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Scanteak: The Making of Successors in a Family Firm (A)

Abstract

Singapore Scanteak Corporation (Scanteak), a furniture retailer founded in the 1970s, had more than 100 stores around the world by 2010, becoming the first furniture company to be listed on the Taiwan Over-The-Counter (OTC) Exchange. Along with corporate development, the founders, Pok Chin Lim and his wife, Catherine Foo, invested a lot in their children, especially in educating them as the successors of the company. In 2003, Lim asked his elder daughter, Jamie Lim, to help with growing family business. Over the next seven years, Jamie made big achievements in brand promotion and market expansion. In 2010, Lim asked his son, Julian Lim, to help with the business in Singapore or Taiwan, from where he wanted to train Julian up. However, Julian, who had always followed his parents' wishes, rejected their offer, and would agree only if he could independently run the Scanteak business in Japan, which was in deficit. The Lims questioned whether their newly graduated son could handle the business in Japan, and wondered how to respond to their son's bold request.

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Published by:China Europe International Business School

Publish Date:2019-06-30

Language:English

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