As patriarchs of Asia's big family businesses age, experts foresee a wave of turbulence at their firms
become the “Las Vegas of the Far East”, predicted Sheldon Adelson, an American casino magnate. In 2019 the Chinese territory’s $30bn in annual casino revenue was five times Vegas’s. Despite a slump in turnover this year as covid-19 emptied parlours, Macau’s rise looks poised to resume. It owes much to Stanley Ho, the charming scion of an illustrious Hong Kong clan.
Many Asian firms face similarly complex successions. Family concerns make up over half of all big businesses in Asia. Other recently departed patriarchs include Eka Tjipta Widjaja of Indonesia’s Sinar Mas Group, Henry Sy ofGroup in the Philippines and Shin Kyuk-ho of South Korea’s Lotte Group. Many other businesses have ageing leaders. Experts foresee a wave of turbulence.
Many patriarchs fear that anointing an heir apparent would weaken their grip on power or bring bad luck. Because Asian business dynasties tend to be quite new, many lack the institutional structures of European or American ones. A deeper problem is their relationship-based management model. Bosses cultivate a personal rapport with politicians and financiers, which does not easily transfer from one generation to the next. Joseph Fan of the Chinese University of Hong Kong finds that family firms in Hong Kong, Singapore and Taiwan lose some 60% of their value during generational transitions.
Some of Asia’s geriatric bosses are keen to avoid this fate. Before retiring two years ago, Li Ka-shing, the 91-year-old doyen of corporate Hong Kong, simplified his web of businesses. He gave one of his sons clear control ofThis article appeared in the Business section of the print edition under the headline "Godfathers depart, too"
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