Philippines conference addresses challenges and solutions for family businesses

A recent conference in the Philippines focused on challenges faced by family businesses. Over 300 owners attended, discussing the importance of long-term planning and the unique issues that arise from family dynamics, such as reluctance to share bad news. Experts suggest that family businesses benefit from external advisors who can provide honest assessments and identify areas for improvement. This approach can lead to significant growth by addressing hidden problems and ensuring accountability among management. Additionally, the article emphasizes that practical skills, rather than formal education, are crucial for family members stepping into leadership roles. Developing these skills can help ensure the success of family businesses across generations.