Over 50 per cent of businesses in Hong Kong are family-controlled. But, unlike their counterparts in mainland China, only a handful of Hong Kong’s family businesses remain managed and operated by their original founders. Many have handed power and control to second and third generations, or even to third-party professional managers.

There are a few myths that surround the supposed best fit and competencies for these family-owned businesses. It was long presumed that to thrive in the culture of a family-owned business, employees must possess a quick-win mindset, be heavily task-oriented with a high emotional quotient (EQ) and degree of humility, or simply just be a “yes man”. People believed that getting into the family’s good books – or in colloquial Cantonese, getting yourself into the appropriate stable – is important.

In two decades consulting with family-owned businesses, I have witnessed many instances that prove the above are mere fallacies and misconceptions. In fact, the most sought-after talents are those who subscribe to the founder-owner’s long-term vision and values. Having a myopic or opportunistic mindset is a drawback, as there is always a bigger, hidden picture to be taken care of, considering the family’s guiding values and legacy.

On top of technical or functional expertise, senior managers building talent pipelines or high-performing teams in a family-owned business should keep a lookout for four things: creativity, upward potential, proactiveness, and the ability to drive diverse, complicated processes. Those with high EQ who are also confident, empathetic and can tactfully deal with tension and complicated people dynamics will have the upper hand. Being able to present constructive views on conflicting issues will also be an advantage.

Most importantly, employees must not take sides and get embroiled in family disputes. If they do, they have signed their death warrants and might as well start planning their exit, regardless of what organisational level they are at.

This article appeared in the Classified Post print edition as Joining the family.

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Tag: family-run company

Running a family-run company is a challenge but with the right approach it can bring its own rewards