PCCCI Youth Member Recruitment Sub-Committee and Rockwills Advisory Services Sdn. Bhd. jointly organized a sharing session on “Family Business Succession Planning”, from 2 pm to 4 pm, at PCCCI 3rd Floor Pak Khuan Hall. Mr. Chris Foong, Director of Rockwills Advisory Services Sdn. Bhd. was invited to be the speaker for the seminar. Total 42 members attended the sharing session.
Mr. Chris Foong pointed out that without proper planning, a person’s death could trigger asset distribution issues under the Distribution Act 1958, potentially resulting in fragmented ownership or even the estate falling into the hands of the government. He emphasized that wealth and business succession involves more than just writing a will - it also includes the transfer of ownership and management rights, as well as overall family governance. Without early communication and the grooming of successors, business handovers often encounter difficulties. He recommended using tools such as business trusts, family foundations, and family constitutions, along with insurance trust planning, to ensure smooth wealth succession and the preservation of family values and control.
PCCCI will continue to organize seminars, networking sessions, and training programmes to help members enhance their wealth management and business succession strategies, promote the sustainable development of local enterprises, and strengthen the long-term competitiveness of the Chinese business community in the socio-economic landscape.
