Preparedness of Select Filipino-Chinese Business Successors

doi.org/10.70228/CBJ2021027

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ABSTRACT

This study assessed the preparedness of select business successors among 72 Filipino-Chinese businesses in Bacolod City. A descriptive-relational design was used through survey questionnaires distributed to all members of the Filipino-Chinese business community.  Results were generated using descriptive statistics and Spearman’s rank correlation coefficient. Based on the findings, it was identified that the successors are prepared to manage the businesses insofar as their business knowledge, skills, and emotional intelligence are concerned. Moreover, most businesses emphasize family philosophies and look up to their predecessors as role models. Furthermore, the most common challenge experienced by successors pertains to family and work-life balance. Lastly, a positive significant relationship between skills and relationship to the predecessor was noted, while there was a negative significant relationship between skills and current involvement in the family business. Hence, it is recommended that the successors continually nurture their relationships with their predecessors and actively participate in business communities to sharpen their skills in business. In addition, the predecessors were advised to gently and gladly entrust the business to their successors, assuring that their instilled values and vision for the family business are wholeheartedly adopted and secured across all future generations. Finally, it is recommended that a similar study be conducted to address other Filipino-Chinese business communities in other cities to provide a wider perspective of the topic.

Keywords: Business preparedness, business succession, Filipino-Chinese business