Although certain business challenges are universal to family offices across the globe, the way in which Asian family businesses experience, prioritise, and tackle them is unique. Despite an increasingly globalised business landscape, there is still a distinct set of socio-cultural and economic factors at play.
The accelerating pace of change, succession, the demand for innovation and increased social and environmental awareness are emerging challenges being discussed in board rooms across the world. But when it comes to assessing the potential impacts and prioritising actions, Asian family offices need to consider influences and circumstances unique to their business environment and culture.
We deep dive into four key global family office challenges and how they are experienced within the Asian context, reflecting upon the unique set of underlying influences that shape the Asian response. And what the West and East might learn from each other.
Surviving And Thriving In The Face Of Accelerating Change
Unlike some European businesses which are moving into their fifth or sixth generation, Asian businesses are generally at a younger stage of their business life-cycle. This is mostly due to the fact that Asia’s business boom took place more recently in the 1980s. Asian family businesses tend to have a greater appetite for risk as a result and are considered more dynamic, flexible, and faster in their decision-making.