Stay focused, stay hungry, stay humble. This is the mantra passed on by the late business tycoon Henry Sy, fondly called Tatang, to his children and grandchildren who are now spearheading the companies he left behind.
Father and son Hans Sy and his junior, Chico, in one of their rare public appearances together, spoke about this and other lessons in succession at SM in a fireside chat at the National Retail Conference and Expo 2024 at the SMX Convention Center in Pasay City on August 30.
Hans is chairman of the Executive Committee of SM Prime Holdings, while Chico is president of SM Engineering Design and Development.
Chico recalled how he was exposed to the business at a young age much like his father. He remembered walking through SM City North EDSA when it was still a construction site.
Hans, on the other hand, started at age 13, throwing the garbage out and assisting the cash clerk.
For the second generation, Hans said, it was all about working from the ground up and understanding the operations, and experiencing what the rank-and- file go through on a daily basis.
For the third generation, it was slightly different as Hans recalled how Tatang would eagerly spoil the grandchildren, easing up with them and showing his softer side.
The two generations, however, agree that shared values play an essential role in making succession effective and rewarding.
Chico may have the privilege of being the first grandchild and the first of the third generation to study abroad; but he is also the first one to admit that that put a bit of a pressure on him. All the other grandchildren have since gone on to study abroad as well, proving only that Chico did well.
Chico learned that working under the umbrella of a massive vision and legacy, one has a unique set of challenges. That, as a market leader, one should create his own benchmark and to challenge oneself every day.
Chico recalled Tatang’s reminder that behind every success is a person, and it was important to understand that person. To that, Hans spoke of ‘malasakit,’ or being mindful of others as an added dimension by which one conducts business at all times.
Resilient, innovative, and compassionate were the rules to also live by, embedded in SM’s DNA, according to Hans. He then reminded the audience that it should never be just about profit, of being the best, or dominating the market.
