Unforgettable lessons from late SM Group & BDO founder Henry Sy Sr.
It was a unique privilege to have personally known and conversed over the years with the late Henry Sy, Sr., founder of the SM Group and BDO Unibank, Inc., and philanthropist of SM Foundation. I gleaned many lessons from this legendary self-made entrepreneur and the man known as the “shopping mall king” of the Philippines. His life’s work left an indelible mark on the country’s economy and serves as an inspiration for generations of people from all walks of life.
Here are some invaluable lessons from Henry Sy Sr.—whose 100th birthday we mark today—recounted to me by friends, associates, and also from those who admired him in the business sector.
Jimmy Tang, Avesco Group chairman, Federation of Filipino Chinese Chambers of Commerce & Industry, Inc. (FFCCCII) honorary president. This close friend of Henry Sy recalled that obstacles were not stumbling blocks for Sy. Instead, they made him stronger. “He could turn crises or disadvantages into stepping stones for further business growth and success,” Tang shared. Sy’s ability to thrive in difficult situations was a testament to his resilience and positive attitude.
Simon Roces Paterno, Bank of Commerce director, former DBP president. “He always told me, ‘Make things happen.’ In other words, do not wait idly. Be aggressive.” This proactive approach was a key factor in Sy’s success, and it remains a vital lesson for anyone striving to achieve greatness.
Josephine Gotianun-Yap, Filinvest Group and East West Bank leader. “Long-term vision, strong work ethic, integrity, excellent execution, organizational talent, and a well-thought-out partnering strategy.” These qualities made Sy not just a successful businessman but a visionary leader who knew how to build sustainable enterprises.
Yvonne Yuchengco, Malayan Insurance Group president. “I knew him to be very humble and hardworking. He loved his family.” These values anchored his life and leadership, reminding us that success is not just about wealth but also about staying grounded in personal principles.
Architect Felino “Jun” Palafox Jr. “I learned from Henry Sy the values of patience, perseverance, humility, trusting your instincts, and seeing crisis as an opportunity.” Palafox noted that Sy bought key properties, like SM North and SM Megamall, during economic downturns, showcasing his trailblazing optimism and foresight. Sy also taught the value of kindness and generosity, traits that made him not only a great entrepreneur but also a respected human being.
Architect Albert S. Yu, designer of numerous SMDC Condominiums. He shared five key lessons from Henry Sy:
- Be a Listener. Always listen to what your customers have to say. Understanding your market’s needs is essential to business success.
- The first million is the hardest. Sy told Yu that the first million in business is always the hardest to earn, but once you reach that milestone, the rest becomes more manageable.
- Invest in thinking. Sy valued having a comfortable environment for thinking. Ideas are valuable, and where you generate those ideas matters.
- Show Filipino hospitality. Despite his wealth, Sy never lost his sense of kindness and hospitality. He would even offer his visitors a simple treat, like chicken pie, to show his warmth.
- Well-informed decisions. In both design and business, Sy stressed the importance of making well-informed decisions. Confidence in one’s knowledge and instincts is key to moving forward.
My own lessons from Henry Sy, Sr.
Integrity. For Henry Sy, integrity was at the core of everything he did. Without it, no venture could stand the test of time. He always upheld honesty, fairness, and responsibility in his dealings. The late CE Construction CEO Johnny Tan, builder of SM North EDSA, told me of Sy’s integrity.
Humility. Despite his success, Sy remained humble. He never allowed wealth or fame to go to his head.
Determination to be No. 1. Henry Sy’s determination to be the best was unwavering. He aimed to be No. 1 in every venture, whether it was in retail, real estate, or banking. This drive for excellence pushed him to constantly innovate and improve.
Human resources mastery. He knew how to surround himself with the best people. Sy believed in the importance of nurturing talent. By building strong teams, he ensured the long-term success of his businesses.
Focus on family and succession. One of Sy’s most admirable traits was his dedication to raising and training his children and executives to continue his legacy. He focused on instilling the same values in his family that had guided him throughout his life.
Efficiency. Henry Sy valued efficiency in every aspect of his businesses. Whether it was streamlining operations or maximizing resources, and in always seeking better ways to do things.
Simple lifestyle. Despite his wealth, Sy led a life of simplicity. He avoided extravagance and chose instead to focus on the essentials, both in life and in business. This simple lifestyle allowed him to maintain clarity and focus on what truly mattered. I was surprised that he was no longer young when he called me one morning to invite me to visit his new simple house which his daughter Tessie Sy Coson had bought for him using his check because he had lived for decades in a simple condo unit.
Boldness and entrepreneurial courage. Sy’s journey was marked by bold decisions. He wasn’t afraid to take risks, whether it was pioneering the mall culture in the Philippines or expanding into uncharted industries.
Long-term vision. One of Sy’s greatest strengths was his ability to see the big picture. His focus was always on sustainable, long-term growth.
Hard work. At the heart of Henry Sy’s success was his unwavering dedication and work ethic. He believed that there were no shortcuts to success, and he exemplified this belief through tireless effort and perseverance.
The legacy of Henry Sy, Sr.
Henry Sy, Sr. was more than just a business titan; he was a man of vision, perseverance, and deep personal values. His journey from a humble immigrant to the patriarch of the largest business conglomerate in the Philippines is a testament to the power of hard work, long-term thinking, and maintaining integrity every step of the way.
The lessons he imparted—whether through personal interactions, business practices, or the lives of those he touched—remain as relevant today as ever. As entrepreneurs, leaders, professionals, and individuals, we can all draw inspiration from his example, not just in the pursuit of success, but in the way we live our lives and treat others.
His story reminds us that greatness is not measured merely by wealth or status but by the lasting impact we leave on our family, our community, and the world. Through his life and legacy, Henry Sy, Sr. showed that true success is built on hard work, humility, and a relentless drive to make things happen, no matter the obstacles.
10 business lessons from Tatang
- Start from the ground up: Hands-on experience. Emphasizing the importance of understanding all aspects of the business by starting with basic tasks. This approach fosters appreciation for the entire workforce.
- Lead by example: Model behavior. Demonstrating dedication and hard work inspires others. Tatang instilled the value of commitment in his family, shaping a strong work ethic.
- Focus on Values: Shared values. Building a business culture rooted in core values such as resilience, innovation, and compassion. These values should guide decision-making and interactions with others.
- Prioritize relationships: Understanding people: Recognizing that success is not just about financial gain, but about understanding and valuing the people behind the business.
- Be humble and hungry: Continuous improvement. Encouraging a mindset of humility, curiosity, and a relentless pursuit of excellence. Staying grounded helps in navigating challenges and seizing opportunities.
- Embrace change: Adaptability. Acknowledging the need to evolve with market trends and consumer demands, while still maintaining the core principles of the business.
- Empower the next generation: Succession planning. Actively preparing and mentoring the next generation to take on responsibilities, ensuring the business’s legacy and vision continue.
- Compassion in business: Malasakit. Conducting business with care for employees, customers, and the community. Recognizing that success should not come at the expense of others.
- Invest in education: Lifelong learning. Valuing education and personal development as critical components of growth, both for oneself and for future generations.
- Balance profit with purpose: Holistic approach. Understanding that business success should not only focus on profits but also consider the broader impact on society and the environment.
These lessons highlight Tatang’s holistic approach to business, emphasizing the importance of personal values, relationships, and community impact alongside traditional business metrics.