#AfterSix | Episode 4: The Gokong-Way

Summary

In this engaging interview, Lance Gokongwei, CEO of JG Summit, shares his journey from studying at Wharton to joining the family business. He discusses learning from his father, the importance of being a steward, and the evolution of the business with a focus on digital transformation. Lance also reveals his favorite snacks, his reading habits, and the importance of humor and resilience in his life. The conversation touches on his family dynamics, his approach to work-life balance, and his vision for the future.

Takeaways

• 🎓 Lance Gokongwei has a diverse educational background, attending schools in the Philippines, Singapore, and the US, including the prestigious Wharton School at the University of Pennsylvania.
• 🌐 Lance's experience in the US exposed him to a diverse student body and the need for self-reliance, which contrasted with his more privileged upbringing in the Philippines.
• 👔 After graduating Summa cum laude, Lance began his career in the family business, Universal Robina Corporation, starting as a salesman with a modest salary and an old company car.
• 📈 Lance's father instilled in him the importance of being a steward of the business and taking risks to be first in the market, which has influenced his approach to business leadership.
• 🔄 As CEO, Lance has focused on evolving the business by emphasizing a company purpose that provides better choices for customers and shared success for all stakeholders.
• 💡 Lance recognizes the impact of digital transformation on business and is actively involved in ventures like GOtyme and pursuing a digital banking license to stay competitive.
• 🏦 Lance values long-standing relationships with financial institutions like BPI, noting their reliability during both good and challenging times for the business.
• 🍿 Lance's personal favorites from his company's snack products include Vcut for its tangy barbecue flavor, Piattos Cheese, Nova Multigrain for health-conscious choices, Chicharon Bulaklak for indulgence, and mixed nuts as a go-to snack with drinks.
• 👨‍👩‍👧‍👦 Being the only boy in a family of girls, Lance learned humility and political skills, which have been useful in both family dynamics and business leadership.
• 🏋️‍♂️ Lance balances work with personal time, enjoying family meals, alone time for workouts, and catching up on his favorite podcasts and shows on Netflix.

Q & A

Where did Lance Gokongwei complete his secondary education?

Lance Gokongwei completed the last two years of his secondary education at the Anglo-chinese school in Singapore.

What was Lance Gokongwei's motivation for studying in the US?

Lance wanted to explore the world, meet all sorts of people, and develop an identity outside the Philippines.

What was Lance Gokongwei's first job after graduating from Wharton?

Lance's first job after graduating Summa cum laude from Wharton was working as a salesman for his father at Universal Robina Corporation.

What lesson did Lance Gokongwei learn from his father about business?

Lance learned from his father to think of the business as a steward rather than a source of income and to aim to be first and take risks to make an impact.

What is the company's purpose as articulated by Lance Gokongwei?

The company's purpose, according to Lance, is an unrelenting commitment to providing better choices for customers and creating shared success for all stakeholders.

How does Lance Gokongwei view the role of technology in business today?

Lance sees technology embedding throughout society and believes businesses need to transform to adapt to these changes.

What is Lance Gokongwei's approach to competing with fast-moving startups?

Lance believes that despite being a large conglomerate, they have substantial advantages like corporate reputation and relationships with customers and suppliers.

What are Lance Gokongwei's five favorite snacks from his company's portfolio?

Lance's favorite snacks are Jack 'n Jill Vcut, Piattos Cheese, Nova Multigrain, Chicharon bulaklak, and mixed nuts.

What advice does Lance Gokongwei have for young people entering the business world?

Lance advises young people to be patient, resilient, and to understand that worthwhile things take time and don't come easily.

How does Lance Gokongwei describe his relationship with his sisters?

Lance describes his relationship with his sisters as close but often a 5 vs 1 arrangement, which taught him to be humble and develop political skills.

What are some of Lance Gokongwei's personal interests and hobbies?

Lance enjoys spending time with his family, working out, running on a treadmill, and watching Netflix. He also listens to podcasts and reads publications like the Economist and the New Yorker.