Having withstood the test of time, family businesses have become an integral part of Asia’s economies, including Malaysia. Just like many other businesses, many Malaysian family businesses were impacted by disruptions caused by the COVID-19 pandemic, although the degree varies from sector to sector, it has affected wealth and risk management.
In Malaysia, one of the biggest concerns faced by second-generation family owners is ensuring they will succeed in passing on the same business and financial legacy which they have inherited to the following generations.
Sun Life Malaysia’s CEO, President/Country Head, Raymond Lew, shared his views with The Star recently, on the importance of succession planning in ensuring the longevity of Malaysian family businesses. He encourages family businesses in Malaysia to start finding new protection solutions to build and sustain wealth and better manage risks, and thrive in the new normal.
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