SARENS

A Family
y Success Story
y

MFM Vlerick Alumni

Antwerpen – 27 April 2011
Presentation by Daniel Michiels nothing too heavy, nothing too high
The SARENS challenges
g after
f a pperiod off expansive
p
growth:
•Finding
Finding the right balance between leverage and overleveraged:
•Growth has been financed with senior bank debt (asset based)
•Economic lifetime
f off cranes > loan repayment
y schedule
•Governments have supported us too (deferred tax liabilities)
•Investments have continued even with economy slowing down

•Finding the right balance between energy and efficiency:

•Growth
Growth has been based on agile organisation and quickly
acting upon opportunities
•Rapid decision making has a cost and it’s called inefficiency
and fraud nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
nothing too heavy, nothing too high
After
f 20 yyears in ffamilyy owned companies:
p
The Challenge:
•Finding the right balance between energy and efficiency.
efficiency
•Finding the right balance between leverage and overleveraged.

Lessons Learned:
• “It is easier to apologize then to ask for permission.”
• “It
“ isi not the strongest off the species
i that survives,
i nor the
most intelligent. It is the one that is the most adaptable to
change ” Charles Darwin
change.
• “Two thing are infinite: the universe and human stupidity and
I’m not sure about the universe.” Albert Einstein
nothing too heavy, nothing too high
Thank you for your attention

nothing too heavy, nothing too high