New generation of leaders help to run family businesses
From the famous Muthu's Curry to motor distribution company Tan Chong International, a new generation of leaders is helping to run the show at some of Singapore's famous family businesses.
Family firms make up 52 per cent of the 743 companies listed on the Singapore Exchange, says a study released by the Centre For Governance, Institutions & Organizations at the National University of Singapore Business School. A strong sense of ownership is one of the advantagess of family businesses, say experts.
The two brothers running Muthu's Curry, for example, keep the recipe for the famous fish-head curry a secret and prepare enough of the spice mix for their three restaurants for the time they are out of the country.
Putting into place systems is crucial for any family-run business to survive over many generations, says Singapore Management University associate professor of strategic management Tan Wee Liang, who is in his early 50s.