The 2nd Asia Summit organised by California-based Milken Institute took place in Singapore on 18 September, with Dr Robert Yap, Executive Chairman of YCH Group, invited to share his views during the family businesses segment of the summit, which gathers prominent families to discuss some of the most important issues facing them today, such as business succession and multi-generation transition.

Aside from discussing the company’s successful transition from passenger to cargo transport in the face of an evolving business climate, Dr Yap also touched upon strategies that have allowed YCH to operate professionally alongside the family values that have been a part of the corporate culture since its inception. He stated that YCH’s longstanding practice of meritocracy was critical in striking a balance between family ties and professionalism.

Discussing succession, Dr Yap knows only too well that it would be detrimental for second generation owners to be coerced into joining the business as they are unlikely to excel in a role they have no interest in. ‘As parents, the least we can do is to provide the appropriate foundation and appropriate environment for them to learn about the business, and hopefully, they will be able to take the company on to greater heights,’ he said.