Kuala Lumpur, 23rd July 2019 – QuestCorp Global Group of Companies will be running the first ever family business convention called ‘The Asian Family Business Convention 2019’ to help family business owners to better manage common family business challenges in Asia. Through this convention, QuestCorp Global Group of Companies aims to introduce their Family Business Advisory Services to Malaysian family business owners.
The Asian Family Business Convention 2019, first of its kind in Asia aims to discuss the challenges frequently faced by family businesses in Asia and to educate Malaysian family business on how to deal with these challenges so that their businesses will continue to experience growth and success through generations to come.
The convention will be helmed by the best-selling New York Times author and award-winning speaker, Dr. Tom Deans. Having the industry knowledge and expertise, Dr Tom Deans was invited by QuestCorp Global Group of Companies to share his perspective and experience related to the complex topic of family business. Leveraging on Dr Tom Dean’s expertise, QuestCorp Global Group of Companies will be setting up its Family Business Advisory Firm in Malaysia.
Lack of Succession Plan to Forge Lasting Legacy
Research conducted by PricewaterhouseCoopers (PwC) Malaysia found that 80% of Malaysian family businesses want to protect the business as it is the most important family asset, and 73% want to ensure the business stays in the family. Given this ambition, continuity is the key to creating and leaving a legacy of a successful family businesses passed on through the generations.
However, this ambition may be hindered by a few issues currently being experienced by Malaysian family businesses. For instance, family businesses in Malaysia lack strategic succession planning and most ideas in regards to handovers are informal and unsaid. In fact, PwC Malaysia found that only 23% of Malaysian family businesses have a robust, formalised and communicated succession plan. Malaysian family businesses today are embracing a meritocratic approach of appointing next generation members in positions within the company, and expect them to compete on equal footing with other employees.
The reason that many family businesses in Malaysian do not see the necessity for solid legacy planning is because many founders of family business in Malaysia assume that their children will succeed them but fail to have open discussions about each party’s expectations. This often leads to internal arguments between family members about various issues like how the business should be run, the degree of involvement in the business of certain family members, the level of commitment of each family member and many more. Problems also arise when business owners rely too much on the direct transfer of assets to pass on their wealth and ownership to their children when they may not necessarily be the best or most competent people to take over the business.
Well aware of these problems, QuestCorp Global of Companies, recognizes that these enterprises are the bedrock of the country’s economy. The Asian Family Business convention 2019 will not only educate family businesses on legacy planning but will also address how these families can maintain good governance and a strong foundation while highlighting the challenges most commonly faced by family businesses.
Additionally, through Quest Family Business Advisory Services (QFBAS), family businesses will receive guidance in designing strong governance structures which will promote their continuity, developing policies to support effective decision making and communication, being educated in making strategic succession plans and leadership development, conducting effective generational transitions, preparing successors to take over and many more through its certified Family Business Advisory consultants.
“Family businesses in Asia are facing a few challenges. We would like to help them in forming strong foundations in succession planning and intergenerational wealth transfers. Ultimately, we would like to see these promising enterprises have sustainable legacies and experience success through open communication as well as smooth transfers of wealth from generation to generation,” explains Chief Executive Officer of QuestCorp Global Group of Companies, Mr. KC See.
QuestCorp Global Group of Companies mission is to help family business owners will be better equipped to prepare their heirs for succession, to anticipate and manage any challenges that they might face and to make strategic plans- all of which will ensure the longevity of their businesses.
The COVID-19 pandemic has brought a lot of challenges for employees working from home. As we are fast approaching the post-pandemic world, we have to start getting accustomed to heading back to the office again. No doubt, it is going to be difficult adjusting to the long-forgotten habit of getting ready early in the morning, putting on your finest work clothes, working till 7pm in your suffocating cubicle and dealing with horrible bosses and gossipy colleagues face to face.