Can Mischelle Yong Build A New Blueprint For Family Businesses?
Singapore Tatler|March 2019

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.

Hong Xinyi & Terence Lim
Can Mischelle Yong Build A New Blueprint For Family 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.

Bu hikaye Singapore Tatler dergisinin March 2019 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Singapore Tatler dergisinin March 2019 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

SINGAPORE TATLER DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Mathew Leong
Tatler Singapore

Mathew Leong

As the Norway-based Singaporean chef celebrates a milestone year both personally and professionally, he opens up about the toughest moments of his career and why failing is not an option

time-read
3 dak  |
November 2024
Asian Inspirations
Tatler Singapore

Asian Inspirations

Chef Ace Tan on his second restaurant, Asu-his love letter to regional Asian cuisine

time-read
4 dak  |
November 2024
State of the Arts
Tatler Singapore

State of the Arts

Arts nominated member of parliament Usha Chandradas discusses growing the creative economy by focusing on both supply and demand

time-read
4 dak  |
November 2024
Through a Curator's Lens
Tatler Singapore

Through a Curator's Lens

Circe Henestrosa, a fashion curator and the head of the School of Fashion at Lasalle College of the Arts, University of the Arts Singapore, merges her personal connection with artist Frida Kahlo with her extensive curatorial experience to explore intersecting themes of identity, disability and cultural heritage

time-read
4 dak  |
November 2024
Second Nature
Tatler Singapore

Second Nature

Poet and educator Yong Shu Hoong brings fresh perspectives to the helm of the Singapore Writers Festival, from interdisciplinary perspectives to multilingual programmes

time-read
3 dak  |
November 2024
Wine Down
Tatler Singapore

Wine Down

Nothing wraps up the day like a nice glass of vino. From flashy hedonistic escapades to geeky watering holes, these new wine bars promise celebrated viniferous pours that will please even the most discerning of oenophiles

time-read
3 dak  |
November 2024
A Legacy in Silhouettes
Tatler Singapore

A Legacy in Silhouettes

Kristina Blahnik, CEO of the designer shoe brand Manolo Blahnik and the niece of its legendary founder, shares her insights on preserving the house's heritage and introduces the new Manolo's Silhouettes campaign

time-read
4 dak  |
November 2024
To Have and to Hold
Tatler Singapore

To Have and to Hold

With its sumptuous textures, Loro Piana's elegant autumn/winter 2024 collection is a chic celebration of craft, quality and the universal appeal of tactility

time-read
2 dak  |
November 2024
Scent of Strength
Tatler Singapore

Scent of Strength

Hermès unveils its first chypre perfume, Barénia―a captivating fragrance crafted by renowned perfumer Christine Nagel that embodies bold femininity and celebrates the brand's rich heritage

time-read
2 dak  |
November 2024
Nocturnal Revival
Tatler Singapore

Nocturnal Revival

Nighttime skincare rituals will get a boost of supercharged restoration with La Mer's new Rejuvenating Night Cream

time-read
2 dak  |
November 2024