Saturday, October 10, 2015

10 Commandments in FAMILY BUSINESS

I was looking at myfacebook page and I stumbled accross my notes...I got to dig this one and just want to share it with you.

1. No IN-LAWS

2. No MOONLIGHTING -if you work for the company, you must be either fully in the business or completely out.

3. No CONFLICT OF INTEREST

4. No WORK NO PAY


5. Personal assets should be kept separate from the company asset.

6. Pay must be based on the contribution to the business.

7. Being family is NO guarantee of Employment.

8. Avoiding working directly under one's parents, specially at the start of the career.

9. Give the next generation.

10. There can only be one boss.

    John Gokongwei
    Business magnate
    John Robinson Lim Gokongwei, Jr. is a Filipino business magnate, investor, and philanthropist. He has holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming. Wikipedia

John Gokongwei was born in China to a Filipino-Chinese father who was a scion of a wealthy Cebu-based family, with ancestral ties to China's Fujian province. The family fortune was lost when his affluent father died. John was 13 years old at this time. He initially supported his family by peddling items along the streets of Cebu from his bicycle.[2] From the age of 17 to 19, he traded using a wooden boat, taking items to Lucena by sea, and then to Manila by truck. After the Second World War, he started his own company calledAmasia, which imported textile remnants, fruit, old newspapers, magazines, and used clothing from the US. During this time, he courted a young girl, Elizabeth, who would later become his wife. In the early 1950s, along with his brothers and sisters who returned from China, he started to import cigarettes and whiskey too.
In 1957, seeing that trading would always have low margins[2] and would always be dependent on government policies, the family concern entered the era of manufacturing. With a loan of 500,000 pesos from Dr. Albino Sycip, then chairman of China Bank, and DK Chiong, he started a corn milling plant producing glucose and corn starch. The company was named Universal Corn Products and later expanded into Universal Robina Corporation.[3] San Miguel Corporation was a big customer of theirs.
In 1961, as his company started to launch brands such as Blend 45 (an instant coffee brand, to compete with Nestle's Nescafe), John returned to school to study and obtain an MBA at the De La Salle University. A decade later, he underwent a 14-week advanced management program at Harvard.[2]
He is married to Elizabeth Yu, and has six children (1 son and 5 daughters) - Lisa, Robina, Lance, Faith, Hope and Marcia.[4] All his children play an active role in the Gokongwei empire and companies owned by JG Holdings. His only son, Lance Gokongwei, is now in charge of the Gokongwei Empire, serving as president and COO while John serves as chairman emeritus.
On August 29, 2007, at the Ateneo de Manila University, Gokongwei’s biography, John L. Gokongwei Jr.: The Path of Entrepreneurship, by the University’s Dr. Marites A. Khanser, was launched, and it narrated the "riches-to-rags-to-riches" story of the tai-pan. Gokongwei stated that entrepreneurship is a way out of poverty. Khanser's book also enumerated the Nine Rules of business success[5] that Gokongwei followed since he was still a young businessman. In 2002 Gokongwei donated P200-million to the undergraduate school of management. He also gave donations to University of San CarlosXavier SchoolDe La Salle University, Sacred Heart School and Immaculate Conception Academy.[6]
On February, 2008, Forbes Asia magazine’s first Heroes of Philanthropy list included 4 Filipinos – Jaime Zobel de Ayala, John Gokongwei, Ramón del Rosario Jr., and Óscar López.The list is composed of 4 philanthropists each from 13 selected countries and territories in Asia.[7]
John Gokongwei and fellow businessman Andrew Gotianun are cousins.[8]

Disclaimer: details from Wikipedia
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