There is a common saying amongst Asians that wealth do not go pass three generation because of the complexities of the inheritance during this stage.
“A mountain cannot have two tigers. If everyone in your family business is a director and there is no clear direction on leadership, your employees won't know who to follow. That’s how in-fighting and power struggles happen. The discord within will make it easy for external 'wolves' bring down the company, ” he says.
For Dato’ Kevin, reasserting accountability was the secret in ensuring harmony in his family-run bakery business. "I approached my father—who founded our business—to split the companies between my brothers and myself into smaller pieces to be accountable for. And since it was my idea, I took the smallest piece of the business so there is no misunderstanding that I am doing this for my own gain. I then had business to be accountable for," he reflected.
Another good thing came out of the process: Dato' Kevin was able to 'trick' his mind into believing he is a first generation entrepreneur. "I never take anything for granted," he stressed.
Mark Choo. Photo: Sean Wong
That being said, he also believes that if any second generation entrepreneur chooses to opt out of the business, it is the best thing for them as it gives them a chance to learn accountability.
Mark Choo, youngest son of restaurateurs Fred Choo and Michele Kwok, chose to start his own online medical tech-based startup called TeleMe despite limited knowledge in the medical field. "I went through a steep learning curve on my own but it has helped shape my decision making skills," said Mark.