Q1. What stage of the family business Lifecycle is your family business in?
A: My Family business - Changi Lighting was found in 1991. It is currently in the second generation of the family business. There are approximately 12 family members managing this business but the decision making process is taken care by the managing director of the firm who is also the founder of the company.
Q2. In what way does this stage reflect a ‘problematique’ and challenging stage?
A: Since there are a lot of family members present in the business and most of them are inter related thus while making decisions there are hesitations among the members at times. In the end this affects the business which is problematique.
Q3. How does this stage of your family business’ lifecycle contribute, affect or erode the business and ownership dimensions of your business?
A: At this stage there are tensions among the first generation members, after the recent addition of the second generation to the family business there is disparity in ideas among both the generations. This is a bad phase which erodes the business.
Q4. What transition do you envisage for your family business’s lifecycle stage in the coming 10 years?
A: I feel in the upcoming ten years when all the possible members of the second generation join the family business there should be great teamwork and understanding amongst all of us which would boost the horizontal and vertical growth of the company. Structure of the company should be as such that everyone should have pre described roles to avoid any family discrepancies.
