UNLOCKING ENTREPRENEURSHIP GROWTH POTENTIAL AND NURTURING LEGACIES

Q: How does EY Private tailor its services to meet the specific needs of entrepreneurs, family enterprises and IPO bound companies?

A: EY Private equips us to respond quickly to address challenges now, and support our clients as they begin to focus on the next and beyond. It is a collaborative community of professionals in Assurance and Tax, focussed on providing comprehensive services to private businesses, their owners, entrepreneurs, C-suite executives and the sources of private capital that fund their ambitions.

We want our clients to have a market leading and distinctive experience when working with our trusted EY Private teams. We’ve identified three things that we want to focus on to bring these businesses a distinctive and world-class experience: talent, technology and ecosystem.

Talent is when a trusted business advisor supported by a dedicated team has been mentored and trained in the needs of private clients and knows how to serve them.

Our technology enables us to curate a digital experience through our assets to create unique data insights to unlock growth, and deliver world-class tools and solutions to enhance our service delivery.

We have built a vast and unique ecosystem dedicated to delivering value to private businesses. By using our ecosystem, we can assist clients in realising new opportunities, making new connections, building new relationships and taking full advantage of our strengths.

Q: Can you elaborate on how EY professionals leverage the EY 7 Drivers of Growth and EY Family Enterprise DNA Model to pinpoint growth opportunities for family businesses?

A: When most businesses think about strategy, they think about how to manage people, systems and processes to deliver customer value and growth. However, our research into the growth journeys of the world’s leading businesses has shown that the most successful companies look at a broader set of capabilities.

The EY 7 Drivers of Growth framework helps leaders balance their investments in time, money and energy as they grow. It enables them to think differently about their companies, unlock their full potential and successfully deliver their growth strategy.

Using the EY Family Enterprise DNA Model as a guide, we ask the right questions – and we listen to the answers. We work with clients to address the issues and concerns that their enterprises face. With these frameworks, EY Family Enterprise professionals can pinpoint the issues and areas of focus that will help family businesses grow and build a long-term, intergenerational legacy.

Q: How does EY assist family-owned businesses in balancing growth and preserving their legacy across generations?

A: The EY approach to working with family enterprises is anchored in the EY Family Enterprise DNA Model. This model supports both the personal and business performance agendas of family enterprise leaders by pinpointing four key areas of focus to achieve their personal and business ambitions: family, values, business and assets.

We have identified that these four key factors are instrumental in growing the business and building a long-term, intergenerational legacy. We combine our understanding of these focus areas with decades of experience to create a framework for guided conversations on topics that matter most to family enterprise owners.

Q: Can you outline the EY 7 Drivers of Growth framework and how it helps businesses achieve sustained growth?

A: EY has a long history of working alongside many of the world’s most ambitious entrepreneurs to support them in accelerating their journey to market leadership in all kinds of market circumstances. We have learned a great deal from their successes and distilled these insights to create the EY 7 Drivers of Growth.

Using the wisdom of thousands of resilient businesses, including EY Entrepreneur of the Year winners, EY 7 Drivers of Growth is a tried, tested and trusted framework that supports clients, and helps ambitious leaders to think differently about their strategy for building, protecting and transforming their business.

An EY 7 Drivers session can help our clients assess their current capabilities relative to their future aspirations, gain insights into the practices of market leading companies, clarify their strategic priorities, opportunities and challenges, validate and refine their business strategy, build an action plan to help them achieve increased resilience and sustainable growth, and achieve consensus among their leadership team about the future of their business and how to get there.

Q: How does EY support next generation family members in taking on leadership roles in their family business?

A: EY has formulated a specialised programme named EY NextGen designed around the next generation of family members aspiring to take over from the previous generation. EY NextGen is a global leadership platform in EY Private for next generation C-suite and board members in family enterprise and private capital. In a fast evolving economic landscape, our principal objective is to develop decision makers who are ready for the future.

Private ownership often brings an additional layer of complexity. The new generation of leaders faces expectations from both the business and family. EY NextGen is for those operating in conditions unique to professional ownership.

It focusses on finding the balance between ownership and leadership, while developing a strategic mindset, building business acumen and navigating transformation amid disruption, so that future leaders can confidently advance to hold trusted positions within family enterprise and private capital.

Q: Could you provide examples of how EY supports entrepreneurs in accelerating their journey to market leadership?
A: The EY entrepreneurship ecosystem comprises a diverse, global network of entrepreneurs who deliver long-term value across our industry markets. To support these clients, we draw on our passion for entrepreneurship, client experience, and industry and service line capabilities.

Entrepreneurship at EY begins with targeted programmes that act as the conduit to our clients’ experience and create an unparalleled opportunity to build relationships with our high performing teams. Entrepreneurship assets include widely recognised programmes and strategic relationships, such as EY Entrepreneur of the Year and EY Entrepreneurial Winning Women.

– Compiled by Allaam Ousman
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Telephone: 2463500 | Email: charith.yalagala@lk.ey.com | Website: www.ey.com