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YCH Group’s Executive Chairman, Dr Robert shared his insights at a panel discussion about succession planning, and how family-owned business can leverage on opportunities and grow into a regional player competing on the global stage.
On family enterprises, Dr Yap shared, “Studies have shown that family enterprises consistently outperformed their counterparts in the market. In my viewpoint, the key game-changer is how family companies tend to be more far-seeing than public companies, having a vested interest in maintaining the well-being of the organisation in a constantly evolving global business landscape. It is also typical for owners to possess a desire to build a lasting dynasty that will endure for generations.”
He added, “This is another value embedded within the company’s way of operating the business, which I call 先 苦 后 甜 (first bitter then sweet). This is especially important for the sustainable growth of the company in the long-run, which means sometimes to forgo short-term gains in exchange for long-term benefits. This is something unique only to family enterprises, where owners not only make decisions affecting the present, but are guided by how their decisions today would affect the next generation.”
At the event, 50 companies were honoured with the Singapore Golden Jubilee Business Awards in recognition of their achievements and contributions over the decades. The companies were selected by an Awards Committee consisting of the Accounting and Corporate Regulatory Authority, DP Information Group and SBF.
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