Dr. Feranita, Director of International Family Enterprise Centre (IFEC) at Taylor’s University in Subang Jaya, Selangor, gave the opening and welcome remarks at the inaugural Family Business Symposium, Sustaining the Family Legacy: How to Successfully Transition Across Generations forum.

In a recent interview with Entrepreneur Insight, Dr. Feranita shared her views about the centre, which was newly established in May 2023, as well as its mission towards family businesses.

EI: What is the objective of the establishment of International Family Enterprise Center (IFEC)?

Dr. Feranita: The objective of the International Family Enterprise Center (IFEC) is to be a platform that can connect all the family businesses so they can network, share knowledge, and learn.

EI: For seminars similar to this, will it be a yearly occasion, and will you do it again?

Dr. Feranita: We’ll do it again, of course. This is our first event, and we are overjoyed and pleased that there was such a large turnout. This proves that there is indeed demand from the business families where they are eager to learn more.

EI: What will be the biggest challenges you face in organizing such events?

Dr. Feranita: People are not familiar with the concept of a centre situated within a university. Their initial questions often involve asking what subjects I teach. So we first have to address that perception, through events like our symposium that the centre is meant to help family businesses through facilitated peer learning, peer networking for lifelong relationships, and practical development workshops.

Another challenge would be gaining the trust of the family business community. Most families (especially Asians) are very protective of their public image, and thus selective of who they share information and collaborate with. We will earn their trust by proving our credibility through future events that provide value to business families and also individuals who may be facing similar situations, as well as publishing more research case studies.

EI: When you say family businesses, is it only for the second generation?

Dr. Feranita: No, it might also be a member of the founding generation. As a result, the concept of family business requires that members of the family work together in the firm. It is even better if the business is passed on to the next generation. The distinction between a family business and a serial entrepreneur is that serial entrepreneurs start enterprises, sell them, and then start another. But for family business owners, when they start the company, they have the intention of passing it down to the next generation. So we characterize it as a family firm, in which family values are entrenched in the business and impact how it is operated.

EI: How will the establishment of IFEC complement what Taylor’s is doing?

Dr. Feranita: We noticed that many family businesses needed guidance and knowledge but did not know where to find it. According to our survey, half of the symposium attendees are unclear about succession planning and/or their financial status, and do not have a concrete strategy in place for the next generation. Many of them simply are unsure of how or where to start. This is where our knowledge and expertise comes in, to ensure that their legacy and fortune will be successfully passed down through generations.

There are also plans to provide Executive Programs and perhaps a Masters or Bachelor’s Degree in the near future. The centre currently offers an elective module for undergraduate students at Taylor’s University called “Introduction to Family Business”. From only 27 students in August 2019, our cohort has now grown to over 200 students across two semesters a year. Half of them come from family businesses, which we categorise as the NextGen of family business.