Bangkok--2 Dec--Deloitte Thailand
New sub-brand showcases Deloitte's expertise and provides specialised market offerings to private businesses of all sizes
Deloitte Thailand today 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. In Thailand, family businesses are growing stronger as out of total net worth of THB 42 trillion from all Thai businesses, approximately THB 30 trillion is a family-run businesses or 72% of total all business value, and over 50% of listed company are family business owned or run by family business. 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 (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 Thailand, we aim to expand our network to reach more clients in the market."
Philip Yuen, Chief Executive Officer for Deloitte Southeast Asia said, "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. 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.
"Economic environment is requiring businesses to adapt quickly. Family business, no difference, is facing distinct challenges affecting not only today but also future success of the business. Being agile and staying in the game will offer businesses growth opportunities and the ability to compete in today's dynamic markets amid uncertainties. Deloitte Private is aiming to help family business address business opportunities and challenges in order for their sustainable wealth as well as creating family value." Subhasakdi Krishnamra, Country Managing Partner, Deloitte Thailand, added.
"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 Phansak Sethsathira, Partner & Leader of Deloitte Private Thailand.
The first Deloitte Private practice in Southeast Asia was launched in Singapore. As well as Indonesia, Deloitte Private will be launching in several other markets in Southeast Asia soon.
Launching Best Managed Companies
Deloitte Private will also launch Best Managed Companies in Indonesia. 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 Indonesia and across the world in areas such as strategy, governance, culture and innovation. Best Managed Companies Indonesia joins a global awards program 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. Applications are open now at https://bestmanaged.awardsplatform.com/
About Deloitte Private
Deloitte Private is exclusively focused on serving private clients of all sizes and driven to address the opportunities and challenges unique to private businesses in Southeast Asia. We deliver audit & assurance, consulting, financial and risk advisory, and tax & legal services tailored for private companies, including family-owned businesses, private equity and venture-capital-backed businesses, and small, growing enterprises.