Ms Tran Hong Hanh, founder of Rabity kids' fashion, part of the Tan Phu Ltd family business, explained what empowered her to establish a new retail venture in addition to the original manufacturing activity of the family business.
“It was exceedingly difficult for me to convince my parents to innovate and launch a fashion brand without our family name in it. My parents had a more conservative mindset, and I had to prove it was the way to develop the family business further,” Ms Hanh said.
Ms Hanh’s innovative thinking has allowed Rabity to open over 80 stores across Vietnam and Cambodia. She attributes her success to her previous management experience in non-family and international businesses and to the knowledge and skills received during her business degree at RMIT.
Chief Executive Officer of Tan Thanh Furniture Mr Quang Pham presented the many challenges he encountered and the lessons he has learned since he stepped in to lead the business upon his parents retirement.
What was most difficult according to him, is that he had to put in countless hours of work every day for many years, “I came to the office first and left last” to prove he was the right leader and change the organisational culture.
As a successful leader of a flourishing corporation, Mr Quang stresses the importance of having a good mentor in the initial stages of the transition.
Mr Kwan Yi Quek, Chief Operating Officer of Q Industries Group, a global Hospitality supplier from Singapore, shared his particular experience as a second-generation leader and suggested three key takeaways.
“Bring into the team a trusted mentor/coach who can help bridge the generational gap, know what your strengths and weaknesses are, and there are no secret recipes, only best practices,” Mr Quek said.