Just as most family businesses, EY clearly places our long-term stakeholders at the center of our business.
EY as a trusted partner of family businesses
That EY takes a particular interest in family businesses and profiles is no coincidence. Simply looking at our firm’s DNA makes it evident that we display many of the characteristics common to family businesses. Our motto is ‘Building a better working world’, which closely matches the long-term view and drive for strong social impact so characteristic of family businesses. We also put the stakeholders first. Our entrepreneurship is not just about profit, but about striving for a healthy balance between the numbers, our customers, suppliers and, of course, our employees. This natural fit is also a direct result of our multidisciplinary approach and our in-house expertise. This covers numerous areas, from building family charters and accompanying legal documents, to tax advice, support for acquisitions and partnerships, auditing, inheritance tax issues and even HR strategy. We are a one-stop-shop for family businesses.
Model for measuring
The accumulated experience with family businesses of various sizes and often with very different activities has led to a very holistic model, the EY DNA model of family businesses. This is a tool that should enable family businesses to form a good overview over where they stand. Based on this model, EY enters into discussions with these companies around their long-term vision. Where do they want to go? What do they need to achieve this? Using the ‘Are you future-proof’ concept that we launch this year, and thanks to our extensive services, we can create real added value for them. ‘Future Proof’ consists of thinking about what will continue to deliver sustainable growth tomorrow. In doing so, EY offers the opportunity to build the path for realizing the family’s long-term vision through three collaborative workshops that draw on our years of experience with successful growth companies. Attached to this is a strategic thinking section, coupled with a session based on the ‘seven drivers of growth’, where we examine the seven pillars that characterize strong growth companies, and a final session around family values and how these can continue to flourish into the future.
Where long-term thinking is the strength of a family business, disagreements about the company course, lack of communication and late preparation for transfers are their greatest weaknesses.
Award and NextGen initiatives
The annual ‘Family Business Awards of excellence’ that EY organizes with our partners BNP Paribas Fortis, FBN Belgium, Guberna and Mediafin is often mentioned along with the ‘EY Entrepreneur Of The Year’. However, this is a separate initiative with different emphases. Short-term growth is not as important here; the focus is on issues such as corporate governance at family and company level, the social impact of the company and value-creation across generations. We look for best practices, examples that can inspire other family businesses and from which we too can learn. This contributes to our expertise, which ultimately benefits all family businesses. Our NextGen initiatives, such as the EY NextGen Academy, a one-week summer program for young successors between the ages of 18 and 30, set up in partnership with quality business schools such as St-Gallen, INSEAD and Kellogg, as well as our ‘Tomorrow’s Legacy’ network sessions for young professionals, also aim to contribute to the long-term success of family businesses.
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Summary
Numerous surveys and studies refute the myths. The concept of family business is often surrounded by an aura of a lack of corporate governance and transparency, but the facts tell a different story. They often combine the stability of long-term thinking with modern business management. That makes them more efficient and resilient. Over the years, it is exactly this type of company that EY has specialized in. We combine our expertise with specific services and creative initiatives so that we can make a real difference together.
