Seminar slated to help sustain family-run biz

CEBU, Philippines - While Cebu’s business community is mostly comprised by family-run companies, sustaining the business has now become a pressing concern in the industry.

Many family-owned businesses in Cebu have failed to survive after their founding patriarchs pass away due to conflicts among family members or the younger generation is no longer interested to pursue the company.

Because of this, the Ateneo Family Business Development Center in partnership with Pages Holdings Inc., will be holding a whole-day seminar entitled "How to Sustain Your Family Business" through governance, family council, and constitution.

In an interview with Pages Holdings Inc., chairman Bunny Pages, he cited a global statistics that revealed that only three out of 100 family businesses are likely to sustain and thrive among the second to third generation.

Locally, Pages said there are concrete examples of then successful family businesses that failed to survive after the founder or the family's patriarch or matriarch is no longer alive.

So far, the most successful family business in Cebu that sustained and grew from generations is the Aboitiz Group, others however, have declared bankruptcy or suffering family conflicts and legal issues.

The forum will be on November 7 at Casino Español de Cebu.

Pages said the forum will include topics on governance, family council and constitution that family businesses should learn to be able to ensure a bright future for the business.

"We target to gather at least 200 participants to this event, hopefully family members, owners, founders, entrepreneurs, students and professionals working in the family business," said Pages.

There are two speakers during the forum including Ricardo Hizon Mercado, the director of the Ateneo Family Business Development Center of the John Gokongwei School of Management of the Ateneo de Manila University and relationship specialist Pilar Unidad-Tolentino who is the cluster head of the Business Family Relationship Department at the Ateneo Family Business Development Center.

"This same forum was held in Manila in May this year for P11,900 fee but in Cebu we want it to be a way to help family businesses for only P3,400," Pages said.

While the interest of the businesses today to prepare the next generation to sustain the family-owned businesses and grow bigger is stronger, professional help from experts is needed.

"Most of the businesses in the country are family business which is the backbone of our economy," said Pages.

Pages Holdings is now employing the Ateneo Family Business Development Center's expertise to help sustain its family-run business through generations. — (FREEMAN)