Deloitte Private serves family businesses, family offices and private equity firms
Deloitte Malaysia recently announced the launch of Deloitte Private, a dedicated practice that provides integrated advisory and assurance services to private entities. Private companies and family owned businesses face distinct challenges, affecting not only the future success of the business, but also the professional and personal goals of their owners. Their needs require a specific expertise.
According to a study by The Economic Intelligence Unit (EIU), family businesses in Malaysia are the least assured in Southeast Asia about their future-readiness. With the rise of Industry 4.0, this is not surprising, as many companies struggle with the new digital economy.
Deloitte Private’s subject-matter experts and industry specialists within the Deloitte global network advise family and privately-owned businesses, family offices and high net worth individuals, and private equity (PE) firms throughout their life cycle – helping them to grow, comply and report, and counter risks in an increasingly complex, global and digital business world.
Richard Loi, Deloitte Private Leader for Southeast Asia said, “We see an increasing demand from privately owned businesses for professional advice to tackle their most complex challenges: from investing in emerging technologies, expanding in global markets, to navigating tax reforms, restyling the workforce and countering omnipresent risks such as cyber-attacks. We have been advising privately owned organisations and with Deloitte Private formally launched in Malaysia, we aim to expand our network to reach more clients in the market.”
Yee Wing Peng, Country Managing Partner of Deloitte Malaysia said, “Focused on addressing the opportunities and challenges of private companies and family businesses, as well as entrepreneurs and high net worth individuals, I trust that our technical and industry capabilities, coupled with access to our Asia Pacific and global resources, gives us a unique value proposition to best serve the private market in the region. Deloitte Private offers a single-point of access that the decision-makers of family businesses and privately owned companies strive for. Our clients can benefit from Deloitte’s deep local expertise in tax, M&A, business transformation, assurance and risk management combined with the unmatched scale of our network worldwide.”
One of the differentiated service offerings in Deloitte Private is Family Enterprise Consulting, a highly customised service to business and wealth-owning families.
Deloitte’s Family Enterprise Consulting team has extensive experience in working with families that own and run businesses, journeying with them to achieve their objectives, implement their wealth strategies across the globe, and establish long-term structures fit for the future.
“One of the perennial challenges faced by almost every family and their family office is balancing the desire to preserve wealth through the generations with the income needs and ambitions of the current generation. Our suite of offerings has been designed specifically for this unique group of clients, and our aim is to address some of the fundamental questions and achieve clarity around priorities, wants and needs in order to help define and execute an effective strategy that preserves the family’s wealth and legacy for the future,” added Richard.
“With new government initiatives announced in Budget 2020 such as the RM70 million set aside for the Malaysian Digital Economy Corporation to set up 14 one-stop Digital Enhancement Centres in all states to facilitate access to financing and capacity building of businesses, we truly believe that the private market will continue to prosper,” said Chee Pei Pei, Deloitte Private Leader in Malaysia.
“Besides digitalisation and disruption, with the constantly evolving economic and political landscape, business are susceptible to other challenges and opportunities. One of the unique features of Deloitte Private is that there are differentiated offerings to serve the private segment, through our Family Enterprise Consulting services and our traditional, professional service offerings. A highly customised service offered that aims to integrate well designed family governance rules and structure into the overall culture and dynamics of the family enterprise,” Pei Pei added.
The first Deloitte Private practice in Southeast Asia was launched in Singapore. Including Malaysia, Deloitte Private is being launched in several other markets in Southeast Asia.
Launching Best Managed Companies
Deloitte Private will also launch Best Managed Companies in Malaysia. Best Managed Companies is an awards program recognising privately held companies for their organisation’s success and achievement. The program provides a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in Malaysia and across the world in areas such as strategy, governance, culture and innovation. Best Managed Companies in Malaysia joins a global awards program currently active in the Americas, Europe, Australia, China and now Southeast Asia.