronger,” prides Bucad, an Asian Institute of Management alumna.   

Even in leisure, the Bucads infuse a “sense of democracy” where everyone has a say on how they would spend their free time.  The focus is on what works for everyone, whether it means staying at home; cooking a simple, favorite dish or having a karaoke session, Rebecca said. 

A former distributor of generic medicines, Bucad believes that a thin line separates business and family. “Both essentially need attention, time, nurturing, planning, goals, and supervision,” she says.

Bucad’s first store was originally owned by a former client. In 1988, seeing that none of her children was interested in inheriting the business, the previous owner asked Bucad to run the store, trusting the latter would turn K2 around. And indeed, she did after it was later developed by Francorp Philippines for franchising and was incorporated in February 2007. K2 Drug now has 16 company owned drugstores in Metro Manila, Olongapo, and San Pablo City. It has two franchises, one of which belongs to a group of Japanese investors. They aim to expand the business by opening two to five stores a year.  

“Not all people can have a franchise. Their expectations must be tempered by a realization that in all businesses there is a risk. The secret is making that risk ‘calculated’,” adds Bucad.  

The beauty of a franchise with K2 Drug and many successful franchises is that it is no longer a “trial and error” process, but more like a “find and refine” process, according to the drugstore’s female chief.

An opportunity should be matched with vision. Business should embrace values, the way a family is raised, Bucad added.

“Filipinos have a wealth of support that can be harnessed from family members who are more than ready to share their time, energy, and talent. They are your best resource,” says Bucad.

K2 Drug is one of the franchise exhibitors of Franchise 2010, the 18^th Philippine International Franchise conference and Expo (PIFCE) on July 14-18 at the SMX convention Center. For more information, log on to www.franchise 2010.com or www.pfa.org.ph or call 687-03-65 to 67/0917/8320732/0999-4806510.