Discussion keeps the world turning.
This is Round Table.
Hello, welcome to Roundtable where we serve up piping hot debates on the issues that sizzle in China and beyond.
I am Neo Honglin.
Handing over a family business to the next generation.
What could possibly go wrong?
Well, imagine succession, but with less corporate espionage and more awkward family dinners where your dad still insists on calling you kiddo while handing you a multi million dollar empire.
Today we're diving into the drama, the comedy and the occasional tragedy of second generation business leadership.
Buckle up.
It's going to be a wild ride.
For today's show, I'm joined by Ding Heng in the studio and Brendan Yeats on the line.
Now grab your virtual compass and follow us to the heart of the discussion.
In today's China, family businesses play a crucial role in the private economy.
These enterprises are not only vital to the private sector, but also significantly contribute to the overall economy, with estimates suggesting that private businesses make up about 60% of China's GDP.
With over 40 years of reform and opening up, many family businesses are at a crucial turning point.
The first generation entrepreneurs built business empires with with their exceptional talents in a distinctive period in time.
But can their second generation successors, often armed with international degrees but lacking the same entrepreneurial instincts, navigate the contemporary landscape and lead their companies to continued successions?
I think this is a very interesting topic and though multimillion dollar businesses sound so far away from our life, it actually affects our lives because we buy stuff from companies and the economy is affected by these companies.
So having a little bit discussion about the world of private sectors, especially the second generation entrepreneurs or the second generation leadership of these businesses, is quite interesting.
So I was wondering, do the second generation family members want to take over to start with?