How the boss of Singapore’s Pan Pacific hotels is gearing up for a post-pandemic futureWith almost three decades at the helm of Banyan Tree, Ho has steered the hotel chain through plenty of ups and downs. One of the most difficult crises he has had to navigate is the 2004 tsunami. “We had resorts that were completely destroyed. Thankfully, we had no deaths, but we had so many stories of near deaths,” he recalled. “That really affected us because our people were affected.
“There are waves that will peter out prematurely. Or there may be a big wave that comes but others are still sitting around and paddling. But this wave happens to be the one near where you are sitting. Some get on the wave too soon or too late. But there may be some who are skillful enough to ride the wave all the way to shore. So entrepreneurship is a combination of skill, pure luck and good timing,” he elaborated.
Ho says his children have brought “a lot of freshness” into the business. “I may think that I try to be innovative, dynamic and smart, but very often, my many years of experience has made me a bit cynical or unwilling to try new things because I’ve been burned before. But at the same time, experience is useful. So having my children in the business is a good balance.”
While he has gradually stepped back in some areas of the business, Ho doesn’t believe he will ever fully retire. “When you are in a family business, you don't need to fully retire. But when you get that old, you should recognise your own frailties and fully retire from anything that really moves the needle or you will only be holding the company back. But you also know that if you’re an entrepreneur and you’re fully retired, you’ll probably die pretty quickly,” Ho shared with candour.