The recently concluded Asian Family Enterprise Excellence Conference (AFEEC) 2021 was the biggest and first-ever virtual gathering of prominent family business leaders and distinguished global family business experts in Asia.
With more than 30 prominent speakers from across the globe—composed of family business leaders and professionals and the world’s premier researchers—the conference focused on two areas: first is on the collectively shared learnings of the pandemic crisis that will support business pivoting and recovery. Secondly, a reaffirmation of timeless best practices on family business perpetuation based on studies and research.
“For us to move forward progressively, we must engage in purposeful discussions in this two-day conference, with all the new insights and expertise you will gain. This virtual learning platform will help demystify and redefine a family business,” Premier Family Business, Inc. CEO Jon Ramos said in his opening remarks. “May this conference inspire you further to create a positive impact in your business, your network, and your community.”
If you missed it, here are five insights we gained from AFEEC 2021 that may help your family business adapt to the times.
Customer experiences, technology, and digitalization are now essential.
According to James Wong, head of SAP Business One & Business ByDesign in Southeast Asia, businesses struggle to keep up with shifting customer needs. Many small and midsized enterprises are still playing catch-up on their digital transformation. This insight is an opportunity to train people, review and redesign business processes and embrace dynamism.
Family enterprise planning helps in surviving unforeseen challenges like COVID-19.
Dr. Sam Mentero III., CEO of Mendero Medical Center and Pagadian Medical Center, shared his family’s personal story. He emphasized how family enterprise planning helped them survive multiple challenges, such as his father’s sudden illness that required unprepared succession. With the help of Premier Family Business Consulting, the Mendero family overhauled almost everything from their management structure to their operations and strategies. Premier has had the privilege of being a facilitator of change for over 80 families and assisting them through family enterprise planning and creating a family constitution that recognizes and supports all three systems in the Three Circle Model of a family business.
Inheriting a family business while creating your own brand is very much possible!
Multi-awarded industrial designer Kenneth Cobonpue, internationally acclaimed fashion designer Monique Lhuiller, and German Pool Executive Director Karen Chan are living proof that inheriting their family businesses didn’t stop them from creating brands for themselves that embody their individual passions. They gave us two options to accommodate individuality: diversification of the established family business and the pursuance and amplification of a passion so it can contribute to the family enterprise.
Emotional management causes 60-percent of family business failures.
Borja Raventos, an Executive Coach and consultant to business families, focused on emotional leadership, pointing out that emotional management causes 60-percent of family business failures. According to Borja, families live out different patterns, both positive and negative. Therefore, a family business must educate the next generation in “soft” skills, such as emotional intelligence, adaptability, and collaboration, which would allow each family member to be a leader with a different role.
The concept of impact investing
Impact does not have to mean sacrificing the profit margin. It is created whether we like it or not, whether it’s positive or not. The cost of inaction might be higher than acting, especially when thinking of investing in the next generation. No sector alone can meet the world’s needs. But investing in creating positive social and environmental impacts results in a more sustainable and resilient future for families in business across generations. In fact, by 2025, Millennials and Gen Z will make up most of the workforce, and study shows that they want to work for businesses that care about social and environmental impact.
Do you agree with these insights? Share your thoughts with us in the comment section below!
Premier Family Business Consulting, Inc., with its mission of uniting family business across generations, organized the AFEEC 2021. The Platinum sponsors for this event are J.P. Morgan, Insular Life (InLife), Summit Planners, and Globaltronics while the Gold sponsors include HSBC Private Banking, Cebu Landmasters Inc., SAP, and Conti’s Restaurant and Bakeshop (Eight-8-Ate Holdings, Inc. a member of the UDENNA group). Media partners include Inquirer.net, Philstar Global, Manila Bulletin (MB.ph), and CHiNOYTV.