Making Plans for the Future

When is the time to start planning the future? Kong Eng Huat talks about the need to begin planning succession, as well as estate and wealth transfer.

That’s the problem with a lot of families, the very important issues, the critical issues, tend to be postponed and not really worked on as if it’s something critical enough. Most of the patriarch, they have a rough vague idea of what should happen if they retire of if they passed on, but I think the unfortunate thing is they’ve got more urgent things to do and they have not really thought through those issues in great detail and get it organized. I think amongst other things, you know, the founder needs to perhaps discuss it with a banker or some professional who would be able to help him get the details organized around succession planning and estate planning and wealth transfer and you know, also to discuss it with family members to get some of their thoughts and perhaps buy-in in terms of all these issues.