SINGAPORE: In Singapore, where less than 10% of family businesses plan for succession, Benny’s Gems Creations is an exception. Isabelle Lum, a 36-year-old second-generation jeweller who chose carats over her career, revived her father’s gemstone business during the challenging times brought on by the COVID-19 pandemic.
The success story of Benny’s Gems Creations is not just about surviving but thriving. The generational transition led to a remarkable 70% sales growth from 2018 to 2022. Isabelle Lum’s choice to embrace the family business, navigate challenges, and contribute to its growth during unprecedented times is a testament to the resilience of family entrepreneurship. In a city where succession plans are a rarity, Benny’s Gems Creations proudly continues the family legacy, showing off Singapore’s biggest gemstone collection.
When the pandemic hit, Isabelle Lum, then a regional HR administrator, was at the helm of Benny’s Gems Creations, a business founded by her father, Benny Lum. The business, boasting Singapore’s largest gemstone collection, relied heavily on face-to-face sales, which took a significant hit due to COVID-19 restrictions. In response to the crisis, Isabelle took the initiative to create a website for the business, enabling e-commerce sales during the Circuit Breaker period.
What began as a simple request from her father turned into a heartwarming journey of family bonding. Isabelle’s involvement in transitioning the business online sparked an unexpected interest in gemology. As she gradually took on more responsibilities, she found herself inheriting the family business, ensuring the continuation of her father’s legacy.
With decades of combined expertise in bespoke jewellery and a touch of exquisite Hong Kong-based craftsmanship, Benny’s Gems Creations, led by Benny Lum and his daughter Isabelle Lum, brings a unique flair to the industry.
Benny’s Gems Creations has also established partnerships, such as the collaboration with Breuning Jewellery in Germany for wedding bands, solidifying its reputation as a trusted name in the industry.
Research by PwC, as reported by The Straits Times, highlights the rarity of succession plans in Singaporean family businesses, with “only 8 per cent have a robust, formalised and communicated succession plan in place, compared with 12 per cent in the Asia-Pacific and 15 per cent globally; and 34 per cent have a cost, formalised and documented mid-term plan, versus 43 per cent in the Asia-Pacific and 49 per cent globally.”
This peculiar situation is amplified when considering the increasing demand for local family businesses. However, it’s not a straightforward decision for next-gen entrepreneurs, torn between preserving a family legacy and dealing with practical challenges like adapting to the digital era. /TISG