Family businesses only grow or die, they don’t stand still

PETALING JAYA: Family businesses are the cornerstone of many countries in Asia. Either started from migrant workers or the indigenous population of countries, many of such businesses have grown and flourished over the past century and into the current millennium.

But the concept of doing what has worked before may be coming to the end of its usefulness. For Dr Hischam El-Agamy, an executive director of the Switzerland-based business school International Institute for Management Development (IMD), he feels it's time Asian family businesses cuddle the new norm of the global business world or risk fading away.