a. About: The FBO unit was created to serve as a support to family businesses in the regulation of their business, their governance and enhancement of their internal organisation and structure with the aim of helping them to effectively operate their business and work towards a successful succession of the family business.
b. The Challenge: The Ministry for the Economy, Investment and Small Businesses required an experienced entity who could handle a large volume of accountancy advisory services.
c. The Solution: Coordinate the groundwork necessary for the preparation of family businesses approaching the FBO to register and acquire the status of family business with the opportunity to benefit from such structure and identity. Assist interested contenders with their queries and assist the FBO with accountancy services.
d. The Result: An above expectations take-up with over 100 registered companies within the first couple of years, which has also led MIMCOL to provide additional back-office support.