S2E19: How to prepare to inherit a family business

The Straits Times Podcasts

Gaining exposure, cultural conflictions and intergenerational discussions are all part of the road to inheriting a family business.

Synopsis: Every first and third Monday of the month, get a headstart in your personal finance and career with The Straits Times.

Family businesses have been in the spotlight, after the CDL saga that saw father and son in a tussle for control over one of Singapore’s largest companies.

But whether it is about inheriting family businesses or family wealth, the process is not a straightforward one.

Banks and financial organisations prepare young people to take over family wealth, through programmes and even boot camps.

So how does wealth planning work, and how do youths take over their family businesses?

In this episode, ST business correspondent Sue-Ann Tan looks at what wealthy kids do to prepare to inherit wealth and companies.

Her guests are Darren Hui, who will one day lead his family’s property management business, and former national athlete Kendrick Lee who co-founded Raffles Family Office.

Highlights (click/tap above):

5:35 What is family legacy planning and governance?

7:30 The challenges the next generation faces

9:00 Generational differences between father and son

10:49 What difficulties has the family office seen in dealing with multiple generations?

18:02 When did you first realise you were going to inherit the business?

21:00 Will Kendrick let his children take over the business?

22:36 Going from national athlete to family office

Read Sue-Ann Tan's articles: https://str.sg/mvSa

Follow Sue-Ann Tan on LinkedIn: https://str.sg/A86X

Host: Sue-Ann Tan ([email protected])

Produced & edited by: Amirul Karim

Executive producers: Ernest Luis, Lynda Hong & Joanna Seow

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Feedback to: [email protected]

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Chapters

1. How to prepare to inherit a family business (00:00:00)

2. What is family legacy planning and governance? (00:05:35)

3. The challenges the next generation faces (00:07:30)

4. Generational differences (00:09:00)

5. Family office struggles with generations (00:10:49)

6. Realising when you're inheriting the business (00:18:02)

7. Will Kendrick pass his business to his kids? (00:21:00)

8. Going from national athlete to family office (00:22:36)