Monday 22 Jul 2024
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KUALA LUMPUR (May 27): Family businesses in Malaysia place relatively equal importance on incorporating family relationships, family entrepreneurship, and future generations in their commitment to maintaining an entrepreneurial legacy across generations, said KPMG in Malaysia.

According to the global survey conducted by KPMG Private Enterprise and the Step Project Global Consortium (SPGC), transgenerational entrepreneurship is scored by family businesses in Asia as the biggest factor influencing legacy building, said KPMG. 

It said that the survey received responses from 2,683 family business leaders from 80 countries, territories and regions, including 54 respondents from Malaysia. 

“Malaysia’s family businesses are already witnessing active multigenerational participation in management [38%] with a significant prevalence of transgenerational entrepreneurship [77%],” said the audit and advisory professional services provider in a statement on Monday.

KPMG private enterprise in Malaysia family business tax leader Tai Lai Kok added that there is a need to harmonise tradition with innovation to establish an enduring legacy.

“While the majority of Malaysian family businesses are rooted in tradition and values, it is not enough to sustain in the long run.

“Our study found that integrating change and innovation, fuelled by a culture of transgenerational entrepreneurship, can help drive family businesses towards building a successful legacy that withstands the test of time,” he said.

KPMG and SPGC’s report entitled “Unlocking legacy — The path to superior growth in family businesses” can be obtained from its website at https://www.kpmg.com.my/privateenterprise. 
 

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