SINGAPORE - Family businesses face the complex issue of leadership succession, and more must be done to help them pass on the mantle, Enterprise Singapore (ESG) chairman Peter Ong said on Wednesday (July 10).
To achieve this, the ESG is rolling out the Scale-up programme for local companies to help them grow quickly, he added.
Announced at the Budget this year, the 2½-year programme was launched on Wednesday with 25 local companies, including seafood restaurant chain Jumbo Group, childcare service provider EtonHouse International and furniture manufacturer Koda. Companies took part on an invitation-only basis and were selected because of their ambition and growth records.
The ESG paid up to 70 per cent of the cost with the companies picking up the rest of the bill.
Participants will work with consultancy companies McKinsey & Company and PwC Singapore during Scale-up.
A key part of the programme involves not just companies' chief executives but also other senior executives and family members, Mr Ong said. "We believe it takes a strong team to build a great company."
The programme involves family members so that leadership across two generations can learn and develop together under a nurturing environment, he added.