Which Is More Important, Wealth or Creating Lasting Memories?

By Prof. Enrique Soriano

My work entails interacting with all kinds of business owners and founders in Asia and they all share one thing in common, they are all serial entrepreneurs, opportunistic, and tireless leaders that are obsessed with making money, constantly on the lookout to make more deals and fixated on pushing the boundaries when it comes to accumulating wealth. In many cases, I also play witness to so many of them neglecting family relationships, denying that there are conflicts within the family, ignoring deep-seated issues, and refusing to listen to their spouses and offspring. This can be heartbreaking, as I know that when something happens to them, the entire family and business can cave in.

When the Business Leader Dies

When a key business leader dies, it can disrupt the very foundations of the business and the institutions where employees’ lives and those of many stakeholders depend. As I emphatically share with my audience in speaking engagements, “When a business owner dies or becomes permanently disabled, the business itself may die or be permanently disabled—not because something wrong was done, but because nothing was done!” And there lies the danger. When these business leaders are no longer around, the business suffers a hit, and more often than not, the damage can be irreversible.

I recently came across a thought-provoking phrase that deeply resonated with me, emphasizing the importance of making a difference while we still have the chance—not just as business leaders, but as family members. This reflection took me back to a conversation I had with my good friend, Gerry “Mr. Ube” Chua.

Gerry, the visionary leader and third-generation steward of the 112-year-old Philippine-based Eng Bee Tin Chinese Deli and Bakery, shared a poignant story. When he was 54 years old, he decided to step back and allowed his three children to take the lead in the business. He focused on what he termed “building memories with family and friends while there is time,” a sentiment steeped in nostalgia. That was almost 10 years ago when he handed over the reins of the business to the fourth generation successors. And Gerry never regretted it for one bit. To this day, he considers himself lucky. His children are doing a fantastic job, and Gerry and his very supportive wife, Rose, are building lasting memories.

Let me share this phrase with the hope that business leaders will embrace it in their moments of introspection. Unfortunately, I could not attribute the phrase to its original source, as I was unable to find the person who quoted it:

“In 100 years, by 2123, we will all be buried alongside our relatives and friends. Strangers will inhabit the homes we fought so hard to build, owning everything we cherish today. Our prized possessions, including the car we invested so much in, will likely be scrap, perhaps coveted by an unknown collector. Our descendants will scarcely remember us, if at all. How many of us know our grandfather’s father? After we pass, we might be remembered for a few more years, then we’ll become just a portrait on someone’s bookshelf. Eventually, our history, photos, and deeds will fade into oblivion.

If we took a moment to reflect on these questions, we might realize the futility of our relentless pursuit of material success. Our perspective would shift, and we would become different people. The constant quest for more leaves us with no time for what truly matters in life. I would trade it all to experience the walks I never took, the hugs I didn’t give, the kisses for our children and loved ones, the laughter from jokes we didn’t have time for. These are the moments that would fill our lives with joy, yet we squander them daily with greed and intolerance.”

To be continued…