Finding True North
To enable a successful transition, a family business must find its own ‘true north’ to guide it, says Maximilian MA, Chairman of Lee Heng Diamond Group.
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When it comes to the evolution of family offices in Asia, we are now at a critical juncture where family businesses must decide on a way forward. According to Maximilian Ma, Chairman of Lee Heng Diamond Group, and founder and Chairman of MaBelle Jewelry, navigating these difficult seas start with defining your family values.
“To define a set of family values, you need a kind of compass,” Ma says. “You need to define ‘true north’, and you need to have a magnetic needle which points you in the right direction. That way you’ll always get where you need to go, because you have ‘true north’ and your compass to guide you. I think this idea plays a very important part in the transition,” he says.
Ma believes that once a value that can act as ‘true north’ is found, future generations will be able to use it to carry on the family legacy while moving forward in their own way. But how does a family find its ‘true north’? Ma says that it’s up to everyone to find their own version of it.
The topic is relevant for governments, universities, individuals and businesses alike. Many entrepreneurs who started their businesses in the 1950s or 1960s are now reflecting on their success and looking at ways of transforming the business for the next generation.
“In Asia, I think more than 98 per cent of businesses are family owned, although perhaps not in terms of market value. I think a lot of owners are anxiously thinking about what’s going to happen to the business that they created, or their father created. They want to know how it is going to move forward,” he says.