After 50 years of family infighting, bloodshed and tears this Bangkok based family firm called a truce and began working on a way forward, sadly not before some serious issues came to the fore.
Succession is often talked about as a whole but there are two clear facets that need to be determined, ownership and management succession. The former revolves around becoming a responsible owner, a shareholder in the family firm and behaving accordingly, sometimes clouded by the fact that the person may actually work in the family business.
Management succession is all about the development of the next leadership team, the drivers of the business for the next generation and a clear framework for the education, development and selection of the future leaders can help top ease the chances of things going awry as with the case in question below.
Succession is a challenge for family firms the world over, not least because of the fact that it involves change, stepping down, possible retirement and the end of an era for the older generation who may actually be reluctant to let go too.
Succession plans for family firms only work with the buy-in of all members. In 2014 one of the most notorious market operators in Bangkok, the Thammawattana family, signed a deal to end fifty years of bloodshed and infighting. After spending the second half of the twentieth century turning a small food stall into a thriving multimillion dollar marketplace, matriarch, Suwapee Thammawattana, was an early victim of the murder and mayhem which came to plague her family. By the early 2000s shootings, abduction, suicide and decades-long court battles had torn the family apart.