Family food businesses in Singapore that have successfully transitioned the generations have identified a number of key reasons for this success:
- Professionaling the business
- Putting the customer first.
In addition, these family firms suggest modelling family values, dealing with conflicts and taking care of business partners are also fundamental to their success.
Succession is not easy but having a strategic plan for the business, clear and common objectives, defined roles and responsibilities for the family members and empowered members of staff can also increase the chances of success.
Family firms in Singapore are by no means alone in their quest to deal with succession. It remains an issue the world over and one that needs to be addressed, the sooner the better!
Check out our library of free succession articles here
Succession in Singapore family food businesses These family businesses have so far succeeded in ensuring a smooth transition to the next generation. Last week, we discussed three principles they follow: be decisive and flexible; professionalize the business; prioritize the customer. Now we unlock four more secrets to their success.