After the discussion, Angela Koh spoke about preparing the next generation of leaders and family governance.

Angela Koh is the Head of Wealth Planning and Family Office Advisory Services at UOB Private Bank.

In family businesses, succession often means choosing the next leader. What should families look for in the next generation?

Succession is not just about choosing an heir. It's about finding someone who can lead and take care of the family's wealth.

A good leader needs more than just technical skills. They need to make good decisions, be mature, and handle problems well.

Leadership and ownership are different roles. Some families separate these roles to create balance and let family members contribute in their own way.

Families should teach the next generation about taking care of the family's wealth and social responsibilities.

Not all family members will be the CEO. How can families keep everyone involved and happy?

Every family member has different strengths. Families should make sure everyone has a meaningful role.

The person with the best business skills might lead the main business. Others might start new ventures or help with philanthropy.

Letting family members start new ventures can be good. It's a way to test new ideas without risking the main business.

As families grow, it's more important to keep everyone involved. When people feel left out, conflicts can start.

Younger generations often have new ideas. How can families balance tradition with innovation?

Legacy businesses always face the challenge of balancing old and new.

Governance is key to achieving balance. Families should have clear rules and include independent voices.

Families should have a clear process for evaluating new ideas. This helps prevent disagreements and blame.

Sometimes, letting the next generation try new ventures is the best way for them to learn and grow.

What structures can help families preserve business continuity and family harmony?

Family unity is very important. Disagreements should not affect business decisions.

We recommend having two separate governance bodies: a family council and a company board.

The family council discusses family matters, and the company board makes business decisions.

Family discussions and disagreements should happen within the family council.

Separating family governance from business governance helps companies operate effectively and preserves family relationships.

Vietnam's family businesses are growing fast. Is Vietnam a strategic market for private banking?

As businesses grow, entrepreneurs realize the importance of diversifying their wealth.

Demand for private banking in Vietnam will become more sophisticated as the country develops.

Education is highly valued in Vietnam. This creates a strong foundation for economic growth.

UOB Private Bank helps clients structure their wealth, plan succession, and support their businesses.

UOB Private Bank has a geographically-anchored model to provide more tailored advice and solutions.

Helping family businesses grow is crucial for preserving the wealth they create.