How To Build A Family Business That Lasts
Diversity and continuity are two crucial issues that any sizable business must address—and revisit—as the macro environment constantly changes. These are especially important for the senior management; the former enhances the executive team’s creativity, enables a broader range of perspectives, and reduces the likelihood of blind spots, while the latter minimises any risks of disruptions to business strategy and operations.
The two issues can sometimes overlap. For Singapore-based Electro-Acoustics Systems (EAS), this occurred in 2017 when Lam Tze Tze returned from overseas to join the business, which was co-founded by her father Lam Tong Loy in 1982.
Having spent the better part of a decade in Hong Kong accruing management experience in the telecommunications and biotechnology industries, she was well-poised to offer fresh perspectives for EAS, a pioneer of integrated multimedia solutions in the region. At the same time, Lam Tze Tze’s addition to the management team meant that EAS was now a bona fide family business, as both her parents remain involved in its operations.
In this instalment of the Opus Legacy Roundtable Series, jointly presented by Tatler Singapore and Opus by Prudential, Lam Tze Tze reflects on her return to join the business her father had established. She speaks to the host, Melissa Hyak, on various topics including her parents’ expectations, how her approach differs from her father’s, and the philosophies and values that she’s inherited from her father through the process of taking over the business.
The process of building business continuity is a long and involved one that entails various elements, from refining processes to passing on the core values that define the company. These are challenges also commonly faced by individuals who are addressing their personal wealth management and legacy planning needs. For the latter, Opus by Prudential is on hand to lend its expertise with professional advisory services and bespoke solutions, whichever stage of life one is at.
The Opus Legacy Roundtable Series is a partnership between Opus by Prudential and Tatler Singapore, and it features iconic business leaders who have created their own family legacies. Each conversation delves into the lives of these successful figures while exploring the various aspects of a legacy. Watch the rest of the roundtable series.
- Content Direction Jamie Tan
- Producer Pakkee Tan
- Photography Nicola Ng
- Camera Crew Jufri Husne, Daryl Eng Jun, Haakon Teo and Joey Chia
- Styling Lauren Alexa
- Grooming Benjamin Wong