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Different Strokes

Family businesses have much in common, yet each one must find its own unique path to a successful transition, says David LEE, Owners Council Chair and Director of the Lee Kum Kee Group.

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Different Strokes

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If a family business is still going strong after close to 135 years, it is tempting to think there is a formula for success which others could readily emulate.

But David Lee, Owners Council Chair and Director of the Lee Kum Kee Group which traces its origins back to Nanshui in Guangdong Province in 1888 and now sells its Chinese-style sauces around the world, is quick to dispel that notion. “Every case is different,” he says.

“No one has the Holy Grail when it comes to this subject,” Lee says. “There isn’t one recipe that will work for every family. They must look for the most suitable answers for themselves if they strive to maintain continuity and achieve their mission.”

“But there are two vital points that everyone should keep in mind,” he adds. “Firstly, recognizing change as a norm and responding with innovative solutions is the key. Secondly, fostering open and continuous communication across generations is crucial to ensure the longevity and success of a family business.”

Lee recently threw a big post-pandemic family reunion which brought the different generations together under one roof. Lee believes these multi-generational family occasions not only foster personal connections, but also serve as a valuable platform for collectively reviewing family goals, plans and progress, and learn from each other.

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