Namchow’s success is based on diversity, constant improvement and win-win partnerships. Namchow’s evolution from a premier local manufacturing and distribution partner for international consumer groups to a leading retail brand in restaurants (including Paulaner Brähaus), edible oils and bakeries has been the result of Namchow’s evolving strategy over six decades.
Adaptation is the key to success in China. Taking a trusted business strategy from the old-world and copy/pasting it into China would be like taking a dinosaur to a horse race. When entering the China market, Victor Wong recommends that companies “assume they’re going to Mars” and develop completely new tactics and strategies if they expect to survive in China's competitive and constantly evolving market. He focuses on the value of talent, and describes how he prefers building a small, high performance team rather than an army of hundreds.
Michael discusses best practices to conduct due diligence in Merger and Acquisition (M&A) transactions in Greater China. Unlike in the west, China due diligence is not verifying documents on a checklist. The key is to verify information in the context of a changing society. If one does not understand that society’s past, present and future, the mechanical exercise could create significant operational issues. The due diligence process does not end at the closing.
Nick provides a detailed chart of the process to establish a joint venture in China. This roadmap demystifies the process by setting forth clearly the role and tasks of each participant in a joint venture formation, from the concept stage through the wrap up stages. This lifts the curtain and illustrates at each stage in a Joint Venture’s life cycle what the foreign/local JV parties are supposed to do as well as the legal/business team and the government.