Co-developing the Ecology for Family Enterprising and Advising in Hong Kong and China

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1 Co-developing the Ecology for Family Enterprising and Advising in Hong Kong and China InterContinental Hotel Boston Saturday, October 15, 2011, 10:30-12:15 Kevin Au, Jeremy Lu, & Jeremy Cheng Family Firm Institute

2 What is Entrepreneurship? Pursue opportunity without regard to resources at hand Shalman The only way to predict the future is to create the future Timmons Fail frequently and quickly to succeed fast Seeling

3 Can We Walk our Talk? Overview of Family Businesses in Hong Kong and China University s Space in the Development of Ecology for Family Enterprising and Advising Challenges A new research centre

4 OVERVIEW OF FAMILY BUSINESS IN HONG KONG & CHINA

5 Forbes (China): Survey on FBs in China 2010 Scope: Listed private enterprises in Shanghai and Shenzhen Online survey of readers on hundreds d of private non-listed family businesses Definition: the person with ultimate control is a family business with blood and marriage relationships/ties 3 types: Classical: complete ownership and management control Traditional: complete ownership and partial mgt control Holding: complete ownership and outsider mgt control

6 Listed Family Enterprises 1,925 listed enterprises in stock market in Shanghai and Shenzhen 842 listed private enterprises 305 family businesses 36.2% of all listed private enterprises Total market value of listed family businesses is RMB 1, billion 9.2% of total market value of Shanghai and Shenzhen listed enterprises Average market value of RMB billion Average profit of RMB 169 million in 2009, 14.2% higher than that of listed private enterprises

7 Listed Family Businesses Industries of listed family businesses Traditional manufacturing 71% IT 8.2% Property 6.8% Industries of non-listed family businesses Manufacturing 42% Wholesale or retail trade 14.9%

8 Listed Family Business IPO

9 Methods of Enterprise Succession 40% first generation non-listed private entrepreneurs have prepared that their children might not personally manage /succeed their family business, and had employed professional managers 38.4% let second generation succeed ownership and management control, but exercise management control during special situation Family second generation owns the business as the controlling shareholder and professional managers are employed If the enterprise encounters a major crisis or if the professional manager is incompetent, they will take over the management of the enterprise 5.5% chose succeeding ownership, not management control 13.7% required management involvement by children

10 Background Research from Prof. Joseph Fan, CUHK Definition of succession: controlling shareholder passing on control and/or ownership Year Hong Kong Singapore Taiwan Total Total

11 Succession Cases in Hong Kong (2005) Company Patriarch Age Next Generation Current Position Cheung Kong/Hutchison Li Ka Shing 77 Victor Li Deputy Chairman/MD Esprit Heinz Krogner 64 Thomas Grote President Li&Fung Victor Fung 60 Spencer Fung Senior Vice President Bank of East Asia Dr. David Li 66 Adian Li Head of Corporate Banking Hopewell Hidgs/HHI Sir Gordon Wu 70 Thomas Wu Deputy MD Dah Sing Financial David Wong 65 Harold Wong Executive Director Techtronic Horst Pudwill 60 Stephan Pudwill Director Shun Tak Dr. Stanley Ho 83 Pansy Ho MD TVB Sir Run Run Shaw 98 Mona Fong Executive Deputy Chairman Galaxy Lui Che Woo 76 Francis Lui Deputy Chairman Melco Dr. Stanley Ho 83 Lawrence Ho MD Lee&Man Paper Patrick Lee 63 Raymond Lee CEO Regal Lo Yuk Shui 61 Poman Lo Executive Director SCMP Robert Kuok 81 Kuok Khoon Ean/Kuok Hui Kwong Chairman/Executive Director Raymond Industrial Wilson Wong 69 Raymond Wong Executive Director

12 Long-term Stock Performance of 38 HK Family Businesses from 8 years before to 5 years after the turnover of chairmanship

13 A Case in Point Diversified HK-based business groups Founder is a Chinese entrepreneur who started his business 60 years ago, ran his business into success in the 1970s and 1980s. He was famous for being hard working, and remained in charge of business until his recent death Passing his business to a son several months before his death

14 Succession Challenge Transfer costs of specialized assets: rules, procedures, concepts, ideologies and networks within every family business Reputation Political connection, social network, relationship Ideology History, memory, amenity utilities Specialized assets are unique, one of a kind, hard to divide, value, and transfer across individual and firm boundary In-fighting Non-transferability

15 Original Sin Original Sin Cycle From Robber Baron to Philanthropist Small Sin Super Sin

16 Is the Glass Always Half Full? Soft Symbol of Success Thirsty or Hungry Worries & Needs Different Model & Services

17 Challenges to FBs and FB Advising First-generation entrepreneurs in Asia are tremendous Incoming gg generation grew up in very different context Traditional v Western educated Primogeniture v multi-geniture Fault-lines lines underneath family harmony Trans-generational entrepreneurship Professionalization Innovation and continuous growth Train up and develop the leadership of the incoming generations FB label is a taboo Family infighting/ g wars

18 Challenges & Opportunities Small family size in China Pioneer market Family business original sin cycle Private bankers frame Different business models

19 An Entrepreneurial Enterprise for Knowledge Leadership and Action in a New, Niche Market UNIVERSITY S S SPACE

20 What is Entrepreneurship? Pursue opportunity without regard to resources at hand Shalman The only way to predict the future is to create the future Timmons Fail frequently and quickly to succeed fast Seeling

21 First Initiative Collaborating with a world-class academic to organize a workshop on family corporate governance, but failed to recruit sufficient family participants Lessons: Public s understanding of family business was far restricted Family secrecy should not be underestimated; organic growth of family business database is very slow Family advisory is an important piece

22 Research and Teaching on Family Business Successful Trans-generational Entrepreneurship Practice (STEP) Project Conduct in-depth case analysis of family business around Asia Pacific The book Family Enterprising in Asia: Exploring Trans-Generational Entrepreneurship forthcoming in 2011 Advanced Manufacturing Ltd.: Potential best practice to nurture the incoming gg generation to venture FFI Launching Pad and the Essentials The first specialized program for family business professionals in Asia Pacific

23 Centre for Family Enterprising & Business Advising Vision To be the leading research, education, and practice platform for family enterprising and family business advising in the Asia-Pacific region Missions Promote the understanding of family business in the Asia-Pacific region; Incubate an ecology for family business advising; Support families to grow their business and their entrepreneurial spirit; and Support research and channel its findings into effective practices.

24 Our Focus Family Enterprising Family business succession Family entrepreneurship Corporate governance of family firms Family business financing Trans-generational leadership development Family philanthropy Family dynamics Family Business Advising Developing a multi- disciplinary professional practice Driving a sustainable family business advising ecology Promoting Hong Kong as a wealth management hub for ultra-high networth families (UHNF) in Asia

25 Development of the New Centre 2006 First FB Workshop under Center for Entrepreneurship (CfE) 2007 Asia Pacific Rim STEP Organizing Meeting of Founding Institutions Asian Family Enterprise Forum Asia Pacific STEP Submit Conference on Family Enterprise Asia Pacific and Global Views Workshops and Seminars 2009 Workshop with a World-class University CUHK Family Business Series 2009 Family Business Learning Network 2010 First FFI program CUHK Family Business Series 2010 Collaboration with mainland universities Roundtable for FB Advisors 2011 CUHK Family Business Learning Series 2011 Workshops for NextGens from China Workshops and Seminars

26 World s Local University Knowledge Leadership Research Grow with Families and Family Advisors Awareness Building Knowledge Transfer and (re)generation Train the Trainer Education Practice Advisor Ecology Multi-disciplinary Collaboration Families for Families; Advisors for Families

27 FB and FB Advising Ecology Business Families FB Associations (e.g., FBN) Universities Research Consortium (e.g., STEP Project) FB Professional Bodies (e.g., FFI) Professional Bodies (e.g., Society for Trust and Estate Practitioners) Professionals (e.g., Family offices, private banks, accounting firms, law firms, HR firms, family therapists, t )

28 Let s create the future to come

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