Citibank, NA Bangladesh recently hosted a webinar on Sustainability Strategy for Family Business in partnership with The Chittagong Chamber of Commerce and Industry (CCCI) & Bangladesh Chamber of Excellence (BCE).
The core discussion of the webinar with The Business Standard as its Media Partner focused on the challenges of family business in general, generational transition and role of shared value, good governance, and transparency in achieving longevity in family business.
The session was chaired by CCCI President Mahbubul Alam and Moderated by Director of Institute of Business Administration, University of Dhaka (IBA-DU) Prof Syed Ferhat Anwar, reads a press release.
Chairman of MM Ispahani Ltd Mirza Salman Ispahani, Group Director of Rahimafrooz Ltd Munawar Misbah Moin, Managing Partner of PwC Bangladesh Mamun Rashid and Head of Banking, Capital Markets and Advisory at Citibank, NA Bangladesh Shams Zaman were among the panellist.
CCCI President Mahbubul Alam in his welcome remarks highlighted the importance of ensuring continuity for established family businesses in the national economic context.
"CCCI being the oldest trade body of Bangladesh feel that it is our responsibility to aware our private sector of how these family run businesses of ours can go through a smooth transition and mitigate the risks associated with it," he added.
"Going forward, under our new initiative Bangladesh Center of Excellence, we wish to facilitate these family owned businesses through providing linkage, knowledge & advisory support," said Alam.
Chairman of MM Ispahani Ltd emphasized the older generation showing the way of leadership through setting examples of good governance themselves and translating values to transform organizations.
Rahimafrooz Ltd Group Director too focused on balancing the role of governance and stewardship for family business owners while ensuring transparency across the level hence recommended.
"Digital transformation or any other changes must be built on families' long-term vision and values. Businesses need to apply a holistic approach to navigate the digital transformation journey," said Rashid.
"We hope the event was helpful to promote an enabling environment for businesses to carry its transformation journey," added Zaman.
Moderator Prof Anwar closed the session with an ending note highlighting the importance of governance, inculcating values in the company culture, transparency, well defined roles & mutual respect between generations as the key to successful transition.