A Life Committed To Health

A Life Committed To Health

A life outside the Philippines seems the only way for the Salimbangons to have a comfortable life – well paying jobs for IT manager Elton and registered nurse Cathy to save a lot for the family. Opportunities abound, but their status in U.S. was unsettling – they were working professionals, but not citizens in these countries. “We had working papers but we got tired of renewing it because it was tedious and very expensive (on their status in U.S.),” says the couple. That’s when they decided to come back to the Philippines in 2008 and finally settle. “We thought it was a sign to come home,” say Elton and Cathy, who worked in both countries for nine years, raised three kids and worked hard for the family. “From the income we earned, we only spent one-fourth for living expenses and the rest were kept as savings.” So Cathy came home with the kids with their savings, then Elton followed after six months. Sharing health The Salimbangons are frugal, who until now live simply with only a small portion of their earnings spent on food, education of the three children and health of the family. They live a life on things essential like education – their two daughters are back in Canada, studying college while one son is here – and health, which they believe is the only wealth in the world that they could share with others. Indeed, in 2009 they founded The Organique, the company which is into health and wellness, giving consumers products like Organique Acai Premium Blend, imported from the U.S. and now one of top-selling...
Building Up a Business Successor

Building Up a Business Successor

Leaders are made not born. To become a leader, shine and be respected, one has to be made. If you are the boss of family-owned business and ask yourself, “How am I going to be certain that our company would still flourish when I am old and dying?” Grooming your offspring to become a successor is a big option. But your son or daughter or whoever in the family may not accept the role as the next leader of your company. Making efforts to build up extensive exposure to gain interest and early training to derive the excellent skills may pay off and produce a great business leader and successor. Guiding principles To transfer the big boss’ qualities to the rightful successor is not impossible. Right techniques, practices, time and dedication are needed. Empowering an individual is a process. Here are some principles that you may consider in building up a successor. 1. Require your potential successor to experience work outside family business for at least five years to have enough training and establish a name for himself or herself. Expecting the successor to gain the full faith of the company’s employees is too much, especially when he or she is brought to the post simply because of family connections. It would be an abrupt move and may lead to lack of proper standing which the successor may not deserve. Coming in to the family business with a proven track record from an outside company, the successor may receive rightful recognition. 2. Encourage him or her to initiate school projects or community activities to serve as training ground for...
Gokongwei’s URC Sees Slow Sales Growth Of Snacks And Beverages

Gokongwei’s URC Sees Slow Sales Growth Of Snacks And Beverages

The Gokongwei-led Universal Robina Corp. (URC) sees sales growth of snacks and beverages slowing down to 8 percent to 9 percent this year because of demand threats and stiff competition, a BusinessWorld report said.This is slower than the 18.1 percent growth registered in 2015, according to president and chief executive officer Lance Gokongwei. This comes at a time when the country is amid an election season when strong consumer spending is usually seen to benefit consumer goods companies such as URC. Despite the slowdown in sales, publicly listed URC is targeting to preserve its margins for the total business for the current fiscal year (Oct 2015 – Sept 2016). “We continue to remain cautiously optimistic given challenges that affect consumer sentiment and overall demand,” he said. He cited the impact of the El Niño weather phenomenon, slower growth in remittances and weaker microenvironment in Thailand. URC warned that soft commodity prices are seen gradually increasing toward the end of the current fiscal year and volatility in the foreign exchange market continues to be a threat. “We expect intense competition beyond coffee coming from global multinational corporations, regional players and focused category players,” Gokongwei said. While sales growth of the domestic branded consumer food business eased to 5.8 percent, profit climbed at a faster pace of 47 percent to P4.8 billion in the first quarter (October-December) of its fiscal year 2016 due to soft commodity prices. Overall, the branded business grew by a tenth, but domestic operations were challenged by intense competitive pressures on coffee and weaker demand in some channels. Likewise, the international business is growing in key markets, but forex remains to...
SM Prime To Venture Into Low-Cost Housing This Year

SM Prime To Venture Into Low-Cost Housing This Year

When a family business grows big, it begins taking care of the small. Led by mall mogul Henry Sy, publicly listed SM Prime Holdings, Inc. (SM Prime) will go into low-cost residential housing this year. It will allot 1,200 to 1,500 units to low-cost housing, or about a tenth of its 12,000 to 15,000 units it plans this year. SM Prime said sales from low-cost housing are estimated at P36 billion to P40 billion. “We will enter the market gradually,” said Jose Mari H. Banzon, SM Prime business unit head for primary residential, in a BusinessWorld report. “We are diversifying our product base to include the lower-end of the economic housing segment,” he said. SM Prime is looking at midrise development within the price range of P800,000 to P1.5 million per unit. The price ceiling falls under the Housing and Urban Development Coordinating Council’s (HUDCC) definition of low-cost housing (level 1), which is above P450,000 to P1.7 million. SM Prime was to roll out projects in Cavite and Pampanga last year, but it pushed back the launch to a later date as it consolidated properties for these developments. In a briefing last week, real estate advisory firm Colliers Philippines said the recent property boom has failed to address the huge housing backlog, the bulk of which are under P1.2 million. Under the HUDCC’s definition, socialized housing refers to projects priced P450,000 and below. Julius Guevara, head of advisory services at Colliers Philippines, said property developers are moving to address the mismatch in actual demand from the end-user market compared to what has been developed over the past years. This...
Overcoming the Dilemma Over Business Succession

Overcoming the Dilemma Over Business Succession

In managing a family business, succession will always become an issue. Seeing a small company grow big is any businessperson’s dream come true. However, reality comes when change is needed and leadership has to be placed to the rightful and deserving individual. To be at the top requires a protégé. The question is, when a dilemma over which to select as the company’s successor is present, how does the big boss come across? Here are some tips. 1. Think of what is best for the business It would not be wise to base the selection criteria only on DNA in deciding who shall claim responsibility over the business. Skills matter and always will be. The talent pool entails having qualified and well trained manpower who will serve as efficiently as possible. 2. Foresight Plan the business as far as 20 years from present. Strategic planning may come a long way up to five years ahead. Nevertheless, generational terms may need to be considered. Where you want the company to be in the future through the kind of leadership needed relies on how far goals are set. 3. Due diligence in preparing for a company succession The successor has to be well informed about the company’s assets, overall performance and direction through proper evaluation. 4. Involvement of family members who will become future leaders Gaining a shared vision is challenging yet possible if family members who will become future leaders engage in open communication. You will be amazed at how siblings and cousins know more about each other compared to what parents actually know. Since, they are the ones to...