‘Conflict is important’ plus many other lessons at ‘Family Business Continuity’ forum
MANILA, Philippines — In a recent exclusive event titled Family Business Continuity: Ensuring a Fail-proof Succession Plan, hosted by W+B Advisory Group at the Crowne Plaza Manila Galleria in Quezon City, a group of prominent business leaders and experts came together to shed light on the intricate world of family businesses.
The event’s primary goal was to equip family enterprises with invaluable insights, strategies and resources to successfully navigate generational transitions, ensuring the longevity of their businesses.
The central focus of this event was not merely the passing of the leadership torch but also the transfer of the knowledge, experience and values accumulated by business owners over the years from one generation to the next.
To achieve this, the event featured esteemed resource speakers and prominent second-generation leaders from the Philippines, including JG Summit president and CEO Lance Gokongwei and Alliance Global CEO and vice chairman Kevin Tan.
The event began with an inspiring talk by Banyan Global co-founder and partner Dr. Josh Baron, who emphasized the critical importance of family governance.
He discussed how excessive conflict within a family can lead to business decline, resulting in lawsuits and buyouts—but too little conflict can stifle growth and innovation within the business, as essential issues remain unaddressed.
Baron stressed the need for a healthy balance between these two extremes to ensure the continued success of family businesses.
Tan, sharing his personal journey within his family’s business, revealed that he started from the bottom, working minimum-wage jobs without disclosing his family background—at the point that his father said he would deny it if anybody would ask if he was his son.
The tough love he experienced allowed him to gain a deep understanding of the business from the ground up. He also emphasized the importance of not forcing siblings to work within the family company, advocating for following their own passions outside the business.
The Gokongwei Group, celebrating its 70th anniversary, provided another exemplary case study. Lance Gokongwei, despite not being the eldest, assumed a leadership role, adhering to traditional Chinese family values.
His family’s success can be attributed in part to their family constitution, which shapes the business and aligns the family members around core values.
W+B Advisory Group’s executive director, Prof. Enrique Soriano, summarized the event by emphasizing the significance of a “business-first mindset” in family governance.
He highlighted that conflict is natural but must be managed effectively to prevent it from becoming a disruptive force within the business, as what Baron had mentioned.
Soriano encouraged the recognition of a Founder’s Adversity Quotient, which measures the resilience, adaptability and perseverance of business founders in the face of challenges and uncertainties.
Understanding the sacrifices made by the previous generation is crucial for the next generation to appreciate the legacy and continue building on it.
Attended by entrepreneurs from different generations, the successful forum provided invaluable insights and strategies for family businesses to thrive across generations.
By learning from the experiences and wisdom shared at events like this, family enterprises can look forward to prosperous and sustainable futures.
Editor’s Note: This #BrandSpace story is created with W+B Advisory Group. It is produced by the Advertising Content Team that is independent from our Editorial Newsroom.
for W+B Advisory Group
- Latest
