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Monday, October 23, 2006

Family Business Vs Professional Managers - What Is Your View?

I attended the Asian Chinese Entrepreneurs Summit, organised by the Singapore Chinese Chamber of Commerce and Industry yesterday and listened to Mr. Wee Cho Yaw's speech, making a case for family-run busineses. He cited the failures of Enron and Worldcom. What do you think? UOB's Wee Cho Yaw makes case for family-run businesses Banker expresses his reservations over giving full control to professional managers By Erica Tay Oct 23, 2006 The Straits Times BANKING magnate Wee Cho Yaw yesterday spoke strongly in favour of keeping control of family businesses in the family. The billionaire banker, 77, who is chairman and chief executive of United Overseas Bank (UOB), said such businesses have not outlived their value. ..Read Article...

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3 comments:

Anonymous said...

Both have its pros and cons. There are family-run businesses that have failed too. :-) :-)

wilfred said...

Seems that it is a typical issue of the Orientals argument about the family run or professional run. I agree that there are pros and cons about family run or professional run. If you look at those old US multi-national companies, they started off from family and converted to the professional run, which is a necessity for elongate the "life" of the company. There is no guarantee that Mr Wee's son or grandson or greatgrand son enjoyed running business as his. Isn't it HP had done the total transformation already?

Anonymous said...

I agree with you fully, Wilfred. For each Enron or Worldcom, there are many family-run businesses that had faltered, too.