Shared values unite family business generations

But there are many ways for families to beat this 'Three Generation Trap'. We explored and discovered a few at our recent event titled 'Building Futures', a third-generation successor talked about the importance of letting children find their own path rather than pushing them into the family business.

"We've always tried to encourage family members to pursue their own interests," said Adrian Fu, Chief Executive, KHI Holdings Group. For the Fu family, philanthropy and a sense of giving back provided a way to further the family legacy around a set of common values. "The family charitable foundation was a key catalyst for me personally to come back to Hong Kong," said Jonathan Fu, who is Managing Director of Eurasian Management (HK) Ltd. "I was working in Edinburgh, I had a career there and when my father came up with the suggestion of starting the foundation he wanted me involved from day one - and I jumped at the chance."

That decision set in motion a journey that helped bring the whole family together as they built the foundation from scratch - a process that helped to define what they stood for and what future impact they wanted to have as a family. "It's been a great experience," said Jonathan. Communication is key. "We've worked with many families down through the generations, so we can offer a unique and privileged perspective into what works and what doesn't," said Bernard Rennell, Senior Adviser to the CEO and Global Head of Family Governance and Family Enterprise Succession of HSBC Private Banking. "We are always keen to work in partnership with wealthy and successful families and give advice from years of seeing similar experiences. Our trust business can help them on that journey."