How to sustain an Indonesian family business -- and the environment

With generational transition, steelmaker GRP has embraced professionalization

Kimin Tanoto

July 2, 2023 05:00 JST

GRP sought to create an open ecosystem in which idea generation would not be centralized among key family members and to tap the potential of the entire team. (Courtesy of Gunung Raja Paksi)

Kimin Tanoto is a member of the executive committee of Indonesian steelmaker Gunung Raja Paksi and is the co-founder and CEO of asset management company Gunung Capital.

In Southeast Asia, around 85% of businesses valued at $1 billion or more are still run by their founder or founding family. But like elsewhere, most family-operated businesses here do not survive the transition to the second generation.