- The Successful Transgenerational Entrepreneurship Practices series
Edited by Pramodita Sharma, Nunzia Auletta, Rocki-Lee DeWitt, Maria Jose Parada and Mohar Yusof
Chapter 8: Family’s decision in venture creation for next generation leaders: the role of trust across two generations in the case of diversification
My top priority now, is to retire. But I have broken my promise. I said I want to retire at 65, but I am already 69. This is not right. I want time for myself. I want to pass the business over to my children. (Haji Mohamed Fauzy Abdul Hamid). In January 2015, Haji Mohamed Fauzy Abdul Hamid (Fauzy) marked his 40th anniversary as the founder and owner of MOFAZ Group. MOFAZ evolved from a small retail shop that used rice sacks as partition and furniture for its distribution office to a giant conglomerate that managed diversified businesses of automotive, international and domestic trading, aviation, marine, services and hospitality, green technology, motor sports, advertising as well as wellness and well-being sectors. In the 1970s, Fauzy spent thirteen years working with Nestlé before he decided to resign and set up his own venture. He envisioned himself to be a distributor. With USD 10,000 from Nestlé as part of the dealership arrangement, Fauzy embarked on becoming the first Malay retailer and one of the most successful distributors for Nestlé Malaysia. Starting up was not easy. Soon after, with the assistance of the Malaysian government for start-ups, Fauzy bought his first shop lot at Taman Tun Dr. Ismail, which he proudly owned up to this day.
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