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A NEW report commissioned by Labuan International Business and Financial Centre (Labuan IBFC) shows that family businesses in Singapore are the least prepared in South-east Asia for what will happen after the current business leader retires or steps down.
The research report entitled Building Legacies: Family Business Succession in Southeast Asia, by The Economist Intelligence Unit (EIU), finds only 58 per cent of Singapore business families have prepared for succession while just 35 per cent have established formal wealth management structures such as private foundations and 41 per cent have trusts to manage inter-generational wealth transfer.
In contrast, Indonesian family-run businesses reported the largest share of companies with formal succession plans. The survey found that 78 per cent of family businesses in Indonesia have formal succession plans, with 57 per cent saying they have established private foundations and 53 per cent saying they have trusts to manage wealth and succession.
Two hundred and fifty companies in five countries - Indonesia, Thailand, Malaysia, the Philippines and Singapore - were surveyed for the report.