CEO of PwC Thailand discusses Family Business Strategies with Money Channel

Sira Intarakumthornchai, CEO of PwC Thailand, shared his insights on Thai Family-Owned Businesses (FOBs). Sixty-five percent of FOBs around the world have seen their sales grow in the past year, and respondents expect even more vigorous growth over the next five years, according to PwC’s recent Family Business Survey. He explained that family businesses in Thailand, for decades, have played a key role in driving our economy. However, in order for them to continue to thrive and remain relevant, family businesses need to transform themselves and quickly acknowledge the traits essential for them to succeed: a willingness to reinvent, a belief that family members are not automatically entitled to employment, a focus on succession, and an openness to seeking outside help.