By Wilson Lee Flores (The Philippine Star), Nov 27, 2017
Research in Entrepreneur magazine shows that only one third (30 percent) of family businesses make it successfully to their second generation, while only 12 percent make it to their third generation. Those trends are also echoed by Ateneo Business School and professor Enrique “Eric” Soriano, who has cited the so-called “third generation curse” worldwide, adding that statistics show “only three percent of all family-owned corporations make it to the fourth generation.”
Three percent! How can family businesses hurdle the usual challenges, such as maintaining family unity, upholding the entrepreneurial founder’s values, forging strategic vision and carefully preparing a succession plan for the next generation to take over?
What about the continued viability and competitiveness of the family enterprise, even if family members are united and motivated?
It is interesting that different family businesses have differing strategies and styles. I recall that brilliant JG Summit Holdings, Inc. boss Lance Y. Gokongwei — son of self-made business leader John Gokongwei, Jr. and whose mother Elizabeth Yu Gokongwei is from pre-war Manila’s Yutivo hardware clan — said his family’s clear rules forbid their in-laws from participating or getting involved in their family business.
On the other hand, based on my reading of history, the still family-run Ayala Group has actually been taken over and saved several times since the 19th century by capable in-laws, such as Antonio de Ayala, the Zobels and the 20th-century business leader Joseph McMicking.
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
