Asharqia Chamber and the National Center for Family Enterprises launch 'Owners' Meeting.
Balhamar: The family charter must contain solutions to any danger that may threaten the company
The CEO of Salem Ahmed Balhamar Holding Group, Ahmed bin Salem Balhamar, emphasized the importance of governance in protecting family businesses and wealth, underscoring the necessity of crafting a family charter that includes various solutions in anticipation of any scenario that might pose a threat to the family wealth.
Balhamar made these remarks during the first session of the 'Owners' Meeting' series organized by the Asharqia Chamber in collaboration with the National Center for Family Enterprises at the Chamber's headquarters on Monday, October 9, 2023. The event was attended by the group's founder, Salem Balhamar, and the CEO of the National Center for Family Enterprises, Dr. Aathiz bin Ibrahim Al Mubarak, along with a notable number of business men and women, officials, and experts in the Eastern Province.
He emphasized that the experience of involvement in a family business should begin at the lowest level, allowing the children to form a comprehensive understanding and extensive knowledge about the business operations and procedures followed in the company for all cases. Through this understanding, children can initiate changes and improvements to the company's systems and regulations, fully grasping the positive impacts on the company as well as addressing any potential challenges that may arise.
During the meeting, which was moderated by Abdulrahman bin Mohammed Al Bassam, a board member of the Eastern Province Chamber, Balhamar explained that fate had placed him in a unique position as he started working with his father, the founder of the group. This experience added a lot to his journey in the company, where he was able to draw from it the essence of his practical and life experiences. However, this wasn't without its challenges, contrary to the ease that many might expect. His father followed a delegation approach before responding to any inquiry or commenting on any proposal he presented. His father directed him to conduct a small research by asking about the effects of the ideas he proposed and obtaining answers from those around him who had expertise and experience in the field. When he returned to his father with the information he gathered, his father would share his opinion or suggest the appropriate solution for what he had presented.
Balhamar mentioned that he inherited from his father a love for work and learned from him the importance of continuous change and development for the company and its procedures. He also learned the significance of education and skill development. His father always told him that if a person believed they had reached an advanced stage in knowledge that qualifies them to make decisions at any time, it marked the beginning of their downfall. His father also provided him with his experiences in various aspects of life, through which he was able to gain people's love and trust, a crucial task for a young man still in the prime of his life, dealing with diverse people on a daily basis.
Balhamar pointed out that he continued his education in postgraduate studies in India, and after that he was interested in engaging in training courses in various fields so that he could keep pace with changes in the field of work, and he still continues to do so, pointing out that his father did not place him in a leadership position until after he had achieved an achievement and become knowledgeable. With full details of his position so that he can answer any questions that may be directed to him in the future.
Balhamr gave advice to family businesses on the necessity of drafting a family charter that preserves the rights of all family members, arranging its internal home, protecting it from challenges or problems that may occur in the future, and starting governance procedures to protect the business from collapse, indicating that they benefited from the experiences of those who came before them in this field and were also able to communicate with Consulting companies and the National Center for Family Enterprises, which provided great services, helped the group in its transformation.
Regarding listing the institution on the stock market, he said that the group works in various fields and is now ready for listing, but they are waiting for the appropriate time for that.
