BANGKOK, August 11, 2023 – Over 250 participants attended a seminar entitled “The 1st SET International Conference on Family Business: Family Business in the Changing World” organized by The Stock Exchange of Thailand (SET) during August 3-4, 2023. Both local and international experts shared viewpoints on driving successful businesses and paying attention to all dimensions in order to adapt to changes is a must. The results of the event survey among participants indicated that business structure and allocation of benefits for members in family business are the core issues and tackling them are the top priorities.
SET President Pakorn Peetathawatchai said that SET, together with partners, has recently organized the first exclusive international conference on family business entitled ‘The 1st SET International Conference on Family Business: Family Business in the Changing World’ to showcase the importance of family business to all sectors, jointly support mechanism and create a favorable environment to strengthen Thai family businesses to become the main engine of the economy. The conference was attended by over 250 participants from many sectors that play a role in entrepreneurship development.
“This conference aims to be a starting point of cooperation to promote the potential of Thai family businesses. SET expects to see the synergy of relevant sectors in driving the ecosystem for further development of family businesses due to the fact that Thailand has many healthy family businesses with potential growth. Statistically, family-run firms account for 57 percent of the total number of listed firms on SET. In the past seven years, 70 percent of the newly listed firms are the firms that have grown from family-owned businesses. SET is ready to enhance Thai entrepreneurs in terms of knowledge, expertise, and various tools and services specifically developed to meet business needs and expand business opportunities to access funding sources in the capital market,” added Pakorn.
The leading world-class experts and consultants in family business were invited to share their interesting perspectives and know-how to enhance potential of Thai family businesses. Professor Dr. John A. Davis, founder and chairman of Cambridge Family Enterprise Group and director of the Family Enterprise at the MIT Sloan School of Management, the U.S., pinpointed three elements that support family enterprises to pass on their success from generation to generation. They are 1) specifying direction of business growth (Growth), 2) the personnel both family members and professional executives (Talent), and 3) the Unity. In addition, Professor Morten Bennedsen, an expert who is a consultant and visiting professor at the leading educational institutions, also shared various case studies of enterprises that focus on long-term planning, leading towards business strategy that understands the uniqueness of family business, as well as adaptability capabilities amid changes.
On top of these, the conference sessions also feature top executives and Thai business owners in exchanging experiences which are great benefits to Thai entrepreneurs on key issues, such as
– Changes happen all the time in business operations. It is significant that organization must build a strong core or foundation, have ethics, while maintaining quality and good business standards. Having alliances can create synergy and growth simultaneously. The success of an organization comes from people. The culture of growth for personnel in the organization should not take shortcuts but they must prove their skills and the new generation should be brought to work with ancestors and learn from each other.
– Allowing the younger generations (successors) to experience new things and work as a team, in order to learn the thinking process and decision-making. They should be given the opportunity to prove themselves.
– Family wealth should be kept separate from the business entity in compliance with good governance principles. Those who take responsible of managing the family assets must be trustworthy, which is the most important quality, and must have excellent communication skills since they have to work with family members of many generations. Setting up a family holding company is advisable at the time when the family starts having more assets with complications. A family charter should be prepared to establish the family business norms and it will be the core principle when passing on the family and business philosophy.
– The changing world can affect businesses. Whether it is about international standards and culture issues. Conducting marketing or PR campaigns may affect human rights issues. The organization’s policymakers need to insightfully analyze this whether it is a risk or an opportunity. Significantly, the environmental, social, and governance (ESG) aspects that consumers around the world pay attention to the way the company and the products have embraced this global trend. If the family business does not adjust to keep up with the changing world, it will become a risk in doing business. If managed and adjusted well, it will be an opportunity for further growth.
Entrepreneurs and interested parties can find more details of the contents about Family Business, covering e-Learning, articles, and infographics via www.live-platforms.com.