The founder of Royal Insignia, Ivan Hoe, and his daughter Racjel offer insights into the process of legacy planning from their respective perspectives.
Businesses with retiring founders often find themselves at a crossroads. Some owners cash out by selling the company off entirely. Others retain their financial interests, but have external executives take over business operations. Sometimes, the firm is simply shut down. Ivan Hoe of Royal Insignia is in a far more enviable position: all three of his children are involved in the business he founded, and look set to take over completely when he finally decides to hang up his spurs.
Ivan Hoe established Royal Insignia in 2000, with the business initially focused on creating orders, decorations, and medals for royalty and governments around the world. Along the way, the business has diversified to offer fine jewellery and customised gifts as well. Hoe’s three children have come on board over the years to help him manage the business, beginning with his eldest daughter, Rachel, who also spearheaded the creation of Royal Insignia’s restoration department.
In the debut instalment of the Opus Legacy Roundtable, jointly presented by Tatler Singapore and Opus by Prudential, the father-and-daughter pair lend their insights into just what it takes to build and pass on a legacy. Together with host Melissa Hyak, they discuss issues such as convincing one’s children to join the family business, managing sibling rivalry, and navigating the changing waters of the macro business environment across generations.
The considerations behind running an intergenerational business echo those of legacy planning in a personal capacity—beyond just assets and know-how, it’s also the transmission of values that define both these matters. For the latter, Opus by Prudential is on hand to offer its expertise in both wealth management and legacy planning through its suite of advisory services and bespoke solutions.
This Opus Legacy Roundtable Series is a partnership between Opus by Prudential and Tatler Singapore, and features iconic business leaders who have created their own family legacies. Each conversation delves into the lives of these successful figures while exploring the various aspects of a legacy.