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Grooming a 3rd generation crown prince
Handing over a conglomerate to the next generation can be risky, as failure to prepare a capable successor has triggered the collapse of many a business empire
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anding over a conglomerate to the next generation can be risky, as failure to prepare a capable successor has triggered the collapse of many a business empire.
Property tycoon Trihatma Haliman is fully aware of the hazards that lurk should he fail to successfully pass the baton to his only son, Putra Haliman, 25.
The stakes are high, as the sustainability of the four-decade-old family dynasty under the Agung Podomoro flagship will be at risk.
'In the United States, of the 100 [old-time] billionaires, only 20 of them have survived until today. I think the generation gap may have played a role in their demise, where the older family members could not connect well with the younger ones,' said Trihatma.
'But that won't be the case with my son. Success can only be achieved if you accommodate ideas from the younger people and give them the opportunities to do some things their own way. In some cases, their ideas are even better than ours, but we often refuse to acknowledge that because of pride and ego,' he said.
Trihatma said that grooming young executives required a balanced approach that involved both provided room for them to develop while at the same time strictly supervising their decision-making.
'Young people tend to rush things. That's not good. Such situations will require people like me to intervene by bringing up the importance of prudent management.'
Trihatma said that although Putra had his own interests in the capital market, he was also on the learning curve for the property business.
Putra, a finance graduate from the University of Southern California in the United States who now has his own investment company, is actively advising the group in terms of bonds issues and financial management.
Trihatma understands well that financial prudence will top the group's priorities in the long run, as the property business requires a strong and long-term capital investment.
'We are very careful in the management of our finances. Good financial planning is definitely needed for a big business empire like us to be able to weather any future risks,' said Trihatma.
'That's where Putra's expertise is needed. The group has this good combination: My experience in the property and engineering sectors and my son's financial savvy.'
But despite his son's capability, Trihatma said would not rush Putra into taking over the management of the empire, as he would need time to build up experience and maturity.
'My father [Anton] did not entrust me to manage a subsidiary until I was 36. But I believe Putra will not have to wait that long,' said Trihatma.
After earning a degree in architecture from Trier University in Kaiserslautern, Germany, in 1973, Trihatma spent around 13 years working alongside his father.
He learned the basic lessons of the property business, from securing land to developing structures.
'My son has also been trying to learn the ropes of the property business ' not as intensively as I used to, but he'll catch up pretty fast,' he said.
Trihatma, who has two children, has put all his faith in Putra to succeed him in leading the conglomerate. His eldest child, Rosa Haliman, 28, has more interest in arts than in businesses.
'What I foresee in the family is that Putra will be the main earner, while his sister, just like her mother, will focus more on arts and charity,' he said.
'I am blessed to have such a wonderful combination, and also the good fortune to be on the same page with my children.'
'JP/Raras Cahyafitri
