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Deloitte Thailand launches new advisory service for family-run businesses

Dec 02. 2019
Deloitte Thailand  launches Deloitte Private, a dedicated practice that provides integrated advisory and assurance services to private entities.
Deloitte Thailand launches Deloitte Private, a dedicated practice that provides integrated advisory and assurance services to private entities.
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By THE NATION

Deloitte Thailand on Monday (December 2) announced the launch of Deloitte Private, a dedicated practice that provides integrated advisory and assurance services to private entities.

In Thailand, family businesses are growing stronger, as out of a total net worth of Bt42 trillion from all Thai businesses, approximately Bt30 trillion is family-run businesses, or 72 per cent of the total business value, and more than 50 per cent of listed companies are family owned, according to Deloitte. 

Professionalising the business remains a key concern among family business owners.

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 firms, helping them to grow in an increasingly complex, global and digital business world, the firm 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 cyberattacks,” said Richard Loi, Deloitte Private leader for Southeast Asia. “We have been advising privately owned organisations, and with Deloitte Private formally launched in Thailand, we aim to expand our network to reach more clients,” he added. 

“Our in-depth knowledge, 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,” said Philip Yuen, chief executive officer for Deloitte Southeast Asia. “Deloitte Private offers a single point of access that the decision-makers of family businesses and privately owned companies strive for.” 

One of the service offerings in Deloitte Private is Family Enterprise Consulting, a highly customised service for business and wealth-owning families.

“The economic environment requires businesses to adapt quickly,” said Subhasakdi Krishnamra, country managing partner, Deloitte Thailand. “Family businesses are facing distinct challenges affecting their future success. Being agile and staying in the game will offer businesses growth opportunities and the ability to compete in today’s dynamic markets amid uncertainties.”

“One of the perennial challenges faced by almost every family is balancing the desire to preserve wealth through the generations with the income needs and ambitions of the current generation,” added Phansak Sethsathira, partner and leader of Deloitte Private Thailand. “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.” 

The first Deloitte Private practice in Southeast Asia was launched in Singapore. Besides Indonesia, Deloitte Private will be launching in several other markets in Southeast Asia soon.

Deloitte Private will also launch Best Managed Companies in Indonesia – an awards programme recognising privately held companies for their organisation’s success and achievements. 

Best Managed Companies Indonesia joins a global awards programme currently active in the Americas, Europe, Australia, China and now Southeast Asia. The designation is a well-regarded international stamp of quality for best managed private companies. 

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