PETALING JAYA, June 11 — A global survey by KPMG Private Enterprise and the STEP Project Global Consortium (SPGC) reveals that transgenerational entrepreneurship is the key driver for legacy building among family businesses in Asia, including Malaysia. The survey, which included responses from 54 Malaysian family business leaders, highlights active multigenerational management participation (38%) and a significant prevalence of transgenerational entrepreneurship (77%).
Tai Lai Kok, Family Business Tax Leader at KPMG Private Enterprise in Malaysia, emphasized the importance of balancing tradition with innovation to establish a lasting legacy. He noted that Malaysian family businesses rate their performance at 78%, surpassing the Asia Pacific (68%) and global (71%) averages. Additionally, Malaysian family businesses focus on sustainability, with 27% prioritizing the natural environment and 21% prioritizing employees. Tai stressed the need for a harmonious approach to legacy and innovation to ensure long-term success and adaptability.
