As far as we are concerned there is no alternative. Failure to grow professionally can lead to a whole myriad of challenges down the line but as the article explains, family firms in Singapore are having to wrestle with the realisation that they made need to bring in external, non-family talent to help further growth too.
Recruiting, retaining and motivating staff is a challenge for family firms the world over but as long as there is an appropriate structure and reward is clearly defined for performance, firms can find the right resources to take the business to the next level.
Bringing in external talent does need a shift change in attitudes internally and there may be some cultural change as things may be done differently but there is always room to bring the family values, heritage and beliefs into the fray. Open dialogue, clear communication from the start and the right measurement frameworks can also help.
MANY family businesses in Singapore are conscious of the need to professionalise their operations but struggle with how much control of their enterprise they should cede. According to a study of family businesses by KPMG Singapore and CPA Australia, almost half (46 per cent) of 100 family businesses surveyed said professionalising their business was a pertinent issue. Many would also prefer to prioritise business performance to remain competitive, ahead of keeping family control. Some business owners suggest they will need talent with the right knowledge and experience to grow their business, and they are ready to look beyond their pool of family members for these capabilities.