As they continue to grow through unrelated diversification and international expansion, many family firms in Korea, Taiwan and China are forced to involve outside investors and face a broader group of stakeholders while they keep a firm grip on control of their companies.

Governance protocols remain incredibly important and there is a clear need for open communication and transparency when it comes to objectives for the business too.

Nobody will say it is easy but family firms across Asia need to step up to the challenge in order to succeed for generations to come.