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From the Family Business Institute Newsletter:
Highlights from Keynote Addresses of World Thinkers and Strategists at Recent FFI International Conference in London. FFI Update, Volume XXI, Number 11, November 2008
Philip Marcovici, chair of the steering committee, Baker & McKenzie Global Private Banking Group - and leader of LawInContext Pte. Ltd., Baker & McKenzie’s international knowledge venture:
“Wealth, regardless of size, too often destroys families and relationships - creating deep unhappiness. Appropriate succession planning undertaken by the older generation, combined with open communication within families, can go a long way towards maintaining harmony and preventing lawyers from becoming the biggest beneficiaries of a family’s wealth.”
“Too often, the younger generation fight about family assets after the death of their parents on what their parents wanted or meant; it is best to discuss such matters openly while the parents are alive so that they may communicate their intentions.”
Yuelin Yang, Managing Director, Strategic Projects and General Counsel, IMC Corp. Limited:
“A tidal wave of Asian family businesses founded after World War II are in the midst of a generational transition. To paddle through these waves, Asian family businesses need to do the 4P’s: Professionalize, partition, preach and partner.”
“Specifically, professionalize as they transition from owner manager to responsible owner; partition the family from the business through a family office; preach the family’s values to institutionalize them into corporate values; and partner with corporate, private equity, and other family businesses to access capital, expertise, and new markets."
