SALES aren't the leading problem of why businesses crumble, but succession is. Many founders struggle to pass on their businesses to their children and the younger generations — a topic touched upon at the opening of SMX Academix.The event featured renowned speakers Francis Kong and Raymund Sanchez. For Kong, businesses that failed to prepare the process of passing down their businesses to the future generation were setting themselves up for failure.
Kong highlighted how technological adaptation was essential for businesses that would not want to render themselves obsolete.'Let the children have their way. Guide them. Make them appreciate your presence, which should never die,' Kong said.An inspiring story of survival was the topic of Sanchez. Aboard a plane to Singapore, Sanchez was found unconscious. His family was required to make an important decision about his brain surgery, particularly his youngest son.