#familybusiness #traditionalchinesemedicine #euyansang #SGX #healthcare #medicine #singapore #temasek #towercapital #malaysia
Richard Eu is the great-grandson of Eu Kwong Pai, who founded the traditional Chinese medicine (TCM) business Eu Yan Sang, which first began in Perak, Malaysia in 1879. He has been credited not only with keeping the 144-year-old brand relevant and thriving, but also for wresting back control of the business from Lum Chang in a series of buyouts, listing (and de-listing) the company on the SGX and steering the brand into the digital age.
Like most scions of multi-generational, successful family businesses, Richard rarely appears in the public eye. Which makes his views, in this rare appearance, of issues like breaking the three-generation family curse, IPOs, motivating wealthy children and having Temasek as a shareholder all the more valuable.
(This interview with Do More’s Khoo Hsu Chuang was part of a collaboration with CGS-CIMB and Endeavor Malaysia as part of the ‘Thought Inspire’ Series, filmed at the Asia School of Business, a partnership between MIT Sloan School of Management and Bank Negara Malaysia.)
@asiaschoolofbusinessincoll7881
CONTENTS
00:01:20 – How the Eu Family Broke the Three-Generation Curse
00:07:26 – Regaining Control of Eu Yan Sang
00:11:22 – How to Manage Family Members
00:13:05 – IPO: Pros and Cons
00:15:10 – What About Trade Sales?
00:15:51 – Market Manipulation
00:17:04 – Advice on Fundraising
00:17:56 – How to List in HK, Tokyo, London, i.e Large Markets?
00:18:52 – Growth: Organic or M&A?
00:20:25 – Temasek and Tower Capital as Shareholders: What Do They Seek? How Do They Help?
00:23:33 – Doing Business During Covid
00:25:25 – Traditional Chinese Medicine & Western Medicine: Enemies or Allies?
00:28:06 – Should a Non-Family Member Join a Family Business?
00:30:40 – Losing Control to Lum Chang
00:32:22 – Would His Ancestors Have Handled it Differently
00:34:22 – What if War Breaks Out?
00:36:37 – What is Today’s Biggest Business Challenge?
00:38:24 – How to Keep Wealthy Kids Motivated
00:40:52 – Keeping the 143-year-old Eu Yan Sang Relevant
00:41:47 – The Process of Culture
00:42:31 – What Has Covid Shown Richard?
00:43:23 – How to Build a Brand that Stands the Test of Time
00:44:38 – Was / Is ‘Eu Yan Sang’ too ‘Chinese’, too ‘Oriental’ a Name?
00:47:01 – Richard’s Top Three Business Principles
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Follow Richard and Eu Yan Sang here:
Wikipedia: https://en.wikipedia.org/wiki/Richard_Eu
Tatler: https://www.tatlerasia.com/people/richard-eu
LinkedIn: https://www.linkedin.com/company/euyansang/
Follow Chuang here:
URL: http://www.domore.my/
LinkedIn: https://www.linkedin.com/in/hsu-chuang-khoo-ab199343/
FB: https://www.facebook.com/khoo.chuang/
IG: instagram.com/khoohsuchuang/
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Follow DoMore here:
WEBSITE: https://www.domore.my/
YOUTUBE: https://www.youtube.com/c/DoMoreTakeChargeofYourLife
ITUNES: https://apple.co/2lQ47mS
GOOGLE PLAY: https://bit.ly/3b1l8iO
SPOTIFY: https://tinyurl.com/y6zufvcp
PODBEAN: https://domoreasia.podbean.com/
INSTAGRAM: https://www.instagram.com/domore.asia/
