Empowering Family Enterprises Through Generational Insights and Global Collaboration

07 Jan 2025

5 Min Read

The Taylor's Team (Editor)

IN THIS ARTICLE

Designed to empower business families through exclusive experiences that foster inter-generational learning, the International Family Enterprise Centre’s (IFEC) Bergamo Study Tour brought together 17 leaders and next-generation members from family businesses across Malaysia, Indonesia, and Australia. Hosted in the historic city of Bergamo, Italy, the study tour offered immersive learning, cross-cultural networking, and family collaboration, providing a transformative experience for participants.

Held across one week, the programme balanced academic insights with real-world family business case studies. It featured expert-led discussions on critical topics such as socio-emotional wealth, governance, and leveraging tradition as a competitive advantage. Visits to local businesses like Kilometro Rosso Innovation District and Fra.Mar allowed participants to learn practical strategies for balancing tradition and innovation.

Bridging Generations Through Shared Insights

The study tour offered families an invaluable opportunity to bridge generational gaps, reinforcing their bonds while aligning business visions. Members of the Chen family, each carving their own path while maintaining a shared family business background, reflected on how the experience reshaped their perspectives.

"This tour will deepen family bonds by helping us define our company's purpose and understand the 'why,' 'what,' and 'how' moving forward. While conflicts are inevitable, what matters most is our willingness to listen, understand, and discuss for the greater good of our businesses," said Kenneth Chen.

Vickey Chen added, "Visiting Kilometro Rosso, an innovation hub that seamlessly integrates cutting-edge technologies with forward-thinking business models, proved to be a transformative experience. Highlighting the powerful interplay between history and innovation, this visit offered a unique opportunity to reflect on our personal and professional purpose. It wasn't merely about business, it was about strengthening family bonds, honouring legacy, and upholding core values.”

_{Participants engaged in an interactive learning session about family business dynamics and strategic governance.}

Meanwhile Vincent Chen, who operates independently from the family business, shared, "The concept of socio-emotional wealth was a poignant lesson. I now understand better the emotional investment my father has in the business, which helps me balance my own perspective with the need for sustainability in companies."

The tour also emphasised the importance of succession planning for long-term success and sustainability. It provided a platform for family members to discuss the future of their businesses, ensuring smooth leadership transitions and the preservation of family values and culture.

Rian Putra Widya Krisnadi, a participant from Indonesia, highlighted how the tour offered valuable insights into how family businesses worldwide tackle similar challenges. “The visit to Fra.Mar deeply resonated with me, demonstrating how tradition and innovation can coexist. It also highlighted the importance of clearly defining roles within the family and staying true to core values like integrity while navigating generational differences."

A Lasting Impact on Family Enterprises

Professor Dr Eddy Chong Siong Choy, Executive Dean of the Faculty of Business & Law at Taylor’s University, emphasised the importance of such experiential learning opportunities. "The IFEC Bergamo Study Tour is a prime example of how blending academic insights with real-world case studies creates meaningful learning experiences. What truly stood out was the way the programme fostered deeper connections between family members, allowing them to align their values, strengthen generational ties, and engage in forward-thinking conversations about the future of their businesses."

This sentiment was echoed by Shan Loy, Manager, Family Business & Partnerships at the International Family Enterprise Centre, who described the tour as an invaluable opportunity to expand her understanding of managing family businesses from a global perspective.

_{Participants actively collaborating during a hands-on workshop at Kilometro Rosso Innovation District, a highlight of the study tour, focused on fostering innovative thinking and inter-generational family business development.}

The tour exemplifies the Centre’s mission to empower family enterprises through experiential learning and cross-cultural collaboration, enriching participants with new perspectives on leadership, collaboration, and multi-generational success. It has also equipped them with the tools to navigate modern challenges while preserving their legacy for future generations.

The Bergamo Study Tour is part of IFEC’s broader initiatives, serving as a global platform business families to engage in peer-learning, networking and sustainable growth.

The International Family Enterprise Centre (IFEC) is Malaysia's first centre of excellence dedicated to helping you preserve your family’s generational legacy and advance your knowledge of family business management. At IFEC, you’ll find a platform for peer learning, networking, and growth. We support you through advocacy, education, and research, empowering your journey as part of a generational business family.

LEARN MORE ABOUT IFEC

BACK TO NEWS & ARTICLES

{{ firstlevel.title }}

{{ firstlevel.title ? firstlevel.title : vm.computedTitle(firstlevel.path) }}

{{ secondlevel.title }}

{{ secondlevel.title }}

{{ secondlevel.title }}

{{ secondlevel.title }}

{{ thirdLevel.title }}