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Understanding the Family Business in a 21st Century China
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There are 40,000,000 family owned businesses in China. Forty million business owners that will soon need to consider who will take the reins of the enterprise moving forward. Most of these are first generation, privately owned businesses that have never experienced succession previously.
Despite the perception that most businesses in China are state owned enterprises (SOE), family and privately owned businesses make up nearly 90% of all business. Regardless of cultural differences, certain universal family issues abound when it comes to planning for succession; education levels of the next generation, global business opportunities and changing motivations of each successive generation. For those Chinese who have sent their children abroad to be educated, finding the right person to take their business forward may not be so easy as picking from the family tree.
Most business owners in China are aged between 20-49 (95%), compared to the United States where the average age of business owners is 54; only 11% are actually younger than 41 years old. Coupled with China's rise in economic might and entrepreneurial spirit, there is a growing bubble of business succession for many prominent enterprises which cannot be avoided.
This webinar will explore the state of family enterprise in China, the challenges and opportunities that they face in an ever more modern China.
Professor Teng Bingsheng is Associate Professor of Strategic Management at CKGSB and the Associate Dean of CKGSB's European Campus. He formerly served as a tenured Associate Professor of Strategic Management at George Washington University (GWU), where he was a doctoral advisor and lead professor of the departmental doctoral program. Professor Teng has published more than 20 articles in academic journals, including Academy of Management Review and Organization Science. His research is included in most textbooks on strategic management. An authority on strategic alliances, he has been interviewed by media such as The Wall Street Journal and The Washington Post. Professor Teng is a member of the Academy of Management and serves on the editorial board of the International Entrepreneurship and Management Journal. He has received many rewards for his research, including the Wendell and Louis Crain Research Scholar at the GWU School of Business. His biography appears in Who's Who in America and Who's Who in American Higher Education.