The Dragon Network by A. B. Susanto & Patricia Susanto

Author:A. B. Susanto & Patricia Susanto
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-11-25T16:00:00+00:00

Preparing the Next Generation of Leaders in Overseas Chinese Family Businesses

Overcoming resistance to succession alone does not guarantee the company’s long-term growth and stability. To be able to successfully lead the business, younger generations need help from their parents.

Developing Leadership Qualities

Smooth transition of power will be meaningless if it merely produces weak leadership in the hands of the younger generation. This is one of the issues facing many Chinese family businesses. The successors are not thought of as having quality leadership compared to their predecessors. They lack vision, do not have the enthusiasm to lead the business, do not have the courage to take risks, are not good at identifying opportunities, are not able to accept responsibility, and so forth. However, senior generations might also be responsible for the weak leadership. Weak leadership occurs because the senior generations fail to develop the leadership qualities of the younger ones.

Many OCFBs have a long-term vision. This creates advantages. They have the flexibility to arrange their schedule without having to be afraid of stock market pressure. As a result, they can concentrate on activities whose impact will only be seen in the long term, such as satisfying and retaining customers, developing their human resources, and promoting innovation. This long-term vision can also be capitalized on to prepare the next generation.

The best way to start developing quality leadership is to create bonds based on mutual trust and respect. A good example would be the Toula Corporation. Toula Corporation is an apparel enterprise with design teams on three continents, with their headquarters and a distribution center in Dallas, Texas, and production facilities in mainland China. The company was established in 1986 by Eddie Wang and his wife, Ming Wang. Both are Taiwanese natives. In 2003, the couple’s older son, Steven, joined the company and helped to significantly spur its growth. Three years later, his brother Eric also joined Toula and now manages real estate and oversees a retail operation. In one interview, Eddie said that he has a good relationship with his children; since his sons were little they have been very close. Steven added that there had to be a lot of trust in things and that he has a lot of respect for his parents because of what they have done for the company.

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