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Staying the course across generations

The head of Ayala Corporation, Jaime Augusto Zobel de Ayala, shares his secret for keeping one of Asia's most respected family businesses moving forward.

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THE FAMILY BUSINESS ADVANTAGE: "Executives of family businesses often invest with a 10- or 20-year horizon, concentrating on what they can do now to benefit the next generation. They also tend to manage their downside more than their upside, in contrast with most CEOs, who try to make their mark through outperformance." - Jaime Augusto Zobel de Ayala. Chairman and Chief Executive Officer of Ayala Corporation

WHEN it comes to the challenge of sustaining a family business for future generations, one could learn from the experience of the Ayala clan of the Philippines.

With a business empire that spans telecommunications, real estate, banking and infrastructure, the 180-year old Ayala