e Business OBSERVER | July 2, 2015
Companies need exit strategy
There have not been many management buyouts in Malta – but Mazars Malta managing partner Anthony Attard thinks there should be many more. The problem, as Mr Attard sees it, is that so many people in Malta set up businesses and nurture them, but are then reluctant to let them go. “It is not yet part of our culture to set up a business with an exit strategy already in mind. Quite the contrary. We still consider mergers and acquisitions to be a sign that our companies are under threat, rather than that the whole might be greater than the sum of its parts,” he said.
One of the main reasons for this is that so many of the companies in Malta are familyowned, with a founder who tends to remain involved even when the next generation has taken over. Mr Attard believes that this model will have to change as it is no longer a foregone conclusion that children will even want to get involved in the family business, now that they have so many more options. “We need to change that culture and realise that we should be open to the idea of mergers and acquisitions, or even management buyouts. And that the time
“It has been a phenomenal period, with double-digit growth year on year, reaching 25 per cent at one stage. e ﬁrm now employs around 50 people”
to do this is when the company is at its peak...” Mazars Malta is a great supporter of the concept of change. It was set up by Mr Attard and Paul Giglio as an auditing firm 16 years ago, becoming part of Mazars, a network of 15,000 professionals in 73 countries, five years ago. It has been a phenomenal period, with double-digit growth year on year, reaching 25 per cent at one stage. The firm now employs around 50 people. “At some point in time this growth curve is going to flatten. To keep that upward trajectory, we needed to change our model,” he said.