Last week the ZEDRA Singapore and the Business Family Institute at the Singapore Management University “BFI@SMU” jointly hosted a full day Master Class titled “Business Family Strategic Planning Process: When do you start looking into governance?”
The Master Class was held at the Carlton Hotel in Singapore for a select group of first, second or third generation business leaders from the region who took time off their busy schedules to learn about and obtain the tools required for building a sustainable Family Governance Plan.
Starting off in a workshop format, participants delved into and completed various tasks within their working groups, discovering potential problems and issues arising from the large and varied nature of business families as well as the potential solutions to these issues.
Wendy Sim, Managing Director of ZEDRA Singapore, then presented a session on “Planning Governance Strategically”; which helped to equip the participants with the necessary knowledge and know-how required to establish the appropriate holding structure and kick-start a Family Governance Plan.
Wendy then joined in a panel discussion around the topic of how family businesses were evolved and transformed through the implementation of a Family Constitution and a professional board.
“Asian business families are on the cusp of a generational changing of the guard. Whilst some families have laid significant groundwork into planning for such a change, there are many who have yet to implement formalised structures and plans and even more families who have yet to consider the need for such a family governance plan. The old adage of “Shirtsleeves to shirtsleeves in three generations” rings true for Asian business families who unlike their Western counterparts, are only beginning to fully understand the true value and importance that formalised plans and structures bring about in ensuring that the legacy of the family business lives on through the generations”, said Wendy Sim at the end of the Master Class.
ZEDRA is well placed to work with both Asian and global business families in planning and implementing Family Governance Plans and structures.