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Different from the old family-owned enterprises in Europe and America that have been inherited for generations or more, many Chinese family-owned enterprises are very young, and many “creative generations†are still at the helm of enterprise development. On the other hand, according to the statistics of the Family Business Network ("FBN"), there are currently about 50 million family businesses in China, and about 32 million of them are over 50 years old. This means that in the next five or ten years, these 32 million family businesses will face the problem of corporate inheritance and finding successors.
So what are the challenges facing the second generation of Chinese family business? What are their choices in the face of inheritance? How can we take less detours in the process of inheriting the father's foundation and pioneering and innovating? At the 27th International Family Business Association Global Summit held in China not long ago, the thoughts of family business members from all over the world collided, and they could answer questions.
Localization of international experience
The topic that FBN has explored since its inception is family governance and heritage. Alexis do Roy de Blicquy, CEO of the International Family Business Association, told the First Financial Reporter that family business governance consists of three main things: business governance, family governance, and ownership (equity) governance. “In the FBN network of the past 27 years, everyone has been learning how to manage these three things. In the process of learning governance, the network we created is not only to communicate and interact with the family owner or manager; At the same time, it also promotes interaction, dialogue and learning between family owners or managers across generations, especially for family businesses that have been passed down for three generations or more. This cross-generational dialogue is very important and difficult to achieve. of."
According to FBN statistics, the organization currently has more than 10,000 family business members in 65 countries around the world, of which more than 40% of the members are second or third generation successors, and are under 40 years of age. These foreign family-owned enterprises have gone through many stages and have a lot of experience. By contrast, China’s machine industry development started relatively late, and most of the family business heritage is facing a shift between the first and second generations. There is not much success.
In particular, Karl-Erivan Haub, chairman of the FBN Board of Directors, predicts that in recent years, Chinese women's family business inheritors will be very many, and the proportion of daughters who have taken over the burden of corporate inheritance will be the highest in the world.
"Although we have had some successful family businesses before, but it is in the agricultural society, it is totally different from the current industrial era and the Internet age, so we must learn first, not to build a car behind closed doors." As the second generation successor Yan Jiangbo, CEO of China Shin Kong Holdings Group, said, "For example, some international family businesses may have been on the international road for at least a hundred years, and we have just begun. There must be a lot of learning in this process that we should learn from."
Cao Weide, co-founder of vocal music and chairman of FBN Asia Pacific, mentioned that Chinese family businesses in Southeast Asian countries that are more culturally close to China have family committees, family councils, family charters, including how to form such a big family to sit together. Good ways and means of communication. "Because China is basically a patriarchal system and it is often easy to communicate unequally between the two generations, how to make a family calm and sit down and communicate, there are many problems. In fact, foreign countries have experienced such a process and accumulated a lot of good. Experience and methods, which FBN is doing, the organization hopes to localize some good projects and practices in China, making it more suitable for the characteristics of Chinese or Chinese family businesses, to better help them to land and serve More Chinese family businesses."
In terms of how Chinese family businesses achieve internationalization and how to go global, Cao Weide believes that it can learn from the expansion paths of Chinese family businesses in Southeast Asia. "Their culture is very similar to that of China. The internationalization road is often started from Southeast Asia or the whole of Asia. The layout of this area is realized first, and it is possible to go further out of the global layout process. So you have to Your company is ready to have an internationally competitive product and team, and it is possible to achieve a real go out," said Jiang Bobo.
Evolution and sustainability
The specific forms and paths of family business inheritance have different templates in the world. The same is true for all family businesses that have undergone intergenerational inheritance. There will inevitably be an adjustment period. Cao Weide told the First Financial Reporter: "The adjustments in the inheritance of family businesses will become creative if they are adjusted well; if they are not adjusted well, they will become destructive."
Judging how a family inherits is only a long time to verify it. Cao Weide said that in the Chinese companies listed in Hong Kong, Taiwan and Southeast Asia, after the intergenerational transfer, the average share price of the company will fall by about 40% and then rise again. Of course, some companies have fallen directly. .
From a global perspective, the first- and second-generation family business executives have different views on wealth, and their views on inheritance are different. The first generation is more concerned with creating wealth. The second generation may pay more attention to sustainable development. After several generations of inheritance, it has become more stable and conservative. It is a common phenomenon in international family businesses. But in China, the whole society encourages innovation and entrepreneurship. The first and second generations of many family businesses are also innovating and starting a business. Cao Weide believes that their challenge lies in: first, to create wealth quickly, and second, to respond quickly to change. “This kind of environment has great opportunities for every family business in China, and the challenges and dangers are also very large.â€
The well-inherited family business, the parents know that they should be passed to the children or professional managers. As for how children manage professional managers, there is a way they can perceive: "If your child's ability is not enough to pass on the business, then the company may be finished in his hands, so there are many aspects involved in inheritance. Children need to cultivate interest from the age of 10, it is too late to be 30 years old, it is better to find a professional manager to manage the business, and then teach children how to do wealth management." Cao Weide concluded that those who successfully passed on many generations of families Enterprises, the older generation will not impose their wishes or consciousness on the second generation, but cultivate them with accurate enthusiasm and prospects.
"Every era has challenges and opportunities in every era. The most fear is not knowing what to do, not knowing what you want, training him to understand this era, and finally whether to start a business, buy a company, or inherit it. The company’s transformation will depend on the successor’s understanding of the future and challenges of the cause and his own interests.†Cao Weide told the First Financial Reporter.
If a company has basic resources, then the family will decide how to reorganize the family's resources and future development direction according to the interests and abilities of the successors. However, there are often conflicts in this process. The parents may have a child's entrepreneurial ability. doubt.
In this regard, Cao Weide believes that those who can inherit the family business must have the experience or ability to start a business. "We are inheriting a process of family business evolution. Enterprises are constantly changing, and change is the truth. This era has no business. After starting a business, we must continue to start businesses and start businesses. This in itself determines each The second generation must learn to start a business, and the older generation should also give children time and resources to learn to start a business."
He believes that there are many reasons for the success of family business. There is only one way to succeed. It is continuous evolution. It is impossible to continue. The succession of a successor and a family can only find a sustainable development of the family business. The way out. 
Chinese family-owned enterprises will welcome the highest proportion of daughters in the world
Abstract When it comes to the representatives of family businesses, many people will first think of an ancient family like Rothschild who has been in the dazzling aura for centuries and still possesses the wealth and strength of the rich enemy. The inheritance and governance of family business is a topic of timelessness, because family business...
When it comes to the representatives of family businesses, many people will first think of an ancient family like Rothschild who has been in the dazzling aura for centuries and still has the wealth and strength of the rich enemy. The inheritance and governance of family businesses is a long-standing topic, because the problems of family businesses are different, and the environment and challenges are constantly changing.