The Persatuan Usahawan Maju Malaysia (PUMM), also known as the Malaysia Entrepreneurs Development Association, together with EY held the PUMM Taiwan IPO Seminar at Mtree Hotel in Puchong, Selangor on 20 July 2017. The seminar, conducted in Mandarin, was divided into two sessions; Malaysian Business Succession Issues and Taiwan IPO Qualifications & Benefits.
The core focus of the day was to attract and encourage Malaysian entrepreneurs to pursue initial public offering (IPO) in Taiwan through highlighting the advantages, benefits and long-term prospects it offers. Equally essential was the presentation and discussions on business succession issues.
Cheng & Co’s Managing Partner Professor Dato’ Dr Chua Hock Hoo was invited as one of the speakers and he touched on Succession Plan as a key challenge for SMI/SMEs in Malaysia. Business succession plans cannot be underestimated. There will come a time when a business owner will need to pass the torch of the company to someone else moving forward.
Be it to family member or a trusted subordinate, a succession plan must be made a priority to ensure a smooth transition between the present business owner and his / her successor. In his presentation, Professor Dato’ Dr Chua brought to light the overall importance of succession planning, particular for SMEs.
He elaborated on the challenges faced by family businesses, the key factors involved in a succession plan and how it ensures that the legacy of a business lives on from generation to generation and also, shared a few success stories such as those of the Genting Group, Oriental Holdings Berhad and Public Bank Group.
The seminar turned out to be an enlightening one with the audience gaining greater insights on the potential for significant gains that lie ahead for those pursuing an IPO in Taiwan as well as securing the direction and future of a business with an effective succession plans, and the perils of being ill-prepared.