Stax Inc., a strategy consulting firm organised a panel discussion titled ‘Taking over the Mantle,’ with the Sri Lanka Institute of Directors (SLID).
It was held to highlight the hurdles that family businesses face around continuity and persevering to the next generation.
The panel comprised three business magnates encompassing three generations; Laugfs Holdings Chairman W.K.H. Wegapitiya, Jetwing Travels (Pvt.) Ltd Managing Director Shiromal Cooray and SAIG and Orion Director and CEO Jeevan Gnanam.
The tycoons shared their perspectives and experiences in taking on the challenge of continuity.
Before the discussion, Stax Inc. carried out an extensive survey to determine the current state of affairs at Sri Lankan family businesses.
Stax’s focus is on serving companies as a strategic partner for growth — the spotlight on family businesses in particular is motivated by the unique potential of these firms.
“As I see it, Sri Lankan family firms stand on the cusp of a phenomenal opportunity as the region expands.
Most of these firms are now managed by second and third generation family members who have an unprecedented advantage in terms of global education and exposure.
However, there is a short window to capitalize on the opportunities that dot the horizon; from overseas expansion to product diversification,” said Ruwindhu Peiris Manager, Director of Stax Inc.