KBank Private Banking, a complete family asset management advisory service Taking lessons from Korean series, revealing 4 techniques to end the family business battle.

Mr. Peerapat Rianprayoon, Managing Director, Wealth Planning and Non Capital Market Head, Private Banking Group, Kasikorn Bank, revealed that what comes along with the family business. is the sensitivity and habit of being a family member. The transition from family to professional business is difficult for many families, but that doesn't mean the transition from being a family business is impossible. In Thailand, there are many successful family businesses that can be passed down for generations.

Business forwarding issue stories Has been broadcast as a popular Korean series. It tells the story of a billionaire family run by family members. It reflects the crux of family business problems that are in the transition period from the father generation to the child generation. In which the father still adheres to the tradition of wanting to pass on the business to the eldest son when feeling unfair The brothers are ready to compete for business and wealth among themselves until almost no family remains.

KBank Private Banking has taken lessons from the Korean series. Summarizes the key factors that will make family business forwarding sustainable success, consisting of 4 factors, namely "planning - setting rules - building participation - managing professionally" with details as follows: Planning Family members must jointly determine. target and jointly plan to be able to walk towards that goal which in addition to having to plan in terms of business An internal management system is equally important, so successful families need to set goals. Analyze the weaknesses and strengths of the family, plan and take action to achieve the set goals, such as setting a goal for the family's products to be world-class products. How does a family business need to be adapted? What are the roles and responsibilities of members? what are the advantages what is missing These matters must be set up as a plan. and make all members understand the same, etc.

Set rules. Family members must set rules. to achieve a common understanding reduce conflict The members must be aware of their roles. own rights and duties Including the benefits that each family member will receive. which if it is a mutual agreement It will reduce the feeling of injustice. In addition to the rules Management must also separate the pillars of 'business' and 'family' management, but there must also be a connection that can coordinate the benefits between the two. general But at the same time making decisions as a shareholder Dividends for the benefit of family members It is still a family affair.

engage Family members do not need to be involved in the business or family management system. But the important thing is to adhere to and participate in observing the rules that the family has agreed upon. In addition, regular communication within the family will help build understanding. Reduce suspicion that may arise as a conflict. And it can affect business. Today, many families have activities between generations of family members. So that family members, whether they are cousins, aunts, grandchildren, grandparents, are close together. which in addition to having a positive effect in terms of family relationships It will also help strengthen the family business.

professional management One of the transcendences of being a family business is professional management. Some families may have a mutual agreement to hire a professional executive to run the family business. to make the business competitive Some families may still let family members manage themselves. But it is necessary to learn new skills and experiences. in order to have more management readiness In addition to the person family business structure There must be a system that can support professional management instead of managing a traditional family business.

In delivering family asset management services, KBank Private Banking brings together over 225 years of experience and knowledge that has been handed down from Lombard Odier, which is still a family business that has been passed down for 7 generations. Comprehensive management of family assets To help every family to plan and manage the family business effectively. Creating sustainable growth for family assets systematically transmitted from generation to generation And is an important driving force of the Thai economy in the future, ”said Peerapat https://kbank.co/3ETkS5v

Go To Lead

Mr. Withai Rattanakorn, Director of the Government Savings Bank, revealed that according to the Monetary Policy Committee (MPC) has announced a policy rate increase of 0.25% per year from 1.25% per year to 1.50% per year. Effective from January 25, 2023, the Government Savings Bank has therefore raised interest rates for both deposits and loans. to be consistent with the policy interest rate of the Bank of Thailand By raising the deposit interest rate to a maximum of 0.30% per year in order to promote savings for depositors to benefit from rising interest rates. And to help increase purchasing power during the economic recovery with a consistently better direction, effective from February 2, 2023 onwards.

And has raised interest rates for all types of loans at a rate of 0.25% per year in line with the market interest rate direction. This is the bank's first increase in loan interest rates in more than two years, or since May 2020, according to the Ministry of Finance's policy to help care for customers and vulnerable people whose cost of living has not returned to normal.

Go To Lead