When the Younger Generation Takes Over - Singaporean Chinese Family Businesses in Change

Abstract

In line with developments in Southeast Asia, Singapore's society and economy are undergoing rapid changes. This article focuses on how Singaporean Chinese family businesses cope with the challenges of change. I shall begin with an out-line of the common characteristics of Chinese family businesses, their evolution, development and change. Based on an intensive study of eight Chinese family businesses in Singapore, I illustrate the changes experienced, ranging from technological, personal, and organisational to managerial, including also changes in marketing strategies. A great number of external and internal factors of change exist, which partly overlap and influence each other. Nevertheless, there is consistency in my findings which show that different upbringings, educational backgrounds, and modes of socialization of the younger generation in the booming economy of modem Singapore are of major relevance for change when intergenerational transfer of ownership takes place.