Dear Brothers and Sisters,
Can Singapore’s family-owned property empires truly stand the test of time? A recent Business Times article raises a critical question that every legacy-minded business owner should consider: Will your empire thrive beyond three generations?
The Tradition and Its Challenge
Traditionally, many family businesses believe in passing their assets and leadership roles directly to their children. While this approach is rooted in love and trust, it begs an important question, are our children always the most competent leaders to take the helm? History teaches us that competence, not just lineage, is key to continued success.
Biblical Wisdom for Modern Leadership
Exodus 18:21 offers timeless advice: “Select capable men from all the people—men who fear God, trustworthy men who hate dishonest gain—and appoint them as officials.”
The scripture puts God-fearing character first, followed by capability. In today’s terms, this means choosing leaders based on merit and integrity, even if that person isn’t a family member.
Lessons from Enduring Enterprises
Look at many American and European companies that have lasted over a century. Most are no longer run by descendants of their founders. Instead, these businesses have thrived by appointing the best-qualified individuals to lead while allowing family members to retain ownership as shareholders.
A New Model for Singapore’s Property Dynasties
- Competence over Kinship: Prioritize ability and vision when selecting successors.
- Shareholding vs. Leadership: Your child can continue as a shareholder without holding an executive role.
- Seek Divine Guidance: Pray for wisdom in decision-making and openness to outside talent.
- Future-Proof Your Legacy: Consider how professional management can help your business endure for generations.
It takes courage to break tradition, but true stewardship means doing what’s best for your legacy. Let us seek divine direction and embrace proven strategies so our empires may flourish far beyond our lifetimes.
Ready to take the next step toward lasting success? Reflect on your succession plan or reach out for guidance tailored to your unique situation.
With conviction for lasting legacies,
David Poh
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