Characteristics of the Asian Family Firm Composition

п»їSika Nsiah-Poku

INTB 1203

Case 5: Family Business Succession in Asia (Richard Ivey School of Business) Characteristics of a typical Asian Family members firm.

The Wang Group exhibits many characteristics of a typical Asian relatives firm. Their particular kinship relationship, succession program, business continuity and members of the family hire are generally similar. The Wang Group is first and foremost a family-owned organization group, that can be active to get four generations who carried the business tradition to the next technology. Therefore , the management of the Wang Group is classy by the family members dominance. The internal network of the firm involves family members who work in the very best positions from the company. This is certainly exhibited by the positioning of Wang loved ones in the firm. This begins with Alfred Wang who also established the firm and in 1995, Charles Wang prevailed his dad as leader of the firm; his siblings are also mixed up in firm. Charles Wang's children as well happen to be about to become a member of the friends and family business (Biography p. 68). Similar to various Asian family, the Wang Group wished to preserve their legacy and be sure that their particular business survives indefinitely. There is also their own principles that have been designed by their cultural background and encounters as a relatives, which has been connected with their company, much like other Cookware family groups. An illustration is the Wang Group's belief in continuous change, staying away from credit too much, following motto " greed may be the source of failures” and looking at business strategies as momentary plans. The Wang Group's business techniques also relate to the typical Asian family firm such that they work collectively putting the family hobbies first. The Wang family is as much as a " business family” as other China organizations. Due to family commitments, the company can not be sold and must remain in the along with the members must job to add to the success of their ancestors and forefathers (" Inside Chinese Business. " ). This is showed by...



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