Colombo. Thursday 20 July 2017. Global strategy consulting firm STAX in collaboration with the Sri Lanka Institute of Directors (SLID), presents ‘Taking Over the Mantle’, an event to unveil the results from the first-ever survey of Sri Lankan family firms and a vibrant panel discussion with some of Sri Lanka’s finest family business leaders across generations.
Moderated by Director of STAX Dr. Kumudu Gunasekera, the session will have Chairman Laugfs Holdings W.K.H. Wegapitiya, Managing Director Jetwing Travels Shiromal Cooray and Director/CEO of SAIG and Orion Jeevan Gnanam as panelists. Keynote speaker Ruwindhu Peries, Managing Director of STAX will speak on ‘Insights from the 2017 Family Business Survey Findings.
‘Taking Over the Mantle’ will take place from 5-7pm on Wednesday 02 August 2017 at the Oak Room, Cinnamon Grand. It is aimed at those second- and third generation leaders who are at the helm of family businesses and who want to ensure an impactful transition in ownership and management. The conversation will evolve around planning and management for business continuity while eliciting best practice from family business leaders. To register please contact Nicholas on 011-2301646 or Marina on 011-2301648.
According to the Family Firm Institute, family businesses account for two thirds of all firms around the world and create an estimated 70%–90% of global GDP annually. While family entrepreneurship is pervasive, these organisations wrestle with very specific challenges.
In 2016, PricewaterhouseCoopers reported that 43% of global family businesses did not have a succession plan in place, with only 12% making it to a third generation. In Stax’s 2017 survey of Sri Lankan family firms, 32% similarly revealed that they do not have a succession plan. Moreover, 1 out of 2 firms in the second generation (Sibling Partnerships) reported that they do not currently have a long-term strategy.
These findings reveal some of the ambiguities and challenges experienced by Sri Lankan family businesses today. Even so, these organisations and the leaders at the helm are looking to make their mark on social and corporate life. As Dr. Kumudu Gunasekera, a Director at Stax, pointed out, “Sri Lankan family businesses are in a transitional mode, so a new generation is looking at new ideas and they want to make an imprint.”
STAX, Sri Lanka’s largest strategy consulting firm, has its headquarters in Boston, and branch offices across Chicago, New York, Colombo and Singapore. With a rich heritage of providing strategic advisory to 15 of the top 20 global investors and 25+ Fortune 500 companies for over 20 years, Stax prides itself on delivering actionable insights through fact based research to help companies grow. For more information, visit www.stax.com.