For the Dutch version, click here. Who are you? My name is Tim Foesenek. I grew up in Rijsbergen and have lived in Tilburg since the beginning of my student days, where I have continued to live ever since. After completing the masters in Finance and Supply Chain Management, I started working at Rembrandt M&A (after traveling for a month). How did you come into contact with M&A? Initially, I had never looked into M&A specifically. Towards the end of my studies it started to become somewhat clear which aspects I found interesting. Figures is an important one of these, but in doing so I wanted to be in contact with the business world. After many introductory meetings with different types of companies (including corporates, the big 4 and smaller business service providers), it turned out that M&A suited my preferences very well , because of the dynamic work and the combination of business and personal aspects. I started to look into this further and it turned out that M&A in the midmarket appealed to me the most, as it involves a lot of contact with clients. Rembrandt is a big player in this market. With 45 employees it is a small company, but within this specialized market you are one of the largest with such a group. The culture, working methods and training appealed to me the most. To what extent are the aspects of your studies reflected in your work? Although it is often said that you only really start learning in practice, I still use a lot of knowledge I gained during my Master’s in Finance. General knowledge about balance sheets, results and cash flow comes back daily. Subjects like Corporate Governance & Restructuring and Corporate Valuation even show directly what some of our work involves. The more quantitative subjects come back less, but have shown me how the market views risk thinking. That helps when there is a financial buyer candidate, for example. In addition, it is also common to work with negotiated options, so knowledge about these types of aspects comes in handy. The M&A profession Rembrandt’s role can best be summarized as process support for mergers and acquisitions. In the majority of our assignments we are on the sales side, where we can guide and advise our clients from preparation to closing. The preparation phase consists of valuing the company. This helps us get a good feel for the business and also gives the sellers an indication of the value. Based on this, if the client decides to pursue the process, we prepare an information memorandum and start identifying potential candidates. Once we start approaching candidates, the sales phase has begun. In it, we maintain contact with candidates, coordinate contracts and often conduct negotiations. This phase is very challenging both in terms of content and planning. What is your role in the process? As a consultant, I work with a manager and possibly a second consultant on a potential transaction. In the preparation phase, I take on most of the work and often spar with the manager about my progress and questions I have. In the sales phase, we work more closely together. In this, my role varies per project, but I am involved in every phase and also get a lot of space to make an active contribution. Typically, I have about 5 active projects as well as several projects that are in the preparation phase or temporarily paused. What is the most challenging part of your work at Rembrandt? The most positive thing is the variety and dynamics my job brings me every week. I talk to a lot of people and almost every project has one or (many) more surprising twists and turns. Very challenging, but this makes me go home feeling fulfilled. Besides the content, there is also a lot of challenge on a personal level. I communicate with many different people with diverse backgrounds. And although we often share positive news, of course it sometimes happens that the client had different expectations. It can be tough to deal with this, but these are the moments when I develop myself and learn a lot. What parts of your work are different from what you expected beforehand? The steps of the process largely match my initial assessment. During my first year, I found out a few things that are a little different in practice. For example, the negotiations are often less hands-off than I thought and are usually based on good substantiation. This makes it interesting, because in that case I can have a big impact with my preparations. By the way, this does not exclude the occasional heated negotiations. Working in the office is also much more fun than I had envisioned. We are all in an open space, so you get a good sense of what everyone is doing. We make a lot of phone calls, so you often hear challenging conversations from colleagues, which I learn a lot from. In addition, it is very nice to be able to ask a quick question and it is fun to help others. What do you like about Rembrandt? Rembrandt has both the advantages of a large and a small company. With 45 colleagues there is an incredible amount of knowledge and experience in house and you get to know many interesting people internally. In addition, we are part of Rabobank and have the advantages of a large, professional organization. At the same time, Rembrandt is small enough for you to know everyone and be able to keep up with what is happening within the organization. The culture is accordingly. Everyone is very ambitious and professional and this goes very well together with fun, interest and humor. We do fun activities together, but it is also paramount at Rembrandt that everyone has enough time for their own friends, hobbies and interests.
Working at Van Oers
For the Dutch version, click here. Veerle Vanlaerhoven started working at Van Oers Accountancy & Advies in 2020 as a work student tax. After she completed her Master Fiscal Economics in 2022, she decided to continue working full-time at Van Oers as a Junior Tax Advisor. What made her choose Van Oers and how does she experience working at Van Oers? We talked to her. Difficult choices Choosing the right education doesn’t happen overnight, as Veerle found out. In high school she already had a strong preference for subjects such as Economics and Management & Organization. On the other hand, she was also interested in Law. In her fifth year of high school, she went to the open day at Tilburg University to look for an education in which she could combine these interests. Veerle: “I found the Business Economics program a bit too economic and the Law program a bit too static. Fiscal Economics was a nice balance of both and that’s actually how I ended up with the Fiscal Economics program.’ Fortunately, she found the choice for a work-study at Van Oers somewhat easier. On this she says, ‘I myself was born and raised in the region where Van Oers is located. Therefore, I was familiar with the company from childhood. During my studies, I also participated several times in the formal and informal activities of study association De Smeetskring, where Van Oers was also often present. When Van Oers employees then talked about the atmosphere within Van Oers, this immediately appealed to me. In addition, Van Oers has a nice and diverse client portfolio where the work is diverse and there is a lot to learn. That made me apply.’ A good balance ‘Brabant sociability is a term we often use at the office to describe the atmosphere. We work hard, but at the same time there is also plenty of room for a nice chat, a Friday afternoon drink, a good party or a sporting activity.’ She also names the close involvement with the customer and among each other as a big plus: ‘Even as a Junior, you are quickly given responsibility and are immediately a full member of the team. You get many opportunities and there is always someone ready to help. At Van Oers you are not a number and that makes Van Oers as an employer special to me.’ Sticking around After her Master’s, Veerle didn’t feel the need to look elsewhere. She feels right at home at Van Oers and gets plenty of opportunities. She is currently taking her NOB training and will soon start the Personal Development program. This allows her to continue to grow both professionally and personally. Is she planning to look elsewhere any time soon? Absolutely not. Veerle sees herself working at Van Oers for some time to come and hopes to make great strides: ‘I hope to be able to trade in the Junior position for the next step. I also hope to be able to develop myself even more in the tax world in order to help clients even better.’ Peaks and troughs Growth and development naturally comes with peaks and valleys. On this she says: ‘Fortunately, at Van Oers there is also room to make mistakes, as long as you are alert to them and come up with solutions. Besides, the highs win out over the low days.’ She finds it difficult to choose her favourite moment at Van Oers, but she does list a few: ‘the tax outings, the big Van Oers party, my first day as a tax graduate and receiving my first salary. Advice for students As her final advice to students, Veerle has, ‘Especially the atmosphere and the click you feel with a company is very important. The work or the customers at different companies are not going to make the difference. If the atmosphere is not good, you will also go to work with less pleasure. I also recommend that students do a work-study or internship in addition to studying to get a feel for the business world. But above all … still enjoy your student time!
StudyTour 2023, Brazil: Looking back
For the Dutch version, click here. On May 5, we gathered with our group of 25 people at Tilburg University. From here we would take the bus to Schiphol Airport where a plane would take us halfway around the world, because after all those years of Covid-19 and lockdowns we could finally go on our annual StudyTour again! In addition to the company visits, we thoroughly enjoyed the cultural and natural highlights that Rio de Janeiro and São Paulo had to offer. After arriving at the São Paulo Guarulhos airport, we were immediately confronted with the immensity of Sao Paulo. As we drove to our hostel we saw skyscraper after skyscraper, in addition we also saw the less beautiful parts of Brazil, as we also drove past some favelas while some cab drivers told us what to look out for during our stay in Brazil. After this, we arrived at our hostel in the northern part of São Paulo. During our first full day in Brazil, we immediately did some fun things, as we went all the way to one of São Paulo’s southernmost attractions. We did this via a 1.5-hour subway trip that cost us only 80 cents per person and took us to the famous F1 circuit: Autódromo José Carlos Pace. There we watched both the free practice of a GP and the Sao Paulo cup karting race. We also had lunch there, where we walked over a buffet and paid a certain amount based on the weight of your plate (something quite normal in Brazil). After this, we walked through one of the wealthier areas in Brazil that led us to a large lake where we sat on the waterfront with some caipirinhas, local beers and live music. The next day we would see a completely different side of São Paulo and understood why the cab driver had warned us. After arriving in the old city center, we immediately caught sight of all the homeless people there to collect their free meal for the day. Since there was a somewhat less pleasant atmosphere here, we quickly walked on through the neighborhood. While walking, we came across a large skyscraper with a viewpoint over the city, and upon arrival on the 26th, we were again confronted with the immensity of the city. Skyscrapers were visible as far as the eye could reach! After satisfying ourselves with lunch while enjoying this view, we visited the Minhocas closure, a highway that is closed to motor traffic every Sunday, so that the population (and mostly tourists) could travel on it and admire the city from a different perspective. We ended the evening at a restaurant called Bar Brahma where we had a delicious meal. The following days had more free time planned for the participants, where they went in different smaller groups to different places, such as local shopping malls, neighborhoods with lots of street art, beautiful parks, and other fun sights. We also had some simple formal activities, and organized a fun evening with a games tournament that we christened the “buddy games” and finally left for Rio de Janeiro by night bus when it finally showed up after a 3-hour delay. When we arrived in Rio de Janeiro, we immediately recognized a city that was very different from Sao Paulo in terms of culture and nature. The city was much prettier and greener, and much more centered around the waters there, so it naturally attracted many more tourists. After checking into the apartments, we immediately began our planning as we headed to FGV Ebape, a smaller university in Rio. After a brief presentation about the university, a quick tour of the buildings, and a discussion about ESG in Brazil, we headed back to Copacabana for dinner and finally to bed early as the ride on the night bus had taken its toll on the sleep of the participants. The next day would begin with another formal activity as we had an additional university visit at the Pontifical Catholic University of Rio de Janeiro. After most spent the afternoon at the beach as the weather was lovely, we made our way to Sugarloaf Mountain with the whole group towards the end of the afternoon, to enjoy the beautiful view this gave over the city and the bay with the sunset. We started Saturday with a great tour of downtown Rio de Janeiro. During this tour we visited all kinds of beautiful places like the famous Selaron steps, the city’s cathedral, the city’s oldest park and several other highlights and historical sites. Also, at each point our tour guide managed to tell us interesting stories about the city that belonged to the locations where we were at that time. On the same day, we also visited a soccer match between Rio’s Fluminense and Cuiaba and enjoyed the atmosphere of the bustling Maracanã stadium (the same stadium where the 2014 World Cup final was played). The evening ended fairly split, where some decided to go to sleep in time, and some decided to explore Rio’s nightlife at one of the larger local clubs. Sunday started the day again nice and early with a nice boat ride across the Guanabara Bay where Rio de Janeiro is located, where we could enjoy some drinks and the beautiful view of the city from the perspective of the sea. After we were able to rejoice some of the participants with some solid ground under their feet again, we made our way with the group to a nice beach bar that we had picked out in advance. Here we all had a delicious meal and made our way bit by bit to the beach we were right next to to try the water. After spending some time here and enjoying the wonderfully warm water, we decided to make our way to a nearby beach where apparently the most beautiful sunset in the world would be visible. Unfortunately, we found out too late that we had gone
State of Dutch Startup Ecosystem
For the Dutch version, click here. Success of the dutch ecosystem The dutch startup ecosystem has been steadily growing over the previous 5 years. Currently the Netherlands has 1.4 unicorns – private companies exceeding a €1 Billion valuation – per million citizens, placing itself fourth in the world after the UK (1.7) and in front of Germany (0.7). This success has been mainly driven by both the fintech and healthtech sectors within the Netherlands, boasting a scaleup ratio of 38% and 31% respectively. This reflects a greater success rate within these sectors compared to others. In the future, the greatest potential of Dutch startups lies within the deeptech sector. Commonly, technologies such as photonica, robotics, and quantum computing are included under the definition of deeptech, characterized by both taking a long time until commercialization and being capital intensive ventures. These startups are driven by the researchers at Dutch universities and are an example of the great societal value of these institutions. While the Dutch startup ecosystem has a lot to boast about, a great amount of potential is left on the table due to challenges with regards to access to capital and talent, but also a nationally interconnected community. Lacking Capital The main challenge for Dutch startups is a lack of capital. Compared to its peers, the Netherlands has less funding available per startups. E.g. both the UK and France have almost triple the funding available per startup. While capital alone does not make a startup successful, capital allows talent to become successful and scale their startups. This is especially true for startups within the deeptech sector, often needing funding in the hundreds of millions and years until turning break-even. They therefore need investors with patience and deep pockets, which currently are lacking within the Dutch ecosystem. Currently these types of investors can be counted on one hand, e.g. BOM, Invest-NL and Innovation Industries. While these set a great example, others are yet to follow. One cause for this is the limited allocation of funds to VC by Dutch pension funds. Dutch pension funds are the largest in the world yet invest a negligible amount into Dutch VC, while in contrast, the Nordic pension funds are smaller yet are consistently investing more into VC. If the Dutch startup ecosystem wants to reach it’s potential, the Dutch pension funds will have to step up their game. Talent At the moment, the Dutch startup ecosystem features multiple challenges regarding talent. First, attracting talent remains the main bottleneck for startups. Often job openings stay open for more than 60 days, and the percentage of hard to fill jobs keeps rising. Secondly, female founders remain rare within the startup ecosystem in general, but the Dutch ecosystem sees even less female founders compared to other EU countries. Lastly, too few employees of successful tech companies are founding their own startups or funding the next generation of startups. The challenges may be the result of a risk-adverse mindset of Dutch citizens, often choosing the safer options compared to other cultures. However, there is more at play. When looking at capitalization tables of Dutch startups, we see that foreign investors own more equity within Dutch startups resulting in a lower share for both the founders and employees of the startup compared to American startups. As a result, more capital flows out of the ecosystem leaving little for reinvestment, but more importantly Dutch startup employees enjoy very little of the profits of startups, removing any incentives for risk taking within the ecosystem. Community In the Netherlands, there is already a large amount of institutions ready to support the startup ecosystem. On a national level, Techleap supports the ecosystem as a whole, including collaborating with the government to make changes to it’s startup policy. Regionally, development agencies such as the Brabantste Ontwikkelings Maatschappij can be found, who provide government funds to both startups and VC funds, acting as a pillar within the region. Futhermore, there are collaborations such as Braventure, who try to connect the community within the region. However, the Dutch startup ecosystem is still too fractured. Each startup community is centered around the local universities, allowing access to the talent pools of these universities, but each communities remains too focused on their own region. There is too little collaboration between each region, and despite the small size of the Netherlands, other startup hubs seem too far away to work with. Once again this may be due to the Dutch culture, but for the Dutch startup ecosystem to thrive, we need strong connections between each region. This will have to start with collaborations between universities which allow students to make connections outside of their own university, which would disrupt the fractured nature of the Dutch startup ecosystem. Looking Forward All in all, the Dutch startup ecosystem faces major challenges in both available funding and talent, however it shows a great potential for growth and success. In the near future, policy changes learning from our peers in Sweden, the UK and Isreal will allow us to bridge the gap towards them. However, we will need a change in mindset, including risk taking, sharing profits with employees, and giving back to the next generation of startups in capital, knowledge, and experience to truly enable the potential of the Dutch startup ecosystem.
Alternative investments
For the Dutch version, click here. Disclaimer: This article does not contain investment advice and aims only to entertain and inform. Traditional investments such as stocks, bonds and real estate are not the only options available to investors. Alternative investments are emerging as an interesting and versatile way to build an investment portfolio. This article will examine different types of alternative investments and discuss their benefits and risks. Classic Cars Many people think that spending a capital on a car is excessive. Especially since cars depreciate in value on average between 10 and 20 percent each year. Still, not every car is a bad investment, as there are plenty of cars that increase in value. For example, we go back to Italy in 1977. A proud owner of the 1962 Ferrari 250 GTO was told by his wife that the car was making too much noise and was forced to sell it, the market value was around $71,000. Meanwhile, the same car is being auctioned for $50,000,000. Another example is the 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, which was auctioned last year for $149,000,000 (Harshvardhan, A, 2023). The best-known example of cars increasing in value is classic cars. Although experts still debate this, a car is called classic when it is at least 20 years old and of historical importance. These can still be divided into vintage and antique cars. Vintage refers to cars made between 1919 and 1930. Antique cars were made just before 1919, during the so-called “Brass era,” which refers to the large amount of metal used to make these cars. To give just one example, vintage cars have increased 185% over the past decade ( Piovaccari, G & Za, V, 2023). Still, determining the market price of a car seems difficult at first. Fortunately, Hagerty, an insurer in classic cars, has the solution to this. The firm tracks the value of classic cars in a clear guide. Each model is given a figure based on its condition. Nevertheless, there is a lot of uncertainty involved in buying a classic car. Although Hagerty’s gives a good indication, there is no guarantee that the guide is completely accurate. In addition, unlike stocks or bonds, a car is physical. Therefore, a garage, for example, must be considered, which entails additional costs, and insurance for classic cars is quite expensive. In addition, this makes the investment a lot less liquid, since it remains to be seen how quickly a buyer can be found. Also, a relatively large capital is needed to profit from possible price increases. However, there is now the possibility of investing in classic cars without physically buying them. There are several funds where investors can invest in classic cars. An example is Azimut, however, investors must put in a minimum of $140,000. “Where should I start if I want to invest in art?” Art In addition, investing in art is an interesting option that is becoming increasingly popular. In general, art is seen as a fairly safe investment, as its value has gradually increased over the past few decades. The chart below shows that “Contemporary Art” is rising at an average annual rate of 14%, which is considerably higher than the S&P 500. “Contemporary Art” includes works of art where the artist is still alive. This positive growth is also noticeable among wealth managers, where only 55% in 2014 thought art should be part of an investment portfolio, this percentage to 78% (Deloitte, nd). Nevertheless, art makes up only 2% of all investment portfolios. Thus, there is still plenty of room for growth. The most logical reason that art performs above average is because of scarcity This is also the main reason why the original is (and always remains) worth more than fakes. This also explains why a certificate of authenticity often accompanies the original of famous paintings. Furthermore, there are also other factors that determine the value of a painting. For example, the quality of the canvas is essential and an artist’s signature on the artwork further increases the value. Still, of course, the question remains: where should I start if I want to invest in art? As Warren Buffett always says, “Invest only in what you understand.” Try to gather as much information as possible about the art world, read books and do online research. Furthermore, it is wise to visit museums and expand your network in this world as much as possible and view it as a long-term investment (Atelier, 2022). One of the drawbacks, however, is that works of art, like cars, are not liquid. Should a work of art have increased in value and you, as an investor, want to profit from this, it remains to be seen whether a buyer can be found in the short term. Fortunately, you can also invest in art through funds, such as Masterwork. This does not require a minimum deposit. Another disadvantage is that most of the return comes from the relatively expensive works of art, but these are traded through large auction houses. The problem with this is that the transaction costs are comparatively high and therefore the returns are generally low. Watches Investing in watches can also be an interesting option for people interested in collectibles and valuable items. Watches can increase in value over time, especially if they are produced by reputable watch brands in a limited quantity. When investing in watches, it is important to pay attention to the quality of the watch, its condition and the demand for the brand and model. Material of the watch, the completeness of the set (original box and papers) and the condition of the watch are also important. Some collectors prefer vintage watches, which in many cases are rarer and thus can fetch higher prices. It is also important to invest in watches released by reputable brands, such as Rolex, Omega, Patek Philippe and Audemars Piguet. These brands have a long history of producing quality watches and have built a strong reputation over
StudyTour 2023: Brazil
For the Dutch version, click here. After two editions of absence, the famous StudyTour of Asset | Accounting & Finance is finally back! That is why we are going big with an amazing trip to the beautiful country Brazil! We will visit many beautiful places and travel to two of the world’s greatest cities: São Paulo and Rio de janeiro. In this Faces article we will explain more to you about Brazil, our travel, and the research we are going to perform during the trip. Information about Brazil Brazil is a beautiful country with a rich culture and natural wonders. One of the country’s biggest attractions is its beaches, which are among the best in the world. The warm waters of the Atlantic Ocean, combined with soft sand and picturesque landscapes, make for an unforgettable experience. São Paulo and Rio de Janeiro are two of Brazil’s most famous cities and are known for their vibrant culture, exciting nightlife, and beautiful architecture. São Paulo is the largest city in Brazil and is a major economic hub, known for its skyscrapers, museums, and art galleries. The city is also home to some of the best restaurants in the country, offering a diverse array of cuisines. Rio de Janeiro, on the other hand, is famous for its beaches, samba music, and Carnival celebrations. The city is home to some of Brazil’s most iconic landmarks, including Christ the Redeemer, Sugarloaf Mountain, and the Tijuca Forest National Park. The beaches of Copacabana and Ipanema are also major attractions, drawing tourists from all over the world. In addition to their natural beauty and cultural offerings, both São Paulo and Rio de Janeiro are home to a diverse and friendly population. The people of Brazil are known for their warm hospitality and love of life, making it a great destination for travelers looking for a unique and exciting experience. Our research in Brazil During our trip to Brazil we will do various activities. First of all, we will do some company visits and have meetings with large multinationals to answer our main research question. This will be done to compare Dutch companies to the ones in Brazil and see how their corporate culture is different, how different issues are dealt with while focusing on an increasing issue regarding sustainability in the agricultural sector. In recent years, sustainability has become an increasingly important issue in Dutch politics and has had a significant impact on the agrarian sector. The Dutch government has set ambitious targets for reducing greenhouse gas emissions, promoting sustainable agriculture, and increasing biodiversity. The Dutch agrarian industry is known for its highly advanced and technology-driven farming practices, allowing maximum productivity and efficiency. The Netherlands is a very small country, yet it is one of the world’s largest exporters of agricultural products. In contrast, the Brazilian agricultural industry is known for its vast expanses of farmland, with Brazil being one of the world’s largest producers and exporters of agricultural products. Brazil’s agriculture is diverse and ranges from crops like soybeans, corn, and coffee to livestock like cattle and poultry. However, Brazil’s agriculture is often criticized for being heavily reliant on unsustainable practices like deforestation, monoculture, and the use of pesticides. The country faces a number of sustainability challenges, including deforestation, climate change, and inequality. Both nations demonstrate resemblances in their respective agricultural sectors. Agriculture plays a vital role in the economies of both The Netherlands and Brazil, as evidenced by their significant exports to foreign countries. Moreover, both countries face somewhat comparable sustainability challenges. Therefore, examining and contrasting the Dutch and Brazilian agricultural sectors is an intriguing prospect, focusing on how companies are differentially supported, the growth of the sector, expert opinions, particularly from financial analysts, and governmental approaches to the agricultural sector. As a result, the following main research question will be investigated during our stay in Brazil: What is the role of Brazilian organizations in promoting sustainable agricultural practices, and how do their economic and CSR strategies align with national and international sustainability goals in the agricultural sector? Exciting activities in Brazil Besides formal activities, the Studytour also includes many exciting informal activities to make sure that we can also see something of the beautiful Brazilian landscape and exciting culture. During the trip, we will for example visit the famous Brazilian Formula 1 circuit Autódromo José Carlos Pace, the Minhocão’s closure, Ibirapuera park and Meseu da Bolsa during our stay in Sao Paulo. After this, we will travel by nightbus to find ourselves in Rio de Janeiro within seven hours. During our stay in Rio, we will of course visit Crist the Redeemer, the Selaron stairs, Copacabana beach, Ipanema beach and watch the beautiful sunset from the sugarloaf mountain. It will thus be a promising trip which will have a lot to offer, and we are very curious about what these 2 weeks are going to bring. However, I just looked up the Brazilian weather and saw that it is going to be 25 degrees with only sun all day long, so I think that we will be just fine!