In 2012, the Business Families Institute at SMU (BFI@SMU) was established to serve the “educational, engagement and research needs as well as aspirations of business families” in the region. According to BFI@SMU Academic Director and Vice President of Business Development and External Relations Annie Koh, it takes five to 10 years to train up the next generation, but the whole succession process can take close to 25 years. “To many of the current generation leaders, the most important success factor is willingness to learn… The whole ecosystem and family culture should come together to make sure that the successor gets the opportunities to succeed with confidence,” she said.