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Buy, build, or both? Rethinking growth in a tougher market
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What struck me most is this: there is no fixed formula. Growth is contextual. Whether you are leading a multi-generational business or a founder weighing an exit, the real work begins with understanding who you are and where you want to be a decade from now. If the question is on your mind, listen now.
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Coordinating Producers: Claressa Monteiro & Chai Pei Chieh Video production and editing by: Studio +65
graphics: HYRIE RAHMAT
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From right: Ling Tok Hong, deals leader, PwC Singapore; Satoshi Yoshida, Acting Group CEO and Chief Strategy Officer, Eu Yan Sang International Pte Ltd; Richard Eu, Group Chairman, Eu Yan Sang International Pte Ltd; Claressa Monteiro, head of audio, The Business Times
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Growth used to feel linear. You build. You expand. You scale. End of story. But in today’s climate, it’s rarely that straightforward. In this episode of Ask PwC Singapore, I sit down with Richard Eu, group chairman of Eu Yan Sang, Satoshi Yoshida, its acting group CEO and chief strategy officer, and Ling Tok Hong, deals leader at PwC Singapore, to unpack what growth actually looks like when legacy, acquisition and transformation collide. Eu Yan Sang is not just any business. It’s a 146-year-old brand navigating new ownership, rising costs, digital disruption and shifting consumer expectations all at once. So the real question isn’t simply whether to grow organically or via M&A. It’s what must be preserved, what must evolve, and how you balance ambition with sustainability.
We talk about succession, relevance, AI in traditional Chinese medicine, an omnichannel strategy and the very human realities of integration. Because growth, as it turns out, is less about the deal and more about the discipline behind it.
Preserve the essence, transform the engine Eu reflects on thinking beyond family ownership to ensure longevity, and why sustainability is about relevance, not sentiment.
AI meets tradition Yoshida shares how digital and AI can enhance and not replace face-to-face trust in a heritage healthcare brand.
Buy, build, or both? Ling explains why integration capability and talent depth matter more than the transaction itself.
Why listen