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Passing the torch from the second to the third generation in a family business requires careful succession planning that only a handful of family businesses have.

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.