Michelle Yong, Winnie Chan and Yu Yah-Leng share with Hong Xinyi and Terence Lim why and how they decided to go against the grain of conventional wisdom to forge creative new paths for their businesses.
MICHELLE YONG
DECONSTRUCTING THE FAMILY BUSINESS
When she was about to graduate from her studies in economics, accounting and law at the University of Bristol in the UK, Michelle Yong received a letter from her father, Yong Tiam Yoon, deputy chairman of construction conglomerate Woh Hup.
In the letter, he told her she should not join the family business, which had been founded in 1927. Michelle’s brother Neil received a letter from him too, but his missive informed him that he would be joining Woh Hup as a member of the family’s fourth generation.
Why the different messages? Many family businesses have a tendency of not lasting beyond the third generation (only 3 percent make it to the fourth generation, according to a 2016 PwC Global Family Business Survey). “My father wanted to spread the risk,” Michelle explains. “It didn’t come as a surprise. He hadn’t been grooming me for a role in the family business, and I understood the rationale.”
Still, there was something about the idea of a family business that intrigued her. When she subsequently began her master’s degree in economics at the University of Oxford, she decided to focus her thesis on the third-generation curse that had so preoccupied her father, positing that one way to break this curse was to launch ventures in adjacent markets, business models or technologies, and keep the leadership of these units within two generations of the family.
A few years later, her insights in this area were further informed by professor Marc-Michael Bergfeld, an expert in the field who characterized the core family business as a “castle”, and new growth opportunities as “settlements” that family members could develop into profi table “villages”, which may in turn mature into “castles” in their own right.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Old-World CHARM
Professional photographer and content creator Zipeng Lee takes off to Switzerland to experience some of the country’s most storied heritage hotels
THE World ACCORDING TO Redzepi
Renowned Noma chef René Redzepi and executive producer Matt Goulding unpack Apple TV's new eight-part docuseries, Omnivore, and its exploration of humanity through food
COURAGE OF CONVICTION
Tatler speaks to Bing Chen, Prabal Gurung and Kevin Lin to discuss how their non-profit Gold House is changing the future of the Asian diaspora
INDUSTRIALI
Exploring the important sustainability efforts taking place beyond obvious industries
THE BALL'S INHER COURT
China's most celebrated tennis star Li Na opens up about her career, influencing young athletes and her continuous learning journey
Love Story
Set in Paris, Graff's new bridal campaign marries the timelessness of love and diamonds
Over the Rainbow
The inspirations behind Hermés creative director for jewellery Pierre Hardy's latest and gorgeously colourful high jewellery collection surprise and delight
Twist and Turn
Bvlgari's debut Tubogas jewellery collection reimagines a classic technique with 16 stunning creations
Game On
From diamond‑set carabiner‑inspired clasps to a carbon fibre cuff, Chanel knocks it out of the park with Sport, an audacious and innovative high jewellery collection unlike any other
The Wrist Taker
Shipping scion and basketball team owner Hendi Widodo unlocks his vault of rarefied timepieces