Month: April 2025

Peace Over Profit? Rebuilding After the Rift

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Series: Bloodlines and Bottom Lines – The Untold Stories of Family Business.

You know what no one tells you about family business fallouts?

It’s not just the court cases, the legal bills, or the company registrar changes.
It’s the silence at reunion dinners (in extreme cases, no dinner at all). The siblings who used to go for breakfast together every Saturday… now don’t even reply in the family group chat.

We’ve followed the Tan brothers’ journey—from shared dreams and unspoken assumptions to full-blown litigation. But what happens after the court doors close?

Can families ever come back from a business fallout?

The answer—thankfully—is yes.
But not without some honest reflection, real conversations, and sometimes, the courage to choose peace over profit.

💔 The Aftermath: Broken Bonds, Heavy Hearts

After the Tan brothers settled their case, the legal issues were resolved. But the emotional damage? That lingers.

Ah Tong told a friend, “I didn’t want to fight. I just didn’t want to be erased.”

And that’s the thing. Most family business disputes aren’t about greed. They’re about dignity.
About wanting to be seen, acknowledged, included.

The courtroom can settle ownership. But reconciliation? That takes a different kind of work.

🕊️ The Path to Healing (Yes, It’s Possible)

Let’s talk about what it takes to rebuild, based on what I’ve seen from families who’ve managed to do it—and those who couldn’t.

1. 🤫 Accept that some things may never be said.

Not everyone will apologise. Not every wound gets a neat explanation.

Families who reconcile often stop expecting the “perfect closure” and start building new trust, from today onwards.

✅ Focus on the future. Don’t get stuck relitigating the past.

2. 🗣️ Talk—but with boundaries.

Sometimes, the best thing you can do is bring in a neutral third party: a coach, therapist, mediator, or trusted elder.

These aren’t “soft skills”—they’re survival tools. When emotions run deep, you need structure and safety for the conversation to be productive.

✅ Create structured spaces to talk. Not every dinner is the right time.

3. 🧠 Get clear on values before vision.

Before talking about “next steps,” talk about what matters most. What does the family really value?

Is it legacy? Harmony? Growth? Freedom?

If your values diverge, that’s okay. It might even point to a healthy decision to separate business and family without bitterness.

✅ Start with shared values. Vision comes after.

4. ✋ Know when to walk away—with grace.

Some wounds are too deep. And sometimes, the healthiest thing you can do is let go of the business to save the family.

This doesn’t mean you “lost.” It means you’re wise enough to know that not all capital is financial.

✅ Peace is a return on investment too.

🪙 Peace Over Profit… Or Both?

Here’s a story I’ll never forget.

A client of mine, a second-gen founder named Andrew once told his dad, “I don’t want the company if it means losing my siblings.”

That moment changed everything.

Instead of pushing for titles and control, they brought in an external CEO, wrote down the family values in a charter, and focused on harmony.

Today, the siblings still own the business—but they’re not in each other’s way. And during Chinese New Year, they can still sit at the same table and laugh over fish skin crackers and childhood stories.

That, my friend, is real wealth.

💬 Questions to Reflect On (or Discuss Over Dinner):

  • What’s more important to me—being right, or maintaining the family relationship?
  • Have I ever assumed someone knew what I expected… without saying it?
  • If this business ended tomorrow, what would I want to remain?

🧭 The Big Takeaway: Build with both Head and Heart

Family businesses are sacred. They carry our hopes, our hustle, our history.

But they’re also fragile—held together not just by contracts and KPIs, but by trust, memory, and shared meaning.

If we want to build something that lasts beyond our generation, we need:

  • Structure and softness
  • Governance and grace
  • Logic and love

That’s a Wrap 🎉

Thanks for joining me on this journey through the world of family business. From messy beginnings to tough conversations and hopeful rebuilds, I hope you saw a bit of your story—and found something useful for the road ahead.

👉 What resonated most with you from this series?
👉 Have you been through something similar in your own family business?

Drop a comment, send a DM, or share this with someone who needs to read it.

And if you’re looking to start your own “family alignment” process—I’ve got tools, templates, and plenty of real life case studies/stories to help.

💌 Let’s Keep the Conversation Going:

👉 What resonated most with you from this series?
👉 Have you been through something similar in your own family business?

Drop uncle an email (TalkTo@unclehuat.com) , or share this with someone who needs to read it.

And if you’re looking to start your own “family alignment” process—I’ve got tools, templates, and plenty of real-life stories to help.

What We Can Learn from the Blow-Up when family goes to Court

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Series: Bloodlines and Bottom Lines – The Untold Stories of Family Business

Remember the Tan brothers? The family who went from “we share everything” to “see you in court”?

Today, we’re going deep into what actually happened when things got messy. And spoiler alert: it didn’t start in the courtroom—it started in silence.

Because the biggest risks in family business aren’t bad markets or bad products.
They’re bad assumptions.

Let’s break it down.

🧨 The Build-Up: Years of Unspoken Expectations

The Tan brothers (based loosely on a real case, with names changed to protect privacy) had all worked together since the early days. Some chipped in money, some managed projects, some did more “behind the scenes” work. There was this unspoken agreement that the business belonged to all of them.

But here’s the catch:
Only the two eldest brothers—Ah Fong and Ah Kheng—were listed as shareholders of their main company, Holdings One Pte Ltd

The others? They trusted that their “sweat equity” would eventually be recognised.

Fast forward 20 years. Millions in property assets. And suddenly, in 2019, the younger brothers—Ah Tong, Ah Teng, and Edwin—checked ACRA… and saw their names had been quietly removed from the shareholder list.

Their blood ran cold.

⚖️ The Court Case: When Family Becomes Litigants

After several ignored demands and awkward family meetings, the brothers did something no one wants to do—they filed a lawsuit.

What followed was a full-blown trial:

  • Each side lawyered up (well, some represented themselves—never a good idea).
  • Old emails and WhatsApp messages were dug up.
  • Contributions were disputed: “You didn’t help!” vs. “I mortgaged my house!”
  • A handwritten “Company Resolution” from 2012 showed they once agreed to divide the shares equally—but it wasn’t executed properly.
  • One brother claimed the shares were meant to be sold (and not given) but payment was never made.

At the heart of it all? Trust… broken.

🔍 The Judge’s Take: Intent Matters, But So Does Proof

The court ruled that there was an express trust in place—based on years of consistent behavior, verbal assurances, and that 2012 document.

In short, the younger brothers had a claim.
But it didn’t come easy. It took:

  • Years of litigation
  • Personal attacks in open court
  • Legal fees (think: six figures)
  • And the total breakdown of sibling relationships

No CNY reunion dinner was going to fix that.

🧠 Lessons From the Tan Brothers’ Breakdown

Let’s not waste their pain. Here are 5 takeaways every family business should note:

1. 🧾 If you’re not on ACRA, you’re not a shareholder.

It doesn’t matter what was said, promised, or WhatsApp-ed 10 years ago. In the eyes of the law, if your name isn’t on the company records, you don’t own squat—unless you can prove a trust (which is not easy and never pretty).

✅ Action: Check your ACRA listing today. Better to be disappointed now than blindsided later.

2. 🤝 Good intentions don’t replace proper documentation.

The 2012 agreement would’ve saved everyone… if they had followed through with legal share transfers. But they didn’t.

✅ Action: Don’t stop at a handshake or internal memo. File the documents. Update ACRA. Get signatures. Treat it like a business, not a birthday party.

3. 🧮 Contributions must be visible, valued, and recorded.

One brother claimed he loaned money. Another said he mortgaged his home. But without documentation or agreed valuation, it was all just he-said-she-said.

✅ Action: Keep records. If you’re contributing capital or property, make sure it’s tracked—and agreed upon by all.

4. 👨‍⚖️ Litigation is a last resort. And it’s rarely worth it.

Even when you “win,” you lose—time, money, and relationships. The Tan brothers may have resolved the shareholding issue legally, but they lost their bond as siblings. And no amount of dividends can buy that back.

✅ Action: Explore mediation early. It’s faster, cheaper, and often leads to a more dignified outcome.

5. 🧭 Unclear succession = guaranteed chaos

The eldest brothers made decisions on behalf of everyone. But when there was no roadmap for leadership, ownership, or handover… mistrust festered.

✅ Action: Start succession planning early. It’s not just about who takes over. It’s about building shared understanding, trust, and governance.

🎙️ One Brother’s Words Still Haunt Me…

“I never wanted the money. I just wanted to know my contribution mattered.”

That hit hard. Because that’s the heart of many family business disputes—it’s not greed.
It’s the hurt of feeling unseen.

Next Up in Part 5:

“Peace Over Profit? Rebuilding After the Rift”
 We’ll explore how some families have managed to reconcile, rebuild trust, and even come back stronger—plus, when it’s better to walk away for the sake of love.

💬 Have you seen a family business fall apart—or survive a rough patch? What helped or hurt the most? Drop uncle an email please (TalkTo@unclehuat.com)

Let’s help more families build legacies without losing each other in the process.

Contracts: Building Trust You Can Legally Enforce

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The Untold Stories of Family Business

So, we’ve talked about what goes wrong when family businesses run on vibes (aka verbal promises and “don’t worry, we’re brothers”).

It’s okay. You’re not alone. I’ve worked with dozens of family-run businesses in Singapore, and I can tell you—most of them only call a lawyer after the family group chat becomes a war zone.

But here’s the thing:
Legal structure is not the enemy of trust. It’s the insurance for it. It also helps to preserve the family ties because it keeps everyone accountable and responsible to each other.

So let’s talk about how to protect your family and your business.

☕ “But We’re Family… You Really Need Legal Docs?”

Yes. Especially because you’re family.

Let me give you an analogy. You wouldn’t build a $10 million property without the building authority’s approval, right? You wouldn’t pour concrete without architectural drawings. But so many families build entire empires based on a few WhatsApp messages and some nods over dinner.

That’s why when disputes happen, the question isn’t “What’s fair?” It becomes “What can you prove?”

📝 1. The Shareholder Agreement: Your Family Constitution

Think of this as the “terms and conditions” for being in the business.

A good shareholder agreement covers:

  • Who owns what % of the company (and what happens if someone wants out)
  • How dividends are paid
  • Decision-making rules (Can you buy a new shophouse without a vote?)
  • Dispute resolution mechanisms (Mediation first? Or straight to court?)

Bonus tip: Include a pre-emption clause—it gives existing shareholders the first right to buy shares before they’re sold to outsiders. Super helpful if someone suddenly wants to cash out.

True story: I once advised a family business where one of the cousin sell his stake to a complete stranger out of spite. The rest of the family was furious (of course), but legally, they couldn’t stop it—because there were no pre-emption clause.

👥 2. Roles, Titles & Salaries: Don’t Assume, Define

Every business needs clarity on who does what. Even more so in a family business where Auntie Susan “helps with accounts” and your brother “sort of manages sales.”

Write it down:

  • Job descriptions
  • Reporting lines
  • Compensation packages
  • Performance expectations

Set KPIs. Have performance reviews. Yes, even if it’s your eldest son.

Because guess what? When one sibling feels like they’re doing more but getting paid less—it festers and resentment grows fast.

🧓 3. Succession Planning: The Taboo We Need to Talk About

Nobody wants to think about Dad/Mom stepping down. But what’s worse? A business with no leadership plan.

Succession planning isn’t just about who takes over. It’s also:

  • How do you train the next gen?
  • When does decision-making transition?
  • What happens if the chosen successor doesn’t want it?

Start with a family alignment session. Get everyone to articulate their hopes and fears. Then work with a neutral third party—a coach, lawyer, or trusted advisor—to design a phased transition.

“Later then discuss” is not a plan. It’s a delay with a time bomb attached.

📃 4. Wills & Estate Planning: Because You Can’t Take It with You

Here’s where things get really sensitive. But if you don’t have a proper will (or trust), you’re handing your loved ones a problem, not a legacy.

Without a will:

  • The law decides how your assets are distributed (under the Intestate Succession Act)
  • Your family might end up in court fighting over what they thought you wanted
  • Business shares might go to someone who’s never lifted a finger in the company

You don’t need to be a billionaire to need estate planning. You just need to care about what happens to your business—and your family—after you’re gone.

👨‍👩‍👧‍👦 5. Family Charter: Optional, But Gold

This is less legal, more cultural. A family charter outlines your shared values, vision, and principles for working together. It can include:

  • What the family believes about money
  • Who can work in the business (must be qualified? Married in?)
  • Rules about loans, guarantees, or investing family funds

It’s like a mission statement—but for keeping the family grounded.

“Okay lah, but won’t all this make things awkward?”

Maybe for one or two meetings, yes.

But awkward conversations now prevent ugly conflicts later. I’ve seen families come out of these discussions closer, more aligned, and with a renewed sense of purpose.

Imagine how powerful it is to say:

“We love each other too much to let business tear us apart. That’s why we’re doing this.”

Let’s Make It Real: The Contract Checklist

✅ Shareholder agreement in place
✅ Roles and salaries defined in writing
✅ Succession plan started
✅ Wills and trusts reviewed
✅ Annual family business meeting scheduled

When Love Meets Liability: Why Family Businesses Fail (and How to Stop It)

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🧱 Series: Bloodlines and Bottom Lines – The Untold Stories of Family Business

Have you ever seen two aunties fighting over who gets their mother’s Nasi Lemak recipe? Now imagine that same dynamic… but it involves property, millions of dollars, and 20 years of blood, sweat, and unspoken expectations. (p/s: if you are in Singapore, you will see there are many hawker families that split because of the recipes and this CNA’s series documented it very well – food feuds)

Welcome to family business.

In Part 1, we met the Tan brothers—five siblings who built something special together, only to see it unravel when unspoken promises clashed with legal reality. But the Tan story? It’s not an outlier. It’s a pattern.

So why does this keep happening?

Let’s peel back the curtain on the quiet chaos behind many family-run businesses in Singapore—and more importantly, what you can do before it’s too late.

🧨 Reason 1: “We’re family. No need to write anything down.”

Sound familiar?

It’s the most common refrain I hear when advising family enterprises. There’s this deep cultural reflex—especially in Asian households—that says formalising agreements means you don’t trust each other.

But trust isn’t about handshakes. Trust is about clarity.

Let’s say Ah Seng promises his younger sister Mei Li that she’ll get 20% of the business “next time.” Everyone nods. Fast forward 15 years. “Next time” never came. And suddenly, Mei Li is scrolling through ACRA with a glass of wine and a rising sense of betrayal.

If it’s not written down, it never happened. Period.

💥 Reason 2: Mixing roles and relationships

In theory: your eldest son handles the books, your second-born runs operations, and your daughter helps “when she’s free.”

In reality? You’ve got overlapping responsibilities, zero accountability, and someone’s spouse complaining over dinner about “carrying the whole business.”

Here’s the deal—just because someone is family doesn’t mean they’re qualified. And just because someone is qualified doesn’t mean they want to take over.

Clear roles, job descriptions, and performance reviews aren’t just for MNCs. They protect relationships. They prevent sibling rivalries from turning into full-blown shareholder wars.

🪤 Reason 3: The Next Gen isn’t ready. Or worse, they don’t want it.

You’ve probably heard this saying:

First generation builds it. Second generation grows it. Third generation blows it.

Harsh, but there’s truth in it.

Many founders work 16-hour days to build something meaningful… but forget to build foundations for succession. So when it’s time to pass the baton, they realise no one’s been trained, no one wants the stress, or worse—everyone wants control, but no one wants responsibility.

If you’ve never had a proper family business meeting about succession, expectations, and vision… it’s not too late. But you’ve got to start before it becomes a fight over your hospital bed.

📉 Reason 4: Money makes things weird.

Let’s be real. We don’t like talking about money in most Asian families. It’s “not nice,” “disrespectful,” or “later then discuss.”

But money is the bloodstream of a business. If your brothers don’t know who actually owns the shoplot, or your kids think “everything is 50/50” because you love them equally… you’re sitting on a landmine.

Transparent communication about ownership, dividends, salary, and reinvestment isn’t greedy—it’s governance. And it keeps Christmas dinner drama-free.

📈 Reason 5: There’s no plan… just vibes.

Far too many family businesses run on vibes, not vision. Everyone’s “just trying their best.” But there’s no roadmap. No strategy. No emergency plan if dad falls sick or the market tanks.

Sound familiar?

Without clarity, emotions fill the void. And once egos enter the chat, it’s very hard to walk it back.

So, What Can You Do?

  1. Start talking. Set up regular, structured family business meetings. Not every dinner needs to turn into a boardroom… but some should.
  2. Get it in writing. Use shareholder agreements, employment contracts, and wills. It’s not a lack of trust—it’s a sign of respect.
  3. Bring in help. Whether it’s a family business coach, a lawyer, or your accountant—external professionals can ask the awkward questions and create safe boundaries.
  4. Respect the boundary between family and business. One is built on love. The other runs on structure.

🎯 Quick Self-Check: Are You Running a Business or a legacy Time Bomb?

☐ Do you have clear written agreements about ownership and roles?
☐ Have you had an open conversation about succession?
☐ Are family members being paid fairly and transparently?
☐ Do you have a mechanism to resolve disputes (that’s not “see you in court”)?
☐ Is everyone clear on your vision for the future?

Liberation Day and the Coming Trade Earthquake

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🎯 The Return of Tariffs

Last night on 2nd April 2025, President Donald Trump rolled out what he proudly branded as “Liberation Day”—a sweeping tariff overhaul that effectively rewrites the rules of global trade. If you’re having déjà vu, you’re not alone. We’ve been here before. Only this time, the stakes are higher, the timing worse, and the ripple effects more unpredictable.

Let’s unpack what’s happened, what it means, and why it’s not just another headline to scroll past.

🔁 What’s a “Reciprocal Tariff,” and Why Should You Care?

Trump’s proposal starts with a blanket 10% tariff on all imports into the U.S., effective April 5. But that’s just the opening act. The bigger shift kicks in April 9, when “reciprocal tariffs”—ranging from 20% to 49%—hit about 60 countries. The logic? If another country taxes U.S. goods at 30%, the U.S. will now do the same to them.

In a vacuum, it sounds fair—almost elegant. Like a simple mirror held up to global trade practices. But economics doesn’t happen in a vacuum. It happens in messy, interdependent systems with human behavior, complex supply chains, and investor psychology thrown in. That’s where the problems begin.

📉 The Markets React: Fast and Furious

The announcement wiped out nearly $5 trillion in U.S. market value within hours. Apple dropped 7%. Nvidia lost 4.5%. Dollar Tree—a bellwether for inflationary stress—plummeted 11%.

Dow futures fell 1,100 points on cue. The message from Wall Street was clear: this isn’t about patriotism. It’s about profit margins, pricing power, and supply chain calculus.

The tariffs aren’t just economic policy; they’re a psychological signal that the world’s largest economy is pivoting away from interdependence—and possibly toward stagflation.

🌍 the Geography of Trade Shock

Let’s be honest: no one truly “wins” in a global trade war. But some will suffer less, and a lucky few might actually benefit from the reshuffling.

The Losers (For Now):

  • China: Now facing a combined 54% tariff. If you’re a U.S. company sourcing electronics or materials from Shenzhen, this just became your biggest headache.
  • Vietnam: Punished with 46% due to its growing trade surplus with the U.S.—a reversal of fortune after being the safe haven in the last U.S.-China tiff.
  • Europe, Japan, South Korea: Each slapped with 20–25% tariffs, impacting autos, semiconductors, and pharmaceuticals.

🏠 Closer to Home: What This Means for Singapore

Singapore escaped the worst of it—only the 10% baseline tariff applies. But “least bad” is not the same as good.

Here’s the reality:

  • Electronics and pharmaceuticals, which make up a hefty slice of Singapore’s exports to the U.S., just got pricier and less competitive.
  • MAS and MTI are already hinting at a downward revision of growth projections. The original forecast of 2.6% GDP growth may start to feel aspirational.
  • And with 45% of firms saying they’ll pass on the higher costs, expect margin pressure, inflation trickle-downs, and supply chain detours.

To borrow a phrase from macroeconomics: Singapore isn’t in the eye of the storm, but it’s close enough to feel the wind.

🧮 Global Economics: The Bigger Picture

Here’s the part no one wants to admit: tariffs are a tax. Not on foreign companies—but on consumers. Every 10% tariff? That’s a hidden cost that shows up in your receipts, your rent, your Amazon Prime order.

According to the IMF and Yale economic models:

  • U.S. GDP may drop by 1.45%, costing American households roughly $3,487 per year.
  • Global GDP could shrink by $500 billion, dragging down growth in Canada, Mexico, Vietnam—and yes, even Singapore.

And perhaps most troubling of all, this is happening at a time when global inflation is already sticky and geopolitical confidence is brittle.

🧠 Final Thought: Trade Wars Are Not Math Problems

You can’t solve trade with a calculator. Reciprocity sounds neat, but economies aren’t tit-for-tat spreadsheets. They’re ecosystems. Interdependent, messy, irrational.

Aswath Damodaran once said: “Risk is what’s left when you think you’ve thought of everything.” That applies here. The biggest risk of these tariffs isn’t the immediate price hike—it’s the long tail of unintended consequences.

Supply chains will reroute. Partnerships will erode. Trust will take a hit. And in the end, no spreadsheet will capture the opportunity cost of that erosion.