Tycoons' deaths signal history's 'greatest wealth transfer,' says analyst

ABS-CBN News

Posted at Jan 23 2019 11:38 AM | Updated as of Jan 23 2019 04:55 PM

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MANILA -- The death of tycoons who built their empires from scratch such as Henry Sy and George Ty signal a changing of the guard while highlighting the need for succession planning, an analyst said Wednesday.

Transitions are "very sensitive and very volatile sometimes" and success lies in preparation, said executive coach Eric Soriano.

"We are witnessing the greatest wealth transfer in the history of mankind, from the baby boomers, from nothing, it's time to turn the new leaf, changing of the guard from the founder to the siblings," Soriano told ANC's Early Edition.

The "next cycle" of big businessmen is being led overseas by Facebook founder Mark Zuckerberg and locally, by DoubleDragon's Edgar "Injap" Sia and Udenna Corp's Dennis Uy, he said.

Risks to succession include transitioning to a huge conglomerate from a "mom and pop" operation, ownership, wealth management, professionalizing the organization and wealth management, he said.