At our latest Cloud Talk webinar on July 22, we discussed why business leaders need to start thinking about succession planning and what it entails
In the latest edition of Cloud Talk, Gen.T invited three business leaders to engage in a discussion about the importance of succession planning, its processes and how it can impact the stability and sustainability of a company.
Asia has the largest population of billionaires in the world today, and the number will continue to grow in the next few years. But our most affluent are also the least prepared globally to hand over the reins of their business to a successor.
How do you plan for a smooth succession? When should you start grooming your successor? And should he or she come from within the company or outside?
When the potential successor is part of the family, the conversation takes on an entirely different hue. For many, joining the family business—let alone taking on the top job in the company—may not always be a choice, but a cultural obligation. In such a situation, how do you find your footing? And how do you prepare for working with family?
The Panel
The July 22 edition of Cloud Talk addressed these questions, with insights from three speakers who approached the topic from three different perspectives.
The Founder
Hospitality veteran Claire Chiang is the senior vice president of Banyan Tree Holdings. She co-founded the Singapore-headquartered group with her husband Ho Kwon Ping in 1994 and has been integral in building its portfolio of hotels, resorts, spas, galleries, golf courses and residences across the world. Chiang also chairs the Banyan Tree Global Foundation, where she champions the group's dedication to environmental sustainability and human empowerment.
The Successor
Gen.T honouree Dexter Lau is executive director of Kim Teck Cheong, the largest distributor of packaged goods in East Malaysia. Lau is a third-generation leader of his family's business, which was founded by his grandfather as a small retailer in the Malaysian state of Sabah in 1938. Under Lau's helm, the company went public in 2015.
The Expert
Succession planning expert Cynthia Lee is the regional head of private wealth solutions, Asia-Pacific at HSBC Private Banking. Armed with more than two decades of experience in wealth advisory, the Hong Kong-based banker has helped her clients in their trust and estate planning as well as philanthropy and succession needs.
Here are the key takeaways from the discussion.