SUSTAINING FAMILY BUSINESSES
THERE should be a good balance between family and work relations for family corporations to sustain their businesses over generations.
Pilar Tolentino, assistant director and family business consultant of the Ateneo Family Business Development Center (AFBDC), said this during a recent forum in Cebu.
“Family relations overlap with work relationship. This is the unique situation of families in business. This is the first realization we want them to understand, that you’re operating on these two areas of relationship,” she said.
Tolentino was one of the speakers during last month’s 9th National Convention of the Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP) at Marco Polo Plaza Cebu.
In several studies and surveys conducted by the AFBDC, Tolentino said the topmost challenge for family businesses was harmony among family members.
Most of the time, family members end up quarreling over their business which would eventually lead to them not continuing their business and thus failing to turn it over to next generations.
Other challenges they have identified include generation gap among family members, personality differences, favoritism, sibling rivalry, and marital problems among others.
“There should be a balance between family and business. It’s not one over the other. It’s both. We want to give importance to both,” she said.
The 9th OSHDP National Convention was attended by over a hundred housing developers from all over the country.
Among those present were Emma Imperial, chief executive officer of mass housing developer Imperial Homes Corp., and Senator Sherwin Gatchalian, son of business tycoon William Gatchalian.
For Imperial, she said that while it would be important for the next generation to continue their business, it would also be equally important to support them in their own passion.
This was the case for her two sons, one of whom have decided to pursue public service.
“My other son became a politician. I wanted him to be part of the business. But his heart is there. He’s in Legazpi. Whatever they love, I will support. He’s happier there. I let him be,” Imperial said.
“My other son is very involved in the company,” she added.