In the era of Disruption, businesses of all kinds are facing unavoidable challenges. One particularly noteworthy type is the family business that has been passed down through generations. While family businesses have the advantage of a strong foundation laid by previous generations, the fast-paced changes in the business world not only compel them to adapt quickly but also threaten traditional corporate cultures, outdated management styles, and the passion of heirs for the businesses their ancestors built. This makes the task of leading a family business even more daunting.

To gain insights into the management of family businesses from the heirs' perspectives, let's listen to the thoughts of four exceptional executives who shared their views on leading family businesses at a seminar held at the SEAC Leadership and Executive Development Center. Although each company has different strategies for turning the business around, they all share a common principle: they do not abandon the core values established by previous generations.

DHA Siamwala: "Today's Business Must Move Forward with Innovation"

As a business that has thrived for 111 years and is now in its fourth generation, Donupol Siamwala, Chief Operating Officer (COO) of DHA Siamwala Co., Ltd., revealed the challenges they face in the digital age, which require a major overhaul to tackle various fronts, starting from products, employees, and the transition to the fifth generation.

"Starting with products, we are a brand of stationery and office supplies that is being significantly disrupted. Nowadays, fewer people carry notebooks and pens. The question is, where does my market stand? Therefore, what I do is infuse innovation into our products and operations, alongside adjusting the corporate culture so that every unit feels valued within the organization and can operate as a Profit Center rather than a Cost Center. For example, production departments or even logistics can go out and find customers themselves. Additionally, we encourage startups within the organization from family members and employees with business ideas because we believe that passion is the key to driving the organization forward," he stated.

Setia Stainless Steel: "Don't Run Away, Embrace Technology as Part of Us"

On the other hand, Ekachai Yangwanit, Vice Chairman and Managing Director of Setia Stainless Steel Public Company Limited, a second-generation executive who has propelled the "Zebra" brand of stainless steel kitchenware to revenues of 2 billion baht, shared the company's gradual adaptation. He emphasized that while the essence of doing business remains unchanged, methods must evolve as the world spins faster.

"We have embraced technology in various aspects of our operations. For instance, we introduced robots to replace human labor in production ten years ago, starting with tedious and hazardous tasks. In the future, we expect to incorporate AI more extensively. In our service sector, we transitioned from taking orders over the phone, which often led to mistakes, to allowing customers to use iPads to place orders, inputting data into the system to generate purchase orders immediately. This not only streamlines the workflow but also reduces errors," he explained.

Food Passion: "If We Are to Move Forward, We Must Do So Together as an Organization"

Chattaya Suphanpong, CEO of Food Passion Co., Ltd., a second-generation executive who has made Barbecue Plaza a beloved brand, highlighted the advantages of family businesses. He noted that all leaders possess an inherent entrepreneurial spirit, and the business model allows for quick decision-making. However, the challenges today come from all directions. The digital world has rapidly changed consumer lifestyles and demands. Competitors today are not just large corporations but also small players or cross-industry competitors that can move quickly and may go unnoticed.

"In the past, we focused on changing our marketing approach by forming new marketing teams and creating a fresh work atmosphere, while genuinely integrating innovation into our corporate culture. However, that alone is not enough. To lead the business toward sustainability, as an art-oriented executive, I always use storytelling to help everyone in the organization visualize a shared goal and move toward it together," he said.

Aurora: "Breaking Business Norms with a New Generation's Perspective"

Finally, Anuruth Srirungtham, Assistant Managing Director of Business Development at Aurora Design Co., Ltd., which operates the Aurora Gold Shop, shared his journey as a second-generation leader taking over a business often associated with traditional gold shops in Yaowarat. To create new opportunities, Aurora has chosen to revolutionize the gold shop industry by introducing a fresh perspective, such as using a vibrant orange-red color that symbolizes gold shops, rebranding in English without the need for the word Yaowarat, and innovating product development to change the perception of gold from an old-fashioned asset to a gift of happiness.

"My challenge upon taking over was to maintain the brand that my father built while ensuring it remains a quality gold shop brand that can thrive in the future. My management style may evolve with the times, but the essence of our business remains. We started by transforming the organizational environment, bringing in dynamic young employees, and continuously developing new products to create business opportunities," Anuruth concluded.

After hearing their insights, how about you? How have you designed the path for continuing your family business?