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Beyond privilege: Embracing the family business legacy
Successors of family businesses share their views on the importance of following one’s passion and gaining outside work experience.
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Illustration photo of an office meeting. (Shutterstock/pgraphis)
F
amily and business don’t always mix well. Successors inheriting or working for a family-owned enterprise need a clear view of the firm's value and must solve challenges regarding their own role. Trust is a crucial currency in that context.
Nearly three quarters of Asia-Pacific family company leaders believe they have established trust among family members, according to the PwC Global Family Business Survey 2023. This implies that they are more inclined to work effectively together to achieve a common goal.
Thus, it should not come as a surprise that many family company owners prefer to have their heirs succeed them to ensure continuity. However, a Deloitte poll in 2019 revealed that only 13 percent of family businesses continue into the third generation.
The Jakarta Post has spoken to owners and heirs in Indonesia to learn about their challenges with family business.
More than just a privilege
Heading the non-energy division of Medco Group, Roni Pramaditia is one of a handful of managing directors at the prominent Indonesian company founded in 1980 by the late politician and Gorontalo native Arifin Panigoro, who happens to be Roni's grandfather.
