How Singapore's family-owned SMEs can shoot for the moon

LOCAL small and medium-sized family-run companies with an ageing leadership and concerned about their legacy and the longevity of their business can turn to the moon for inspiration.

A PWC report in 2016 finds over a third of Singapore's family businesses are still led by the founder, and around half by the second generation.

Professionally planning for succession is still a relatively new idea here. While you'd expect that most of the family businesses here would already be putting in place their plans for the next generation of leaders and owners, a survey by American Express in 2016 indicates most SMEs here have not yet dedicated the time or resources to formalise succession planning.