Listen. Debate. Create. How to involve the Next Generation to safeguard the family legacy.
Individuals who are about to take over the family business often feel that their family should have more open conversations about wealth and topics related to their business. Pulling together as a family can generate energies to successfully tackle make-or-break situations, as the new report "Creating a world with the Next Generation" shows.
Parphan Siriviriyakul is CEO of the largest listed sugar producer in Thailand. After the Asian financial crisis hit in 1997, his business found itself in difficulties due to an amassed substantial level of debt. It was then when his daughter Siraarpa helped in getting the company back on track.
Facing disagreements openly.
Father and daughter managed to overcome their differences in order to safeguard the future of their business and their family's legacy. Achieving this had its challenges as both of them admit. "One of my ideas was to launch our company in Thailand's stock exchange. I was convinced this would professionalize our business and create a solid framework for its long-term success. When my father opposed the idea, I was upset by the conflict between us but did not give up." says Siraarpa Siriviriyakul.
Verbalizing the vision for the future.
"Siraarpa had innovative ideas. When she talked to me about her plans, I started to understand that we shared the same vision for the future. I also recognized that she was very knowledgeable about what she wanted to do and that it was in our interests as a family to follow her plan." says Parphan Siriviriyakul, whose parents founded Kaset Thai International Sugar in 1957.
Benefitting from the Next Generation's experiences in a globalized world.
Recognizing that members of the older generation can benefit from their children's experience is a piece of advice Parphan would give to other business owners: "Many in my generation think success is about working around the clock – but we have to accept that the world has changed with the arrival of new technology and innovation. I think we should give the Next Generation the space to work in a way that suits them and allows them to inject their knowledge into the business."
Read the full interview of Parphan and Siraarpa by downloading the reportCreating a world with the Next Generation This link target opens in a new window
Read more about the interesting insights into what drives the Next Generation
About the report:
In "Creating a world for the Next Generation", Credit Suisse and the Young Investors Organization (YIO) provide a look at the expectations, needs and ambitions of the inheriting generation. This includes individuals who are destined to take over the reins of a business started by their parents, grandparents, or earlier family members, or who are likely to inherit at least part of the wealth accumulated by previous generations.
Credit Suisse's Global Next Generation Initiative
Credit Suisse focuses on building relationships not only with the current generation that manages and builds wealth, but also with their children from the younger generation. That's why the bank launched its Global Next Generation Initiative in 2005. Providing financial education and peer-to-peer networking opportunities are at the heart of several programs designed by Credit Suisse.
Young Investors Organization (YIO)
Established in 2007, Credit Suisse is the main sponsor of the YIO. The organization comprises a global community of future leaders from influential families, who are committed to leaving their mark and making a difference in the world. During regular regional, local and global reunions, members collectively drive social impact, create and manage their businesses, as well as enter into joint investments with each other.