One of the key persistent myths about family businesses in South East Asia according to a study by NUS (National University of Singapore) on Asian Family Firms: Success and Succession is that family firms are small and cannot grow beyond a certain size.
Change is good, but are all changes good? The instability of major stock markets and political scandals can send some currencies across the world plummeting day after day and weak economies spiralling downwards.
Professionalising family businesses, as the first generation transitions to the second, requires a change in mindset as PwC (PricewaterhouseCoopers) puts it. You Sen Machinery Sdn Bhd’s journey from the first to the second generation has been paved with much persuasion and patience. It took a lot of convincing for the traditionally run family business to move into the Internet Age and become a CTOS subscriber.