Nearly 90 percent of the business families in the region surveyed in a recent poll indicated that management succession is important to them, while 81 percent believed that the next generation would be able to manage the family business, according to Singapore Management University's Business Family Institute. About 46 percent of the business families felt that they were in the developmental stage of the succession planning process, and on the average, the findings indicate that a full cycle would take at least 25 years.
"The findings of the survey highlight numerous areas that owners, management and family members can take note of in ensuring the efficacious success of business families and preservation of family wealth for future generations," Tam Chee Chong, managing partner of financial advisory services at Deloitte Southeast Asia, said yesterday. The institute has partnered with Deloitte Southeast Asia in pioneering research on "Asian Business Families Succession - Going the Distance with the Next Generation".
