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M&A as a Growth Strategy:
A Case Study of Cheng & Co
Presented by:
Prof. Dato’ Dr. Chua H.HManaging Partner
MIA Sabah Regional Office
11th June 2015
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PhD, MBA, CA(M), FCPA,
FCMA, FTII, CFP
• Professional accountant from the Chartered Institute of Management Accountant in 1993,
• MBA from Oklahoma City University (USA) in 1995
• Doctorate in Philosophy (PhD) from University of Malaya in 2012 (Knowledge Management Process Capability And Organizational Effectiveness In
Auditing Firms In Malaysia: Role of Trust As Moderating Factor)
• A member of the Malaysian Institute of Accountants, Malaysian Institute of Taxation, Financial Planning Association of Malaysia and Malaysian
Institute of Directors.
• A fellow member of the Chartered Institute of Management Accountants (UK) and CPA (Australia).
• An associate member of the Institute of Internal Auditors Malaysia.
• Director of several private and listed companies in Malaysia and Australia.
• Co-founder of Cheng& Co
• Founder of Cheng & Co Foundation
• Adjunct Professor , UNITAR International University
• Datukship (D.I.M.P), Darjah Kebesaran Mahkota Pahang Yang Amat Mulia Peringkat Kedua Darjah Indera Mahkota Pahang.
拿督拿督拿督拿督蔡復蔡復蔡復蔡復和博士和博士和博士和博士
Prof. Dato’ Dr. Chua Hock Hoo
Managing Partner
Cheng & Co Group
Our Speaker:
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Professional Accountants
Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as “The ART
of recording, classifying, and summarizing in a significant manner and in terms
of money, transactions and events which are, in part at least, of financial
character, and interpreting the results thereof."
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Cheng& Co
Sharing our experience:
Our journey towards
The Firm of the Future
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By upholding 3 main strategies
Milestone Towards Internationalization
Strategy 1:
Merger & Acquisition
• Expanding since 1993 by merger & acquisition ofmore than 10 practitioner firms, to meet the ever increasing demands of the public.
• Globalization thru M&A – Singapore/Australia
Strategy 2:
One Stop Professional Centre
• Establish a one-stop professional center and providing more professional services to the public.
Strategy 3:
Professional Leadership Centre
• Human Excellence Development through Professional Leadership Centre.
• Talent Staff Gaps
• Professional Leadership Development Program.
• Cheng & Co Foundation
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Journey of M&A
Merger Pathway Driving Towards Business Growth
Sabah
Singapore
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2010Su Lim & Associates, Kuala Terengganu
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2011CS Ong Group, Pandan Indah
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2014Singapore
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2015Bell Management Services, Melaka
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What we are going to talk about?
SMP & Economy
Are we ready?
Internationalization Experience
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The Malaysian Scenario
Malaysia;
Compared to other Asian countries, faces a
larger risk of slowdown stemming from
institutions and macroeconomic factors.
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Challenges: Stuck in MIDDLE
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The Malaysian Scenario
Malaysia;
GNI (Gross National Income) per capita: MYR32,568
Ranked in upper-middle income league
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Accounting Today
Companies Act:
Exempt Private Companies (EPCs) are not required to
have their accounts audited
Singapore – $5mil towards $10mil revenue
UK / Australia , etc
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Accounting Today; Malaysia
In Malaysia, all companies are required to
have their accounts audited.
When is our turn?
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The issue is whether audit
firms could survive if
VOLUNTARY AUDIT be
implemented
Accounting Today; Malaysia
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West
Malaysia
How to Survive?
Consequences:
In 2012, a study in UPM found that nearly
half (44%) of the sample companies
would not continue to have their accounts
audited if not legally required to do so.
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Accounting, The Language of Business
Firm Revenues Employees Fiscal Year Headquarters
$31.5bn 180,000 2012
$31.3bn 193,000 2012
$24.4bn 167,000 2012
$23.0bn 152,000 2012
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ARE WE IN THE RIGHT INDUSTRY?
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The Way Forward
Mike Porter built his framework for business strategy around three generic approaches:
– Overall Cost Leadership
• Scale, cost-reduction from experience, overhead control– Differentiation
• Something unique (brand, high-quality, dealer network,
durability, design)– Focus
• On a buyer group, segment of product line or geographicmarket
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Suitable SolutionsThere is no right or wrong in business, it’s all about
the Suitable Strategy;
So
We suggest Differentiation
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Differentiation
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Differentiation
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Strategy
Which one comes first?
Client
Strategy
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Resources:
• Human Assets
• Financial
• Brand
• Network
• IT (ERP)
WINNING IN MARKET
PLACE NO. 1
MATCH
EXECUTION
Customers Focus
NEEDS
What is Strategy
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Capabilities
-Companywide
Customers
-Needs
Competitors
-Offerings
Context
How to Set the Strategy
Str
ate
gic
Sw
ee
t P
oin
t
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Suggested solutions to be DIFFERENT
1) One-Stop Professional Centre
2) Performance-based Evaluation
3) Client’s Satisfaction
4) Internal Process
5) Learning & Growth
6) Employee Satisfaction
7) Corporate Social Responsibility
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One-Stop
Professional
Centre
Audit
Tax
Tax Investigation
Tax Planning
ERP
ERP-FinanceInsolvency
Halal
Consultancy
Management
Consultancy
Increase No of your High-Income Professional Services
1) One-Stop Professional Centre
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How many “ONE” is One-Stop?
Real Case from Walt-Disney
Media Networks
Studio
Entertainment
Theme Parks
Resorts
Consumer
Products
In July 1995:
M&A; Disney &CapCities/ABC
ABC included the ABC Television
Network and 10 television stations, the ABC Radio Networks and 21 radio stations, cable networks such
as sport channels ESPN and ESPN2, several newspapers, and over 100 periodicals.
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How many “ONE” is One-Stop?
Real Case from Walt-Disney
Media Networks
A year after the merger, there were press reports of a cultural clash between executives at ABC and Disney.
After acquiring ABC, Disney’s financial performance began to deteriorate.
In 1999 Disney began the cost cutting plan. Club Disney, a chain of shopping mall play centres, was closed as were the ESPN Stores. Disney also began selling “non-strategic” assets such as Fairchild Publication, a magazine subsidiary acquired in the ABC deal.
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2) Reaching Performance Target
Result-oriented
KPI
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Create Value; Be DifferentLevel of Customer
• Fees
• Collection
• Co-operation
• Readiness of
Client’s account
AB
CCustomer Classification:
Define Value for each level of customer
3) Client’s Satisfaction
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Good News; Client’s Satisfaction
Academic findings:
No significant difference of client satisfaction with the
overall performance between big 4 and non-big 4 audit
team members
Clients do not differentiate audit performance of the big
4 and non-big 4 at both the firm and audit team level
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Why we are not there yet
Academic findings:
Client satisfaction over audit firm performance criteria:
Prior experience with the client
Responsiveness
Demonstration of higher level of independency
Commitment to quality
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Client’s Satisfaction
Failure points:
Experience with the client
Industry expertise
Independency
Commitment to QUALITY
Relationship
Trust
Professionalism
Quality
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Client’s Satisfaction
Adjust level of your services with
the level of your CLIENTs…
Define the strategy based on
your client’s needs
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HR HR HR HR OnlineOnlineOnlineOnline
Client Database
Online
KMS Online
DSC ERP
DSC CRMDSC PORTAL
DSC HRM
EAI
4) Internal Process
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5) Learning & Growth
Training
Technical
Knowledge of Audit, Tax, …
Soft Skills
Problem Solving, Communication,….
Staff believes they need to improve their
Communication Skills71%
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Learning & Growth
Sources allocated to Training:
Financial
HR (Trainee, Trainer)
No of Hrs
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Edward Jones; Brokerage Firm
Learning & Growth, Case Study
Founded in 1922
The best place to work in America by Fortune Magazine, 2000
& 2001
Forth-largest broker in U.S. by 2006
No. 1 in JD Power’s Client Satisfaction Scores
17000 Financial Advisors by 2012
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Learning & Growth, Case Study
Edward Jones;
8 People
4months Training
Success rate: 77%: 6.16 People
45% of 6.16 people will be ESTABLISHED BROKERS:
2.77 People ~ 3 People
Hire
100people
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6) Employee Satisfaction
Recruitment
Define the criteria to know whom you should
recruit
For employers looking to recruit Generation Y:
New entrants have a different set of values to previous generations.
Companies need to ‘SELL’ their company to new recruits
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Employee Satisfaction
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HR Matters!
Satisfaction 45%
Intend to LEAVE their role within 3
years 49%
Wanted: More Communication
and Recognition71%
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Keeping Mum 65%
Partnership
18%
HR Really Matters!
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7) CSR; Corporate Social Responsibility
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VISION / MISSION / One Stop Professional Centre
6 Core Pillars (Strategies)
Critical Success Factors
Re
sults
Pe
rform
an
ce
Clie
nt’s
Sa
tisfac
tion
Inte
rna
l
Pro
ce
ss
Le
arn
ing
&
Gro
wth
Em
plo
ye
e
Sa
tisfac
tion
Co
rpo
rate
So
cia
l
Re
spo
nsib
ility
Journey from a Vision & Mission through Performance
Measurements
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OUR FOOTSTEPS OUR FOOTSTEPS OUR FOOTSTEPS OUR FOOTSTEPS
CHENG & CO’S CHENG & CO’S CHENG & CO’S CHENG & CO’S
INTERNATIONALIZATION INTERNATIONALIZATION INTERNATIONALIZATION INTERNATIONALIZATION
EXPERIENCESEXPERIENCESEXPERIENCESEXPERIENCES
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MOU Signing Ceremony with Lachlan Partners, Melbourne.
Cheng & Co’s Perth office opening ceremony
AUSTRALIA PARTNER COLLABORATION
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Signing Ceremony with Techcential S/B, Sinopac Securities,
Moores Rowland CPAs, A Garanzia LLP and Alpha Corporate Services Pte
Ltd in The Gardens Hotel, KL
on 8th Aug 2012
TAIWAN IPO
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TAIWAN IPO
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DIGIWIN TAIWAN ERP
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Strategic Management & BSC Implementation
BSC IMPLEMENTATION IN MYANMAR
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PRO B CENTRE SDN BHDVertical II Bangsar South Office
(completion in 2015)
CHENG & CO INTERNATIONAL CORPORATE OFFICE
(CCiCO) 2015
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THANK YOU!
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"Deloitte". Retrieved 11 February 2013.
Ernst & Young Global Limited. Retrieved 9
May 2013.
KPMG.
Ernst & Young. "Legal statement".
Optimizing Talent in Accounting Firms, ACCA Malaysia Sdn Bhd
“The relationship between Audit Client Satisfaction and Audit Quality Attributes”, T.M. Iskandar, M.M.
Rahmat, H. Ismail, UKM, UPM, Int. Journal of Economics and Management, 2010
Edward Jones in 2006: Confronting Success, David Collis, Troy Smith, Harvard Business School, March 2012
The Walt Disney Company, Michael G. Rukstad, David Collis, Harvard Business School, January 2009
References