Asia Pacific Family Business Summit 2024 returns, highlights strategies to sustain, grow generational wealth

KUALA LUMPUR - The Asia Pacific Family Business Summit 2024 returned for its fourth edition, gathering industry leaders, family business owners and professionals to address the challenges of managing family wealth in today’s dynamic economy.

Organised by BinaPavo @ kCommerce (M) Sdn Bhd (BinaPavo), the event explored how family businesses could sustain, diversify and grow their wealth across generations while maintaining core values and legacies.

Participants delved into the management of financial, human, intellectual and social capital, gaining actionable insights and strategies to navigate the complexities of wealth preservation and succession planning.

BinaPavo Founder and President, Dr Mohar Yusof highlighted the uniqueness of family businesses and the importance of effectively managing their distinctive family elements.

"Family businesses differ from non-family businesses due to the unique family components or elements. If these are not managed in an orderly or appropriate manner, they can negatively impact the business.

"This conference brought together as many panellists as possible, creating a community and network where family business owners can collaborate," he said after the event at St Giles Gardens Hotel and Residences, Kuala Lumpur.

Mohar highlighted that attendees gained valuable insights from discussions on wealth preservation, succession planning and fostering stakeholder relationships.

He explained as custodians of family legacies, participants benefited from the panellists' expertise on navigating the complexities of wealth management and succession planning, ensuring the longevity and sustainability of their family businesses for future generations.

The event also highlighted the significant role family businesses play in the economy. Mohar shared that in Malaysia, 70 per cent of businesses are inherited, while countries like the Philippines and Indonesia see over 90 per cent of businesses being family-owned.

“This conference has proven to facilitate networking not only within Malaysia but also on an international scale. Today's panellists, who shared their knowledge and experiences, were mostly from the second generation and beyond, as they represent the 'sandwich generation.'

“They often have to consider the needs of future generations. Their responsibilities are greater, and this conference provided an opportunity to hear directly from them about the lessons they have learned from the first generation and how they envision the future," he added.

Prominent participants and panellists included Karangkraf Group Chairman Firdaus Hussamuddin and Sinar Karangkraf Chief Executive Officer (CEO) Farah Hussamuddin, who shared their experiences and strategies for managing family wealth.

The summit also discussed wealth management, focusing on human, intellectual, social and financial capital to sustain family businesses.

Key discussions included leadership development, innovation, stakeholder trust and effective risk management to ensure long-term success and resilience.

By facilitating knowledge exchange and showcasing best practices, the Asia Pacific Family Business Summit 2024 provided an invaluable platform for family businesses to navigate the evolving economic landscape while preparing for a sustainable future.