- 1 year ago
Kesuksesan sebuah perusahaan tidak bisa dilepaskan dari kepemimpinan para pendirinya. Kesuksesan para pendirinya tak bisa dilepaskan dari ekosistem yang dibangun di dalamnya. Setiap generasi dalam sebuah konglomerasi, mempunyai tantangan berbeda. Bagaimana strategi para generasi ketiga konglomerat dalam melanjutkan kesuksesan perusahaan?
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00:00Hello investors, see you again with me Prisa Sopo Datu in a special dialogue. We will review a book that is very extraordinary to review related to the myth or stigma that there is a curse of the rich, especially in the
00:29third generation, that is, the wealth is usually spent by the grandchildren. Well, is this just a myth or research that proves it in the world like that? We will review it together with the author. Keep watching the special dialogue with me Prisa Sopo Datu.
00:43There is a famous Chinese proverb, which means that the success of a family business will collapse in the third generation, as experienced by several conglomerate companies in other countries such as the United States, Britain, and Japan.
01:03In fact, the meaning is even scarier, where after reaching the third generation, the company's boss will return to point zero.
01:13Managing partner and founder of Helios Capital, Hadi Cahyadi, author of the book Go Perpetuate, How to Beat the Third Generation Curse, states that only about 3% of family businesses in Indonesia are able to survive.
01:25Not only that, from the research published in the book, Hadi found that only 13% of family businesses in Indonesia are able to survive the third generation and only 30% survive the second generation.
01:40In addition, the launch of the book Go Perpetuate, How to Beat the Third Generation Curse also marks an important milestone in the world of family business studies, as well as a comprehensive exploration of the challenges faced by family businesses when they face the transition barrier between generations, which is commonly known as the third generation curse.
02:02So how did Hadi Cahyadi solve the challenges faced by the third generation in continuing the business of conglomerate companies?
02:10Watch the special discussion with Managing Partner and Founder of Helios Capital, Hadi Cahyadi, only on Special Dialogue.
02:32Hello, Mr. Hadi. How are you?
02:35Good to see you.
02:37Thank you for taking the time.
02:39Thank you for coming.
02:41He is Mr. Hadi Cahyadi, who is his academician, and now he is the consultant of Helios Capital.
02:49But today we are going to talk about his new book.
02:52Is it true that there is a third generation curse?
02:54Yes, there is a third generation curse.
02:55The third generation curse.
02:57It is said that it is not just a theory, but it has been studied and made into a thesis.
03:02Now it has become a book that is very easy to read.
03:05Let's talk further.
03:07Yes, please.
03:09Okay, please follow us.
03:16As investors in Indonesia, we know that there are a lot of private companies.
03:20And if you dig deeper, it turns out that it is mostly family business.
03:25So there is a kind of stigma in the world.
03:29Even those who say that the third generation curse is usually in a business.
03:34Why can't it continue?
03:37This is also mentioned in a book called Go Perpetuate.
03:42How to Beat the Third Generation Curse by Mr. Hadi Cahyadi.
03:46Like that.
03:48Is it true that there is a curse like that?
03:52Is there a statistic, sir?
03:53Okay.
03:55It turns out that in the world and also in Indonesia, there is a statistic called 30-13-3.
04:00What is that?
04:02Only 30% can get through the second generation.
04:05And from the second generation, only 13% can get through the third generation.
04:09That means it's getting worse, right?
04:11It's getting worse.
04:13And the last one to get through the third generation is only 3%.
04:16My father's family business, including those who didn't get through the first generation and the second generation.
04:21Because I chose to live as a professional.
04:24And so there is 70% including my family who didn't get through the first generation to the second generation.
04:32Including 70%.
04:34What makes you interested in making a book about it?
04:37This book is definitely very useful for family business that wants to continue to the second and third generation.
04:45Many families do business to be handed down to their children.
04:49And this book makes me feel that it will contribute one day.
04:55Before that, let me tell you.
04:57One day, I had a seminar about the success of the conglomerate and the success it faces.
05:05It turned out that in the general discussion of the patriarch or the first generation,
05:10they said they had a concern whether the second generation could continue to the third generation and could survive.
05:18At that time, I started to wonder.
05:21Oh, it turns out that they also mentioned the third generation curse.
05:25In Mandarin, it means that the prosperity has never gone down to the third generation.
05:35Then one of the patriarchs said, this is not a curse.
05:39If it's a curse, it can only be crushed by a clever priest or a strong pastor and it will disappear.
05:45But this is a statistic.
05:47That is, 30-13-3 is scarier than a curse.
05:51Because statistics mean proven.
05:54Okay, Mr. Hadi.
05:56What we mean by going down to the third generation is not only the business problem.
06:02For example, we move in the textile business.
06:05We want this textile to be 100 years old or more.
06:08But also the prosperity problem, which also does not continue.
06:10I thought in the third generation, the business was not the same, but the prosperity was still there.
06:16But what you mean is the prosperity too, right?
06:18Yes, the prosperity.
06:20Maybe the second generation of prosperity is over.
06:23The third generation of prosperity is also over.
06:25This book was tested by many of my friends who failed to continue from the second to the third generation.
06:33And maybe the business is over.
06:35Where it used to be a big businessman, suddenly became an ordinary person.
06:41Ordinary people are still enough.
06:43But in the past, they are a big company.
06:46Which is a company in Indonesia that has a name.
06:49When I told about this book and the theory created from my research in the third generation,
06:55it turned out that they didn't do it.
06:57Oh, and it turns out that this problem has become a serious concern in Indonesia, sir.
07:02Yes.
07:04From these conglomerates.
07:06That's right.
07:08If we look at this book, it turns out that my research asked the conglomerates to pay close attention to parenting.
07:20Parenting.
07:22Yes, good parenting so that they can survive.
07:25They can continue the value of their family.
07:30They can keep their ambition.
07:35Then the vision of the first generation can be continued by the second and third generation.
07:41Also embedded in their business.
07:44Or they always strengthen their entrepreneurship.
07:49The ability to see opportunities and the courage to make decisions.
07:52But this is the third generation.
07:56Actually, the stigma is not only in Indonesia, but not only in Asia, but in the world.
08:01Do you have an example, Mr. Hadi?
08:04Companies that can last longer than the three generations we know.
08:10Yes, if we look at Japan.
08:12Kokumen.
08:14Ketchup.
08:16That's five generations.
08:18And Japan is a country that has a lot of large companies.
08:24So I'm very interested in Japan-based research.
08:29And Japan is one of the countries that can maintain harmonization between families.
08:34Where they have a lot of respect for the oldest brother.
08:38The country is very patriotic.
08:40A patriotic country.
08:45Patriotic.
08:47So the eldest son automatically becomes the boss.
08:52Their life is great.
08:55Because even though their younger siblings are smarter,
08:59they will support their oldest brother.
09:02And the oldest brother still becomes the big boss.
09:05Different from what we see on Netflix.
09:09Where in Korean dramas, there are a lot of fights.
09:13Chaebol.
09:14Yes, Chaebol.
09:16But in Chaebol, there is also competition between them.
09:19That's part of the real story.
09:21If you google it, maybe Korea has the most fights.
09:27And who wants to be the CEO.
09:30That's right.
09:32So there is parenting, harmonization.
09:34And it is owned by, for example, Japan.
09:37You were talking about the first child.
09:39But not all first children can continue.
09:45Is that also one of the factors
09:48why in Indonesia, for example,
09:51two or three generations can't stay.
09:54Maybe it's not like the founder.
09:56Yes.
09:58So if we look at it now,
10:00a lot of families enjoy and choose,
10:05there are only two choices.
10:06Your company is made for your children to be leaders.
10:11Or your company is made to maintain your wealth.
10:15There are two choices.
10:17Family first or business first.
10:20Can't it be both? Usually we want both.
10:22Everyone wants both.
10:24It requires a strategy.
10:29For example, if we want our family to stay in the presidency,
10:33CEO,
10:35it means the CEO is very strong from the outside.
10:38Okay?
10:40The easiest CEO is to make a decision.
10:44Yes or no.
10:46Actually, it's not difficult at all.
10:48If all the professionals are very strong,
10:50the CEO from the family can definitely do it.
10:54But unfortunately, if the CEO,
10:57like our last research,
10:58where there are 50 largest families in Indonesia,
11:04out of 140 TBK,
11:07we eliminated it again,
11:09it turns out there are 123 TBK,
11:11it turns out only 20% something,
11:15the CEO is still a family.
11:17It turns out Indonesia is great.
11:1980% of the CEOs are non-family related.
11:23It means Indonesia, including all the families,
11:25is more business first than family first.
11:29They think more about wealth preservation
11:33than family leadership preservation.
11:37It also proves that the next generation
11:41is not always more capable to be a leader.
11:45It doesn't have to be.
11:47Those who are capable can supervise,
11:49those who are more capable can work.
11:51The commissioner's position is the best for the family.
11:53Because the commissioner's position is to supervise.
11:57Preskom can still be a family.
12:00The commissioner can still be a family.
12:02And the CEO can be a non-family.
12:07As long as the best is the leader,
12:10maybe the company will be better.
12:12And it will attract a lot of good talents,
12:16because there will be meritocracy in it.
12:19Where the best is treated better.
12:23And it has been applied quite a lot
12:27in family business in Indonesia, maybe?
12:29We are very lucky.
12:31The latest research from us,
12:33Helios Capital and Family Business Excellence Research Center Taruman Negara,
12:38have been trying to find out,
12:40for the past two months,
12:4280% of family business in Indonesia
12:45has been very progressive compared to its neighbors.
12:48Okay.
12:50We will continue later.
12:51This is the message that Mr. Hadi wants to convey
12:54through this book.
12:56It's an amazing book,
12:58because it's not full of theories.
13:02But it's very easy to understand.
13:05And why is it released in English?
13:08Let's continue, Mr. Hadi.
13:10Special Dialogue will be back after the break.
13:12Stay with us.
13:22Special Dialogue
13:28Thank you for joining us again in Special Dialogue.
13:31It's very interesting to discuss
13:33about the obstacles of the third generation
13:36in family business.
13:38Actually, talking about family business in Indonesia,
13:41you said that we are actually lucky.
13:44Because it's still quite okay in Indonesia.
13:48We already know which one will be prioritized.
13:51Will it be the next generation?
13:54Or will it be...
13:56Well-treasured.
13:58From so many family business in Indonesia,
14:01some of them failed,
14:03but many of them survived until now.
14:05But it's still being tested, sir.
14:07Whether the third generation will succeed or not.
14:09It means that there are still amazing values
14:12that we can take and plant
14:17in BUMN or others.
14:21What are the family business values
14:24that you think are very interesting?
14:26Okay. Thank you.
14:28That's a very interesting question.
14:30So, there are values that we can bring
14:33to other institutions.
14:36From family business,
14:38for example, opportunistic mindset.
14:40That family business is very entrepreneurship.
14:44Very entrepreneurial.
14:46Where they always see opportunities
14:48and try to seize the opportunity.
14:51In the market language,
14:55is there a chance?
14:57Is there an opportunity?
15:00The next is attitude to risk and failure.
15:03In family business,
15:06attitude to risk,
15:08they are very brave to take it.
15:10And they make fun of people who failed.
15:12Because for them,
15:14failure is a very valuable lesson.
15:16And there is a risk-taking threshold
15:21that they prepare.
15:23If there is a family that feels that
15:26it's okay to fail in 10 billion.
15:29It's okay to fail in 5 billion.
15:31But it's impossible to fail many times.
15:34It must be prepared.
15:36When they are successful,
15:40we can learn which generation is successful.
15:43And those are the successful candidates.
15:48The great thing about family business is
15:50when they test their attitude to risk and failure,
15:54they actually look for successors.
15:57Who is successful?
15:59It's a candidate from the third or fourth generation leaders.
16:03But can it be adopted in an institution
16:06considering that it shouldn't fail?
16:09Yes. That's the reason
16:10we have to have a plan, maybe,
16:14in an institution
16:16to say that,
16:18after there is a checkpoint A, B, C, D, E, F,
16:23it turns out to fail,
16:25it's okay to do another job.
16:27Otherwise, the institution will never move forward.
16:30If they don't dare to try.
16:32Maybe the value of family business
16:35can be included in a professional institution.
16:41Maybe in a state-owned enterprise.
16:43Maybe.
16:45Let's try to take the value of family business
16:48and apply it there.
16:50We have to dare.
16:52We have to dare a little.
16:54As long as we don't keep failing.
16:56It's dangerous.
16:58What I find interesting is
17:00how to see the leadership style and characteristics of leaders
17:03in conglomerate companies.
17:05Mr. Adi.
17:07Yes. Based on research from one of the biggest conglomerate offices,
17:11they took about 8 characteristics
17:17of these founders.
17:19One of them is very visionary.
17:22If you can see,
17:24there are several generations who are still healthy.
17:28They are also very visionary.
17:30They can talk about the future of the world
17:33and the impact of Indonesia.
17:36Maybe they should be invited more often
17:39to talk about vision.
17:41We also talk about resilience.
17:43How do they survive in three crises?
17:47The most serious crisis is COVID-19 crisis.
17:49That we have never seen before.
17:51But it turns out that they can survive.
17:53Transportation is very difficult.
17:55It turns out that they can survive.
17:58As well as tourism.
18:00It turns out that tourism is booming.
18:04People are bored at home.
18:06Then, if we see,
18:08those who enjoy health care,
18:10pharmaceutical,
18:12but in other businesses, they can survive.
18:15Teamwork.
18:17Innovation.
18:19There are several patriots or generations
18:22who are very innovative.
18:24Especially in the pharmaceutical world,
18:26in the food world,
18:27in the world of food and beverage,
18:30they are very innovative.
18:32So, their values or advantages
18:34are often referred to as tacit knowledge.
18:37That is, knowledge that has never been written,
18:41but can be felt in the family business.
18:44Like vision,
18:46resilience,
18:48teamwork, innovation,
18:50or maybe patience.
18:52In one job.
18:54Because there are people who love food
18:57but their diversification is still in food.
19:00If you look at it,
19:02there is a company that is so great,
19:05the restaurant is everywhere,
19:07and we still go there.
19:09And they have the food there.
19:11Bakmi.
19:13For example, one Bakmi in Indonesia that is very famous.
19:16No diversification everywhere,
19:18but the concentration is only in that restaurant.
19:21That is what we call patience.
19:24Surely from the first generation to the second generation,
19:27there is no division in terms of food.
19:29There is also leadership,
19:31integrity, and flexibility.
19:33So, maybe there is vision,
19:35resilience,
19:37teamwork,
19:39innovation, patience,
19:41leadership,
19:43integrity.
19:45Integrity is very important.
19:47Sometimes we see
19:49entrepreneurs who are very relaxed
19:51about the word integrity.
19:53But there are some companies
19:54that have very strong integrity.
19:57So they are trusted by their partners.
19:59Integrity is
20:01the selling power of this family.
20:20Mr. Hadi.
20:22I heard that you are often invited
20:24by big families
20:27who have family business.
20:30And it turns out that
20:32we only see in dramas
20:34about harmonization, collaboration.
20:36It turns out that in a family,
20:38sometimes it is not enough.
20:40You said earlier that Indonesia
20:42prioritizes business
20:44rather than family.
20:46Is that also influential?
20:48So,
20:50Indonesia has the advantage
20:52because
20:54the second and third generation
20:56go to good schools.
20:58This is the advantage of family business.
21:01The capital actually
21:03makes them realize
21:05that they can choose to join a family
21:08or they can find a job abroad.
21:11So that Indonesian families
21:13are lucky
21:15to be able to select the best
21:17and most suitable for their value
21:19to join their family business.
21:20Now we are entering
21:22the third generation.
21:25Some of them are even in the third generation.
21:27Maybe some of the values you mentioned
21:29were missed.
21:31It's not too late, Mr. Hadi.
21:33Okay.
21:35Parenting is not possible anymore.
21:38Yes.
21:40There is a very good example
21:42from one of the families.
21:44They created an academic family
21:46with their name.
21:47Then,
21:49whoever wants to join,
21:51it turns out that the first and second generation
21:53have written a book
21:55about their autobiography.
21:57So, the third generation
21:59has to read the book
22:01about the values they want to pass
22:03to the family
22:05that has values.
22:07The second generation
22:09is very strong and good
22:11saying that
22:13not all of our children
22:15know about the values
22:17and how passionate they are
22:19about business
22:21and how much they love their employees.
22:23It turns out that
22:25anyone who wants to join
22:27the company
22:29has to know the values.
22:31So, it's like a management development program
22:33but one of it
22:35is to understand the values.
22:37Okay.
22:39If the parenting is missed,
22:41it can help.
22:43Okay.
22:45That's from the inside, Mr. Hadi.
22:47If we talk about the external,
22:49we talked about
22:51government regulation is very important.
22:53Technology is very important.
22:55Demographic change is very important.
22:57Competition is also very important.
22:59Okay.
23:01Economy,
23:02situation is also very important.
23:04Economy, social, culture.
23:06A lot.
23:08As long as we have flexibility
23:10and usually
23:12an entrepreneur
23:14is very visionary,
23:15they can adapt.
23:17They can adapt
23:19and they are usually agile
23:21to make changes
23:23and adopt.
23:25That's why young people
23:27from the third generation
23:29started to make a fund.
23:31In the family constitution,
23:33a fund is usually made.
23:35It's an entrepreneurship fund.
23:37There are numbers that they have prepared
23:39for them to enter
23:41their business concept.
23:42Their uncles and aunts
23:44do a review.
23:46If it's successful,
23:48that's why it's called investment committee.
23:50If it's successful,
23:52it's usually not too far from their business.
23:54Okay.
23:56So, in the future,
23:58I'm looking forward
24:00if they can apply
24:02what's in the book,
24:04the research results
24:06that can hopefully be used
24:08for family business in Indonesia.
24:09There's a book that dominates family business.
24:11Is there any book
24:13that you see will be successful in the future?
24:15Oh.
24:1750 Big Indonesia
24:19whose criteria
24:21is in Forbes magazine.
24:23In my opinion,
24:25I'm looking forward
24:27to their getting stronger.
24:29Amazing.
24:31I hope this book
24:33can give us inspiration
24:35and be useful
24:37for Indonesia's economy
24:39on June 7th this year.
24:41Yes.
24:43Can you inform the investor?
24:45Yes. On June 7th,
24:47we're from Taruma Negara University
24:49Family Business Excellence Research Center
24:53focusing on family business research.
24:56We're lucky this time
24:58to be supported by Bang Mandiri
25:00and Egon Sender and Helios Capital.
25:02We invited
25:04a famous professor
25:06from Japan named Toshio Goto.
25:07He's very good
25:09in longevity.
25:11He will tell us
25:13and will be welcomed
25:15by a panel
25:17from the second and third generation
25:19of family business in Indonesia.
25:21Then,
25:23in the second panel,
25:25I will give a presentation
25:27on my research results
25:29that we talked about
25:31professionalism in Indonesia.
25:33It turns out that the CEOs in Indonesia
25:35are dominated
25:37by non-family-related CEOs.
25:41Okay. That's all
25:43for today's Special Dialogue.
25:45Thank you, Mr. Investor.
25:47Thank you, Mr. Hadi.
25:49But it's incomplete
25:51if you don't sign it.
25:53Thank you.
25:55Mr. Hadi, please sign it.
25:57Thank you, Mr. Investor.
25:59See you in the next episode
26:01of Special Dialogue.
26:07Thank you.
26:38Special Dialogue
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