Family Business Network (FBN) Global Summit was held in Suzhou, China for the first time from 2 to 5 November 2016.
Founded in 1989 in Switzerland, FBN is a non-profit international network committed to the strengthening of family businesses around the world. Today, FBN has more than 10,300 individual members from over 3,210 family businesses across 58 countries. Chavalit Frederick Tsao, the chairman of FBN Asia and the fourth generation owner of Singapore-headquartered shipping company IMC Pan Asia Alliance, noted that one of the biggest challenges facing family businesses is achieving sustainability. He compared owners of family businesses to marathon runners. “Family businesses have to think long term in terms of generations. If you are not a family business, you only justify yourself quarter after quarter,” said Tsao, during an interview after the global summit. Tsao believes that FBN has opened a regional chapter by holding the global summit in China and emphasizes that the organization hopes to, in addition to promoting sustainability in family businesses, make a difference in China’s commercial evolution.
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