Our best kept secret
WITH more or less 600 million people across ten Asean (Association of South East Asian Nations) Member Countries -- Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam -- it is noteworthy to mention that when our leaders have adopted the Asean 2020 Vision, it hoped to establish an integrated economic community to accelerate economic growth, enhance trade development in the region, and allow the free movement of goods, services, skilled labor, and capital. Thus, it is critical to highlight the opportunities as well as challenges surrounding this imminent economic integration vis-à-vis potential consultancy prospects.
“Economic growth and expansion in trade have yielded tangible benefits to Southeast Asia’s people. In 2012, Asean’s GDP per capita reached $3,748, more than double the year 2000 figure of $1,172. Over the last ten years, poverty levels across the region have decreased. However, it is important to emphasize that unless managed properly, the Asean Economic Community may not be able to capitalize on all of the foreseeable economic opportunities, and instead it could witness an increase in income inequality across the region which would certainly affect the poorest” (Byron Ramirez and Anchalee Pooittiwong).
In this context, family businesses in many of Asean’s emerging markets (EMs) have long spearheaded economic development by being better providers of public goods than local governments. “Institutions responsible for creating and maintaining the ecosystem, namely governments, don’t always function as expected, so private-sector players frequently step in. Family-run businesses, in particular, are at the forefront of this phenomenon” (Nyshka Chandran).
In response to these regional opportunities, the Octopus Strategic Branding Inc. (An advertising and events group) has organized a Seminar-Workshop on Becoming an Asean Business Coach, which seeks to bring like-minded families and business leaders together to discuss best practices and discover new ways to grow a long-lasting business.
This seminar-workshop was likewise developed around three major objectives -- Passing the baton; building healthy relationships; and growing assets responsibly in a very competitive Asean Family Business environment.
Family businesses are the cornerstone of the Philippine economy. Their long-term vision, willingness and ability to align their values and practices with the greater community enable family businesses to be a model of sustainability.
A family governance plan -- or family constitution -- is a framework that aligns the family interests with the business strategy. A significant concern for many family business owners is the transition of the business to the next generation. A governance plan should highlight the succession initiatives as well.
To empower families and hand over the business to the next generation, we need to recognize the complexities of the family business and its impact to the family members and larger economic environment.
The benefits of a good governance plan are enormous. Governance fosters a culture of collective trust, provides a road map for managing the business, provides the direction for managing financial programs to ensure stewardship of the assets and the family wealth, and sustains the success of the family business for next generation of family leaders.
The conference speaker is Prof. Enrique Soriano III, Chairman of the Marketing Cluster of the Ateneo Graduate School of Business. Prof. Soriano was recently conferred a National Agora Award for Excellence in Marketing Education by the Philippine Marketing Association. He is a family business coach, book author, professor of Global Marketing, Program Director for Real Estate and Chairman of the Marketing Cluster of the Ateneo Graduate School of Business (AGSB). He is also the immediate past president of the Association of Marketing Educators (AME) and Director of the Philippine Chamber of Commerce and Industry (PCCI) QC.
Prof. Soriano is currently a senior advisor of the Wong + Bernstein (W+B) Advisory Group, a strategic consulting group advocating Corporate Best Practices, Strategic Leadership and Growth in Asian Family Businesses. W+B services family organizations in the Asean Region.
If you want to be part of this conference to be held on the 10th of February 2018 (Saturday) from 10 a.m. to 4 p.m. at the Makati Sports Club; for further details, please call Jeric or Cherryl at (02)556-9707/0915-9108686/0915-1813057/0999-9961921. Avail of this opportunity to professionally equip your family business through this business interaction, training and inspiration, gearing you towards further growth, resiliency and sustenance amidst the ever-changing ASEAN market.
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