DEVELOPING

STRA TEG IESFactbook

1 We invite you 1

2 Ourprofile 9

3 Entrepreneurialspiritandvalues 16

4 OurDigitalAgenda 22

5 Theagilecaringpartner 26

6 Ourbusinessmodel 30

7 Ouroperationalenvironment 34

8 Trendsanddevelopments 42

9 Addedvalueforourclients 48

10 Professionalmanagement 58

11 Profitablegrowth 76

12 Ourlocations 82

13 Theopentotheworldhome 84

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ROOTS

OBJEC- TIVES

CON-VICTIONS

Rödl & Partner is an incomparablyattractive firm.

We, who work for Rödl & Partner,know that. Our clients, who work withus, know that. Those in our immediateoperational environment, where wework, know that. Rödl&Partner

WEINVITE YOU

you.Thatwasthemotivati-ontocreatethisfactbook.

Readingthisfactbookshouldhelpyou,dearreader, toenterthefascinatingfirmofRödl&Partner.Youwillseehowwebelieveonecanachievesustainablesuccess.

Weareawarethatourcon-tributiontoRödl&Partner’s

Butthatisnotenough!Wewouldliketospreadthemessagestillfurther.Thisisreasonenoughtoinviteyoutotakeacloserlookatourworld–theRödl&Partnerworld.Wewillintroduceourselves.Wewilltakeyouwithustothecoreofourprofessio-nalservicesfirm,tellyouwherewecomefrom,howwethink,howwefeel,andcommunicateourvisionofthefuture–togetherwith

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productivedevelopmentisinseparablefromyourper-ceptionofus.

Thereforewearelooking forwardtoyourfeedback.

YourChristianRödl

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ThehistoryofRödl&Partnergoesbacktoitsfoundationasasolopracticein1977inNuremberg.Ouraspirationtobeonhandwhe-reverourinternationally-activeclientsareledtotheestablishmentofourfirst,ownoffices,commencingwithCentralandEasternEu-ropein1991.AlongsidemarketentryinAsiain1994,theopeningofoffices in further strategic locations followed, in Western andNorthernEuropein1998,USAin2000,SouthAmericain2005andAfricain2008.

OursuccesshasalwaysbeenbasedonthesuccessofourGermanclients:Rödl&Partner is always therewhere its clients see thepotentialfortheirbusinessengagement.Ratherthancreateanar-tificialnetworkoffranchisesoraffiliates,wehavechosentosetupour own offices and rely on close, multidisciplinary and cross-border collaboration among our colleagues. As a result, Rödl &Partnerstandsforinternationalexpertisefromasinglesource.

Ourconvictionisdrivenbyourentrepreneurialspiritthatwesharewithmany,butespeciallyGerman family-ownedcompanies (seefollowingchapter).Theyappreciatepersonalserviceandvalueanadvisertheyseeeyetoeyewith.

Our’onefacetotheclient’approachsetsusapartfromtherest.OurclientshaveadesignatedcontactpersonwhoensuresthatthecompleterangeofRödl&Partnerservicesisoptimallyemployedtotheclient’sbenefit.The“caringpartner”isalwayscloseathand;theyidentifytheclient’sneedsandpointstoberesolved.The’ca-ringpartner’ isnaturallyalsothemaincontactpersonincriticalsituations.

We also stand out through our corporate philosophy and clientcare,whichisbasedonmutualtrustandlong-termorientation.Werely on renowned specialists who think in an interdisciplinarymanner,sincetheneedsandprojectsofourclientscannotbese-parated into individual professional disciplines. Our one-stop-shopconceptisbasedonabalanceofexpertiseacrosstheindivi-dualservicelines,combiningthemseamlesslyinmultidisciplinaryteams.

As attorneys, tax advisers,management and IT consultantsand auditors, we are presentwith 109 own offices in 49 countries.Worldwide, our clients trust our5,120 colleagues.

OUR PROFILE

WhatsetsusapartRödl&Partnerisnotacollectionofaccountants,auditors,attor-neys,managementandtaxconsultantsactinginparallel.Weworktogether,closelyinterlinkedacrossallservicelines.Wethinkfromamarketperspective,fromaclient’sperspective,whereaprojectteampossessesallthecapabilitiestobesuccessfulandtorealisetheclient’sgoals.

Ourinterdisciplinaryapproachisnotunique,norisourglobalre-achorourparticularlystrongpresenceamongGermanfamilybus-inesses.Itisthecombinationthatcannotbefoundanywhereelse– a firm that is devoted to comprehensively supportingGermanbusinesses,whereverintheworldtheymightbe.

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Wesupportourclientsaroundtheworldwheretheyneedus.In49countriesand109ownoffices.

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Rödl&Partnerworldwide

AUSTRIA · AZERBAIJAN · BELARUS · BRAZIL · BULGARIA · CHINA · CROATIA · CYPRUS · CZECH REPUBLIC · DENMARK · ESTONIA · FINLAND · ETHIOPIA · FRANCE · GEORGIA · GERMANY · HONG KONG · HUNGARY · INDIA · INDONESIA · ITALY · KAZAKHSTAN · KENYA · LATVIA · LITHUANIA · MALAYSIA · MEXICO · MYANMAR · PHILIPPINES · POLAND ·PORTUGAL · ROMANIA · RUSSIANFEDERATION · SWEDEN · SWITZERLAND ·SERBIA · SINGAPORE · SLOVAKIA ·SLOVENIA · SPAIN · SOUTH AFRICA ·THAILAND · TURKEY · UKRAINE ·UNITED ARAB EMIRATES · UNITEDKINGDOM · USA · UZBEKISTAN · VIETNAM ·

3 ENTRE- PRENEURIAL SPIRIT AND VALUES

Theentrepreneurthenmeticulouslytakescarethatalltheconditi-onsaremetwhichenablethemtolooktothefuturewithoptimism.Alsohere, in this respect theydon’t followacoldandspiritlessplanbutratherpursuetheintuitionprovidedbytheirentrepreneu-rialspirit.Butbecareful–theproclamationofobserved,common“qualitystandards”and“absoluteprofessionalism”indailyopera-tions,etc.,doesnotdistinguishyoufromthecompetition.Atleastfor clients they are notmeasurable. Suchmarketing campaignsonlyhavea single effect, namely that commonlyuseduniversalphrasesultimatelylosetheirsignificance.

Noclientwilloptforacomplexserviceoratechnicallysophistica-tedproductbecausetheyhavebeentoldthatthesupplieradheresto standards, wherein not complying with them would removethemfromthemarket.

Justaswithmostofourclientsanentrepreneurialheartbeatswit-hinus.Wehave the samepulse rate. This leadsus tohave thesameconvictions.Soweallagree: it’snotenoughjusttodecidethatonewouldliketoactinanentrepreneurialmanner.Thisaloneisnotenoughtocreatethepioneeringentrepreneur. Inaddition,relentlessdriveisnecessary,akindofrestlessnesssimilartothatofawatchmovement.Thisenablesbustlingactivity,industrious-ness,inspiration,enthusiasmandahealthyattitudetorisktaking.

Thisallcombinestocreateanentrepreneurialspirit.Weandourclientsliveandactinthecertaintythatthisentrepreneurialspiritisnotaghostorafantasy.Family-ownedcompaniesmanagedbyanentrepreneur–roughly90 %ofallprivatecompaniesinGerma-ny–bearwitnesstothiseveryday.Noonedoubtstheeconomicimportanceoftheirsuccessfulentrepreneurialactivity.

Themindcomesintoplayalongtimebeforetherealisationofthis.It balances the impulses which the entrepreneurial genes havetriggered,butcontinuouslydrivesthepace.Thisaffectsallaspectswhichareinseparablylinkedtotheplannedprofitablegrowthofthecompany.

Howismymarketposition?DoIrecogniseopportunitiesbeforemycompetitorsastheycomeup?AmIreallythepioneerortrendset-terItakemyselftobe,whointhetruesenseoftheworddeservestomakeaprofit?AmIpreparedtobackupmyconvictionwithin-vestments?Thatsurelyrepresentsthestrongestsignalanentre-preneurcansend.Asignalburstingwithconfidence.Anditishe-ard–billionsoftimes.Thesearefar-reachingimportantdecisionsfortheentrepreneurandthefamilyitselfandalsoextremelyim-portant for the employees and their families. Thatweighsmoreheavilythan“only”takingresponsibilityforyourself.

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Noemployeewillwant towork foranemployer (or re-mainloyalto)onlybecausetheemployeriscommittedtothe concept of „partnership-based leadership“ or „hu-manity“(whichshouldbecalled„mutualhumanity“,ifatall).These“values”initiallytakeonthefunctionofpods.Theywillonlybearfruitprovidedthefineclaimswithinthecompanyarelivedwithcredibility,canbeexperien-

ced and even felt. If that succeeds, when the enjoyment of re-spectfuldialogueandknow-howtransferisaugmentedbyathirstforknowledge,onlythenwilltheadditionallymotivatedemployeesbenefit.

Thecirclecloses.Weevengosofarastoclaimthatasustainableandliberalcorporatecultureisclearlyreflectedbythequalityoftheservicesorproducts. Inthisrespectwearehappyto letourclientsjudgetheserviceswehavesuppliedanddrawtheverywel-comeconclusions.

However, we would abandon our entrepreneurial spirit were wenow to indulge in self-satisfaction. Nothing is further from ourminds.Thedrivingforcewhichremainsisourobjectivetorepea-tedlyanalysetheachievementssofarandusethisasabasisforourfurthersuccess.

Theory and practice

Thebarenecessitiesmustnotberun-of-the-mill

Weandourclientsaresome-timesaskedwhetherwehave(further) standard solutionsinthepipeline.Tobehonest,theanswertothisquestionisdifficult. Standard solutionssoundformal,somehow,asif

–likeamiraclecure–theyareapplicableeverywherewithsimilaringredients.Standardsolutionsdonotlive.Theydonotallowustoviewtheworldwithempathyfromtheeyesoftheclientorourpro-fessionalcolleagues.Standardsolutionsdonotbreatheandhavenopulse–incontrasttoourentrepreneurialspirit.

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4 OUR DIGITAL AGENDA

“Sooneverybusiness willbeadigitalbusiness”

Digitalisationrevolutionisessocietyandeconomyfromthegroundup.Establishedvaluechainsarebeingreplacedbynew,softwa-re-basedmodels.Everything ismoreor less transforming intoasoftwareproduct.Topicssuchasbigdata,cloudorAIaffectnearlyeverysphereoflifeandeveryindustry.

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DigitalAgenda:settingthecourseandseizingopportunities

Inordertobeabletoholdtheirgroundamidrapidtechnologicaladvancementsandtoseizebusinessopportunities,companiesmustsettherightcoursefordigitaltransformation:

Rödl&Partnerproactivelyassistsyouinovercomingthesechal-lengeswithanintegratedandinnovativeservicesportfolio.The5 cornerstonesof our “DigitalHouseofCompetence”providetheadequateframeworkforthistask.Cloud,mobileandsecu-rityaswellasnetworkingandpersonalcommunicationarethecoreelementsofourITstrategy.

Alwaysinfocus:digitalclientexpe-rience–atangibleaddedvalue

ThegoalofRödl&Partner’sDigitalAgenda,basedonourcor-porate“focusonpeople”philosophy,istoimproveproductivity,quality, individuality and flexibility aswell as to develop newpromisingproductsandservicesforyourbenefitwhilepreser-vingexistingbusinessprocesses.

For this approach we received the Digital Champions Award2017 in the category “Digital Customer Experience” from theWirtschaftsWochebusinessmagazineandDeutscheTelekom.In2018,theFocusMoneyAwardDigitalChampion2018followed.

Innovativesolutions foryourDigitalAgenda

We offer first-class professional services, innovative technolo-giesandtailoredprojectmanagementforthemegatrenddigita-lisation.

Standardisation and automationof (existing) processes

–Reducingcosts,increasingefficiencyandproductivity

–Standardisation

–Innovation–Developingnew(software-based)productsandservices

Digitalisation of business models

DigitalHouseofCompetence

Corporate culture, employees

NETWORKING

CLOUD MOBILITY

COMMUNICATION

SECURITY

Service lines, products and services

Corporate strategy

Business model

Internal processes andorganisation

IT infrastructure

Data usage

Digital Customer Experience

Creatingmoderninfrastructure:Ensuring the springboard for the future

Keepingpacewithtechnological advancements:Remaining competitive

Expandingcompa-niestomakethemfuture-proof:Growing dynamically

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THE AGILE CARING PARTNER FOR MITTELSTANDSHAPED WORLDMARKETLEADERS

Rödl & Partner is an international, owner-mana-ged firm. We therefore particularly identify with the wishes, concerns and requirements of German family-owned companies with domestic and inter-national operations. Our clients appreciate this and see us as their reliable partner.

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CapitalmarketsexpertiseIn addition, there are capital market-oriented companies whichmayormaynotbe included instockmarket indices,whichalsobenefitfromourlongstandingexpertise,justasinvestors,reales-tatecompaniesandfinancialinstitutionsdo.

DiverseclientbaseRödl&Partnerhasbecomeanindispensablepartnertoafurthergroupofclients: thepublicsectorwith itsownandassociatedcompanies.Thesameappliesfortherenewables(includinggeo-thermal), energy, telecommunications and water industries. Inaddition,weadvisethehealthcareindustryandsocialeconomy,doctors,foundations,supervisoryandadvisoryboardsaswellasprivateindividuals.

On-siteforourclientsRödl&Partner‘stremendouscommitmentabroad,combinedwithlong-standing client relationships, has resulted in close supportforinternationallyactivecompaniesthatarenotofGermanorigin.

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6 OURBUSINESS MODEL

Rödl&Partnerisexcellentlypositionedwitheachindividualserviceline.Basedonthisandusingourmultidiscipplinaryskillswegua-rantee our clients a special added valuefromtheseamlesscombinationoftheser-vicesweprovide.Thisremovestheneedforourclientstocoordinateanumberofser-viceprovidersandmanagedifferentcom-municationinterfaceswithintheirfirm.

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Ourteamswithanumberofdifferentareasofoperationsarewellintegratedandhavespecialorganisationalexperienceworkingwith multidisciplinary projects. This hasproven itself in day-to-day business, forexample,withtaskswhichrequiredifferentdisciplines in connection with internatio-nal corporate legal structures for compa-ny groups optimised for tax, transactions(M&A),companysuccession,orcloudcom-puting.

Wealsoprovideadvisoryservicesforpro-jectsinvolvingonlyonepracticeorcontri-bute tomultidisciplinary project teams incollaborationwithcompetitors.

Clients benefit from our comprehensiverangeofservicesfroma singgle source.Thisisparticularly useful when projects involvedifferentservicelinesinanumberofcount-ries.Andthat isnotonlytrueforprojectswhichhavetheiroriginsinGermany.Infactanycountrycanbethestartingpointforin-ternationalprojects,and,asrequired,mul-tidisciplinaryprojects.

We not onlyy offffer advisoryy services. We also pprovide cli-ents with supppport duringg the impplementation pprocess. In thefieldof information technology theimplementationprocesscanevenencom-passtherunningofcomputercentres.Yetwealsotakeontasksinstandardoutsour-cing areas including accounting, control-ling, internalauditingandfurtherongoingassignments.

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OUR OPE-RATIONAL ENVIRON-MENT

Numerous clients, collea-gues and competitors today no longer definethemselves according toregional or national stan-dards.

Althoughour rootsare inGermany, the idea thattheRödl&Partneropera-tionalenvironmentislimi-tedtoGermanynolongerholds true. CompanieswiththeirheadquartersinGermany tellus timeandtime again that with usthey have found a trulyinternationaladviser.

Inouropinion larger companies inmanyfieldscanonly enjoyexceptionalgrowthwhentheyareactivelyrepresentedinanum-berofcountries.Theytaketheopportunitytosplittheirworklo-adbetweendifferentcountrieswith thecorrespondingadvan-tagesderivedfromcoststructureandriskdiversification.Atthesame time there areopportunities to offerflexibility to custo-merswithinternationaloperations,withtheabilitytoactlocallyaroundtheworld.

Theglobalprocessofconcentrationisinfullswing.Thisaffectsthecompetitioninallourservicelines.Thereisarelentlessin-creaseinpressure,whichinemergingcountriesisnotleastduetotheprofessionalisationoflocalserviceproviders.Thearrivalof new market participants and the stronger focus of globalcompetitors on the segment of family-owned companies havealsonotgoneunnoticed.

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Daybydaymarketsaregrowingto-gether.Newfieldsareemergingandtherearenewformsofcross-bordercooperation.Thisimpliesamultitu-de of new laws and regulations innational and international tax law.Thedevelopmentsandchangesareoccurringwith increasing frequen-cy and the result ismore complexrequirementsfortaxconsulting.Thisinturnmakesahigherlevelofspe-cialisationmorenecessarythaneverbefore.

The exploitation of tax concessions, improvement of transferprices,active taxcompetitionbetweencountries to increase taxrevenuesoralsotheinternationalcooperationofthefiscalautho-ritieswith taxauditsare justsomeof thecurrentdevelopmentswhichmeanthattaxconsultingofastructuralnatureistakingon greatersignificance.Ourconsultingtakesthesedevelopmentsintoaccount.

Wesupportyouwithcomprehensive,competentandmultidiscipli-narynationalandinternationaltaxconsulting.ThisisacoreareaofRödl & Partner.Whether for conversion or restructuring projects,international investments, company transactions, planning of thecompanysuccessionorotherstrategicitems,ourexperiencedtaxconsultantsworkincrossborder,multidisciplinaryteamswithlegaladvisers,managementconsultantsandauditors.Intheprocesswecoordinatetheservicesofallthesespecialistsworkingforyou.

Tax consulting

Sincetheabruptderegulationofthelegal market in the early nineties,mergers and takeovers have resul-ted in large, international and effi-cientlawfirms.Theyareeitherlargeinternational companies themsel-vesormembersofanefficientbestfriends network with highly quali-fied lawfirmsabroadandwith theabilitytomanageverycomplexglo-balprojects.

Theconstantlyincreasinglevelofspecialisation,i.e.thecontinuousdeepeningandnarrowingofexpertiseofindi-vidual attorneys within a special area, is the result ofmore complex legislation and growing complexity offree-marketrealitiesandthereforeunavoidable.

Small legal firms offering top expertise in a relativelynarrowfield(“boutiques”)succeedbymaintainingtheirprofileasahighlyqualifiedserviceprovider.

Yetitisincreasinglyevidentthatclientsareinterestedinlong-termsupportbyattorneyswithawiderangeofexperienceinprovidingservicestofamily-ownedcom-panies and entrepreneurs. In this regard, these familyattorneysworktogether inateamastrustedpartnersandusetheirspecialisedknowledgetoprovideconvin-cingsolutions.

Legal

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Areapplicationsrequiredforthecarryoverofbookvalues?Isitne-cessarytopartlymakeirrevocabledecisionsbeforeyousubmityourtaxreturn,forexampleregardingvotingrightsandadjustments?Theimportance of conventional tax consulting is steadily increasing.This is because all-inclusive tax advisory starts with holistic taxconsultingforprivatepersons,entrepreneursandtheircompanies.Wesupportyouenergeticallyandcomprehensively.Wearefamiliarwiththefast-changingtaxregulationsoftoday,yesterdayandthedaybeforeyesterday.Wehavethediscussedorplannedchangesoftomorrowandthedayaftertomorrowinview.

Inthecourseofmeetingyourcurrenttaxobli-gationsyouradviser involves,as thecircums-tancesrequire,specialiststooptimiseyourtaxarrangements.Generalistsandspecialistsworkhandinhand–acrossbordersusingmultidisci-plinaryskills.Ourconcept forsuccess is thatwethinkthesamewayasourclientsandtoge-therfollowthepathoftheentrepreneur–inallcountrieswhereyouhavebusinessoperations.

Weadjustinternalcompanyprocessesexactlytoyourwishesandrequirements.Whichbusi-nessprocessesshouldwetakeonforyou inGermanyor abroad?How fardo youwish todigitiseyourfinancialaccounting?

Theeverfasterpaceofglobalisationconfrontscompanieswithanumberofchallenges.Specialknowledgeofthecountryisrequi-redwhichconcernsallcompanydepartments.Inparticular,are-liableandcompetentpartneronthegroundistheonlywaycom-panies can meet the local requirements regarding financialaccountingandensuretherespectivetaxcompliance.

Theoutsourcingofcompleteprocessesallowstheentrepreneurtofully concentrate on their core business and maximise profitsthroughincreasingefficiencyandaleaner,moretransparentstruc-ture.Youneedsomeonetocomprehensivelymanagethesechal-lengesandactacrossborderswithoutfrictionlosses–areal“ca-ringpartner”.

Tax declaration and Business Process Outsourcing

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The change inmanagement and ITconsulting is highly visible. Just ashort time ago these two serviceswereperceivedinthemarketases-sentially being separate.But todayone assumes the two services aremutually dependent. The effectiverealisationofoperationalstrategies,businessprocessoptimisationorsa-lescontrollingisonlypossiblewithanefficientITsystem.

The rethinkhasbeenhelpedby thecurrentgenerationofmanagerswhichseekstorecogniseandrealiseentre-preneurial opportunities through di-gitalisationoftheirbusinessmodel.

Thereforeconsultingcompanieswhichreliablycoverbothbusi-nessareasclearlyhaveanadvantage.Intensepricepressure,ho-wever,meansthatthisinitselfisnotenoughtocreateadistinc-tiveprofile.

Aconsiderablenumberofnewandpowerfulmarketparticipantshaveappearedonthehorizonandothershavenotbeenabletoavoidconsolidation.Thistrendisongoing.Therearealsoclearlytwodiverging tendencies:whilemanagementconsulting ischa-racterised ever more by special skills (e.g. distressedM&A), ITconsultingischaracterisedbyintensepressuretowardsstandar-disation(e.g.cloudcomputing).Butthecommongroundiseasytoestablish: thebestway to realise costbenefits iswith superiorexpertise–whichholdsforclientsandserviceprovidersalike.

Theauditmarketisonthemoveworldwide.Hereonecanmakeouttwodriving forces. These are a changedperspective in auditingpracticeandtheexpectationsofcompanies.Legislatorsandthesupervisoryauthoritiesarebecoming increasinglyawarethatre-gulationandbureaucratisationcanonlyimprovethequalityofau-ditingpracticetoalimitedextent.

Infacttherealityisthattheauditorwiththeirexperienceandex-tensiveexpertisehastofocusonprovidingaprofessionalservicewhich is suitable for the individual requirements of the client.Thisopensupadegreeoffreedomwhichtheauditorhastoex-ploit.Theconditionsforthisarethewillingnesstocreatestruc-tures and processes which allow the auditor to independentlymakedecisions.

Thisimpliestheexpectationsofthecompanywhichsees theauditorasan importantpartof the company-wide corporate governanceand expects them to understand their roleandactivelyparticipateinthemonitoringandriskmanagementprocess.Inadditiontotheiroriginal auditing practice, the auditor mustmake clear the added valuewhich they cangivetothecompanyagainstabackgroundofincreasingfinancial,organisationalandcrimi-nalrisks.

Our clients benefit fromour competitive edgederived fromourmultidisciplinarybusinessmodeland independent internationalcharacter.Ourobjectiveistobeoneofthetopfirmsworldwidefortheauditingof(consolidated)annualfinancialstatementsaccor-dingtoHGB,IFRSandUSGAAP.

Audit

Management and IT consulting

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TRENDS AND DEVELOP- MENTS

8Inouropinion, theclear trend towardsmorespecialisationandconsolidation will continue with the following consequences.Large competitors will aggressively push into themarket of fa-mily-ownedcompanies.Thiswillsharpenthepriceawarenessofclientsandleadtocarefulconsiderationofthepriceperformanceratio.Clientswilldemandqualifiedservicesfromtopconsultants.Buttheremunerationpaidwilljustbecalculatedaccordingtotheaddedvaluewecreateforourclients.

While anumberof companies value theadvantagesof a singleglobaladviser,atleastinoneservicearea,othercompaniesprefertomaintaintheirownnetworkoftopadvisersforeacharea.

Oursectorischaracterisedbyagrowingcomplexitywhichisclo-selylinkedtotheregulationjungleofbusinesslife.Thenecessityofcompaniestoreducethiscomplexitycanbeachievedthroughasingleadviserwithacomprehensivewideviewofmanycountries.Corporatemanagementwillalsocontinue tobeconcernedwiththeidentificationandmanagementofalltypesofrisks,includingtaxrisksandespeciallylegalrisks.Afurthertendencyisthattheeconomic importance of large, well-established family-ownedcompanieswillcontinuetoincrease.

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Largelistedcorporationswillnaturallyalsogrow.Thestrengthsofthefamily-ownedcompaniessuchasflexibility,orientationtosus-tainableobjectivesandthewillingnesstomanagecontrolledriskwithalong-termopportunityofearningswillremainadefiningfea-turecomparedtoacapitalmarketorientation.ItisnocoincidencethatforeigninvestorsarecurrentlyprimarilyinterestedinGermanfamily-ownedcompanies.Adviserswithacredibleandsuccessfultraditionofworkingwith family-ownedcompaniesandtheirow-nerswillbenefitfromthistrend.

Copycats with a multidisciplinary business model and interna-tionalorientationtoGermancompaniesareexpectedtoappear,wherebywe expect real corporate structures (such as those ofRödl & Partner) will have a clear advantage over informal net-works. The pressure on adviserswithout a global presencewillincrease.ThesameistrueforthegrowingneedtocrediblyofferprocessefficiencysolutionssupportedbyITagainstaninterna-tionalbackgroundcharacterisedbycomplicatedregulationsalsosubjecttotaxharmonisation.

ThesetrendsarenotonlyanimportantinfluenceonRödl&Partner.Theyrequire in-depthassessment inrelationtoour internalandexternalstructures.Thisistrueforpersonneldevelopmentjustasfor the identificationofnewservice linesandtheadjustmentofourcommunication.

We regularly supplyourclientsandpotential clientsaround theworldwithup-to-dateinformation.Thismaybewithdailyreportsfromour service lineswhichwemake available to themon ourwebsite, or the company briefing which is published every twoweeksorthebusinessmagazine“Entrepreneur”,whichwepublish 6timesperyear.

Thekeyfeature:youcaneasilyaccessalltheinformation24/7re-gardlessofwhereandwhen–onyourcomputer,tabletorsmart-phoneoralsousingemail.

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ADDED VALUE FOR OUR CLIENTS

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Germanfamily-ownedcompaniesandgroupsareexpanding in-ternationally through acquisitions and disposals. The disposalandacquisitionofacompanyarecomplexprocesses,especiallywhen this involves cross-border transactions and a number ofdifferentcountries.However,veryfewcompanieshavetheirownM&Ateamthatisabletocoveralltherelevantissuesassociatedwithatransaction.

The success or failure of a transactiondecisively de-pendsonthechoiceoftherightadvisers.Dependingonwhetheryouareontheseller’sorbuyer’sside,thiscouldbecorporatefi-nanceadvisers,attorneys,taxconsultantsandauditors.Corpo-rate finance advisers are usually commissioned by sellers tosearchforabuyerandmanagethestructuringofthecompletedisposalprocessorbybuyerstosearchforasuitabletargetcom-pany.Ontheseller’ssideauditorsarefrequentlyaskedtocarryoutacompanyvaluationandreconcilevaluation-relatedissues.Theirexpertiseisroutinelyrequiredonthebuyer’ssidetocheckthe plausibility of the plans presented and also in connectionwithfinancialduediligence.Thetaskofthetaxconsultantistooptimisethestructureofthetransactionandthetaxburdenandfurthermoretocarryouttaxduediligenceforthebuyer.Attorne-ys establish a legal structure for the transaction, draw up andnegotiatealltheassociateddocuments,andcarryoutlegalduediligenceforthebuyer.

Thesellerandbuyerarethereforefacedwiththetaskoffindingsuitableadvisersforservicesfromthenumerousprovidersavailable on themarket. For a purely domestic transaction thismayalreadyentailuptofourdifferentadvisersandinthecaseofinternationaltakeoversthenumbercanbemultiplied.Thesearchfor the rightadviserscanbe very time-consuming.Theprocessmayalsobehinderedthroughlanguagebarriers,andalso–whichshouldnottobeunderestimated–culturalbarriers.

Consulting firms with locations in Germany and othercountriesarethereforebetterabletomanageinternationaltrans-actions.Butoftentheinternationalservicesofsuchfirmsarelimi-tedtoafewsuchasauditandtaxconsulting,sothattheremainingareashavetobecoveredbyotherconsultingfirms.Whenasuitableadviserhasfinallybeenfound, theprecisescopeof theserviceshastobeagreedwiththeadviser,andinthecaseofduediligence,thetypeandlanguageofthereportmustalsobedefined.

TheidealsituationisthereforewhenthepartnerisabletocoveralltheaspectsofatransactioninGermanyandinterna-tionalmarketsandisalsoabletocoordinatethecompleteprojectinconsultationwiththeclient.

Avoidingfrictionallosses andduplications

Rödl&Partner is theonlyprofessionalservicesfirmworldwidewithownofficesinnearlyallrelevantmarketsandisabletode-liverallservices required forcompany transactionsatallof itslocations.Inordertoensurethattheclientisnotrequiredtoco-ordinatewithmultiplecontactpersons,eachprojectisallocatedaprojectcoordinator,theso-called“caringpartner”.Dependingontheservicesrequiredfortherespectiveproject,consultants,attorneys, tax consultants or auditors are involved. The caringpartnermostimportantlyensuresthefine-tuningofthetransac-tion process while taking the entrepreneurial decisions of theclientintoaccount.Thismayalsoresultinarecommendationnottoundertakethetakeover,should,forexample,disadvantageousknowledgecometolightinthecourseofduediligence.Thecaringpartnerfirstlyorganisesthesubmissionofaninternationalofferfor all of the services to be provided byRödl & Partner in thecourse of the transaction involving attorneys, tax consultants,auditorsandconsultants.

Thecaringpartneralsoensures that theschedule forthetransactionismaintainedandthatthereportingstructureisconsistentandintegrated.Theyclarifytheexactextentoftheex-aminationwiththeclientintherespectivecountries.Theobjec-tiveisatargetedcompletionofaudits.Regardlessofthesizeofthecountryandtheextentofthebudgetforthetransaction,theRödl & Partner colleagues at the local level apply themselveswith the same level of thoroughness.At least one colleague isalwaysabletospeakGermanandthisbringsdownlanguagebar-riers. On the request of the client reports and documents canalsobedrawnupinGerman.Ouradvisersarefamiliarwiththelocallyprevailinglegal,taxandeconomicconditionsandarealsoabletoassesstheeffects,forexample,ofthechoiceofthelegalformonthebuyer’ssideinGermany

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StayingonatransparentcourseThe caring partner also ensures that the agreed budget is notoverrun. They regularly check compliancewith thebudget andreportbacktotheclient.Ifthereisachancethatthebudgetwillbeexceeded,theclientisimmediatelyinformed,avoidinganun-pleasantsurpriseattheendoftheday.Thisgivestheclientplan-ningandcostsecurity.

Thesecircumstancesalsoapplyforthesupportprovidedontheseller’sside,when,forexample,inthecourseofthecompa-nysuccessiontheownerdisposesoftheirlife’sworkandalsoforthebuyer’ssidewhen,forexample,acompanyacquiresacompeti-tor,entersnewinternationalmarketsorplanstouseanacquisitiontogainimportantexpertise.Ourspecialknowledgeofowner-mana-ged companies, our interdisciplinary approach and our ability tomanagecross-bordertransactionsarethereforeindemand.

Thefollowingexemplarycaseillustratestheservicespro-videdbyRödl&PartnerinthecourseofanM&Atransaction.Alargemechanicalengineeringcompanywithinternationaloperationsap-proacheduswiththerequestforsupportintheacquisitionofcom-panies.Ourclientplannedtosimultaneouslyexpandinanumberofinternationalmarketsandhadalreadyconsideredvariousdifferentcooperationpartnersandcompetitors.Theydidnotwish,however,for reasonsof confidentiality, to approach theseparties on theirownaccount.Furthermore,otherpotentialcompaniesweretobeidentified.ThetaskofRödl&Partnerwasinitiallytoapproachthealreadyidentifiedcompaniesandestablishtheirwillingnesstosell.Inafurtherstep,additionalcompaniesweretobefoundwheretherespectiveshareholderswereinclinedtosellforareasonableprice.

InternationaltargetsearchOurcorporatefinancespecialistselaboratedastrategywhichin-cludedthecorrespondingtargetprofile.Incloseconsultationwithourofficestheyfoundwhattheywerelookingfor.InPolandanop-portunity arose to take over a longstanding cooperation partnerwhichwaswell-representedinEasternEuropeandwhichalso,duetotheunfavourableeconomicenvironmentinRussia,UkraineandotherEasternEuropeanstateswasurgentlyseekingastrongpart-ner.ThencameaGermangroupwhichinthecourseofrestructu-ringplannedtodisposeofasubsidiaryintheUSAwithproductionlocationsinChinaandThailand.AninsolventcompetitorinGerma-nywithsalesofficesinanumberofWesternEuropeancountrieswasalsoontheshortlist.

Allfurtheractivitiesinthecourseofthetransactionsin-cludingthecontractnegotiationswereexecutedbyRödl&Partner.Inconsultationwithourinternationaloffices,thecaringpartnerassembledaneffectiveteamtoenableefficientmanagementoftheproject.

Inthecaseofourmechanicalengineeringcompany,theidentificationofthepotentialcompaniestobeacquiredwasfollo-wedbycomplexfinancial,taxandlegalduediligencesinvolvingatotalof16jurisdictionsandthedrawingupofthecontractdocu-mentation including the contract negotiations.At the same timeourcorporatefinancespecialistsenteredintonegotiationswithabankingconsortiumconcerning thefinancing structure. Theduediligencereports,alldrawnupinGermanaccordingtoauniformreportingstructure,intheendprovedtobethebasisforapositivefinancingdecisiononthesideofthebanks.Duetothedifficultsi-tuationregardingemploymentlawofthePolishcompany,themainareasofthecompanywereacquiredinanassetdealandinparti-culartheexpertiseandproductioncapacityintheareaofmechani-calengineering.Itwaspossibletoengagethetechnicalpersonnelwithintheframeworkoftheemploymentregulations.

ForthegroupsubsidiaryintheUSAtheshareholdersop-tedforasharedealtofullyacquirethecompany.Noliabilityriskswereidentifiedinthecourseofduediligence.

Thetakeoverofthecrisis-riddencompany,ontheotherhand,wasbrokenoffaftertheduediligenceprocess.Thecustomerbasefirstlyprovedhardlytobereliableandinadditionimportantpatents,beinganimportantassetofthecompany,hadexpired.

Inthecourseofmanagingtransactionsthereareoftensurprisingmomentsoracrisis.Animportantfactorforinternatio-naldealsistheexchangeraterisk.TakeoversintheUSAmaylosetheirviabilitywhenintheshort-termthecostsincreaseby20 %duetoafallintheeuro.Thiswastakenintoconsiderationinthecourse of contract negotiations by fixing the purchase price ineurosinthecontract.

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CONCLUSION

Satisfiedclients

Two parallel takeovers with assets in a total of 16 countries organised by a single services pro-vider require a strong conductor to manage the choir of consultants and auditors and achieve success together. At Rödl & Partner this is ensured by the caring partner. They assemble the appropriate teams in the re-spective countries, define the scope of the respective audit and make sure that the client receives uniform reports. Furthermore, the caring partner is responsible for meeting the agreed budget and routine reporting. This re-moves language barriers as the professionals at all Rödl & Partner offices speak German and in particular the due diligence reports can be drawn up in German. The client is

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largely relieved from time-consuming and cost-intensive organisational duties such as the search for consultants in other countries and their coordination and can instead fully concentrate on the strategic areas usually as-sociated with a company transaction. The signing of the contract is not the conclu-sion of the takeover. The post-merger integ-ration frequently requires restructuring and measures involving employment law. In addi-tion, a control structure and management structure have to be developed for the new group companies abroad. The preparation for these steps can already be undertaken in the context of the transaction. This allows us to create added value for the client which is over and above that achieved by just the com-pany acquisition.

Advisory services for more than 250 success-ful transactions each year are the confirma-tion that our approach is the right way to further the interests of our clients.

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PROFESSIONAL MANAGEMENTRödl & Partner is operatively and strategically ma-naged by our 7 Managing Partners (short profiles of their career background are shown on the following pages):

10They determine our business policy guidelines. Theirresponsibilitiesalsoincludeourservicelines,localpre-sence,internalserviceunitsandalltheRödl&Partnerofficesworldwide.Ata local level theheadsofourof-fices andbusiness areas establish the brand and ser-vicesofRödl&Partner.

Thecareerpathsinourorganisationareasindividualasthepeopleandtheresponsibilitywithinourfirmva-riesfromareatoarea.Ourcareermodelisintentional-lyflexibleandleavesroomforspecialiseddisciplinesanddifferentphasesofworkinglife.Thatiswhythereisnotimedefinitionofwhenacareerstagehastobereached.

There is, however, a uniform basis for professionaldevelopment. In 4 stages, the required expertise andresponsibility arebuilt up stepby step: from theem-ployee, to theSeniorAssociate, toAssociatePartner,andfinallytoPartner.Asthelevelofexperienceincrea-ses,withdeeperintegrationintheinformationflowand

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decision-makingprocessessodoestheprospect–withagoodtrackrecord–ofbecomingaPartner.

ThecriteriaforPartnersarecorrespondinglyvalidtoalesserdegree forAssociatePartnersandSeniorAsso-ciates.AssociatePartnersalreadytakeonmanagementtasksasprojectmanagers.Theybuilduptheirspecialarea of operations and thereby develop their internaland external reputation. They participate to win newclientsandcultivatethemarket.AssociatePartnersarepredestinedforcriticalcareerstepssuchasthefoun-ding of a new office or assuming responsibility for abusinessareainanofficeoracountry.ThisiswherethecourseissetforthepersontobecomeaPartnerandsoatthisstagewetakespecialcaretoindividuallypromo-teandassessentrepreneurialexpertise.

SeniorAssociatestakeonexpertmanagementtasksasnewproject leaders andhave regular contactwith cli-ents.Theybuilduptheirspecialareaofoperationsandtherebydeveloptheirinternalandexternalreputation.

ThisisbecausethesuccessofRödl&Partnerisbasedonthecommitmentofcolleagueswithexcellentprofes-sionalqualificationswhoseekentrepreneurialfreedomandwelcomeentrepreneurial responsibility.Thiscom-mitmentisrewardedwiththeofficialinvitationtobeco-meaPartner.

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Prof.Dr.ChristianRödladvisesfamilybusinessesandtheirownersmainlyoncross-borderstructuresofbusi-nessgroupsandprivateassetsaswellasoncompanysuccessionandestateplanning.

He is an honorary professor of the law and businessschooloftheUniversityErlangen-Nurembergandgiveslecturesoncompanysuccessionandinternationaltaxplanning.Inthisfieldheisanauthorandpublisherofnumerousbooksandprofessionalpapers.

Prof.Dr.Rödlcompletedhis lawdegreeandpracticaltraining in Würzburg, Caen (Normandy), Nuremberg,Paris and New York (LL.M. Columbia University). HefirstlyworkedasajuniornotaryinBavaria(Latinnotarysystem).AfterthathetookupservicewithalargeAme-ricanlawfirm.In1999hejoinedRödl&Partner.Prof.Dr.Rödlisamemberofnumerouscommittees,supervisoryboardsandfoundationboards.HeisVicePresidentoftheChamberofIndustryandCommerceNurembergforMiddleFranconia.

InthepastProf.Dr.ChristianRödlwasrepeatedlyinvi-tedbythefinancecommitteeoftheGermanBundestagasanexpertonlegislativeproceduresintaxlaw.

Forthesecondconsecutivetime,independentexpertsappointed by the WirtschaftsWoche magazine votedProf.Dr.ChristianRödltobeamongthetop25Germanadvisers for company tax law (WiWo, issues 47/2010and23/2015).

PROF. DR. CHRISTIAN RÖDLLL.M. (Columbia University, New York), Attorney at Law (Germany),Certified Tax Consultant (Germany)Managing Partner and Chairman of the Management Board

ÄußereSulzbacherStraße10090491NurembergT + 49 911 9193 1000 christian.roedl@roedl.com

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Prof.Dr.PeterBömelburghasmanyyearsofauditingandconsulting experience with national and internationalcorporategroupsofGermanoriginandthemanagementof audit mandates. He specializes in comprehensiveconsultingandauditingofowner-managedcompanies.

HeisanhonoraryprofessoroftheFacultyofBusiness,EconomicsandLawoftheFriedrich-Alexander-University inErlangen-Nurembergandgives lecturesonbusinessadministration,inparticularauditing.

Prof. Dr. Bömelburg is licensed as auditor for qualitycontrolandisamemberoftheexaminationcommitteefor certified public auditors.He has beenwithRödl &Partnersince1994.

Heisauthorofvariousprofessionalpapersforjournalsandbooks,particularlyintheareasofvaluationandna-tionalandinternationalfinancialaccounting.

PROF. DR. PETER BÖMELBURGCertified Public Auditor (Germany), Certified Tax Consultant (Germany)Managing Partner

ÄußereSulzbacherStraße10090491NurembergT + 49 911 9193 2100 peter.boemelburg@roedl.com

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Dr.JoséCamposNavehasextensiveexperienceinpro-vidingsupportforGermanandinternationalcompaniesplanningdomesticandinternationalexpansion.Clientsrelyonhislegalandinterculturalexpertiseinparticularwithcompanymergersandbusinessexpansionprojects.

Dr. Campos Nave studied at the universities Frank-furt / Main andMainz and completed his doctorate atthe University of Münster in North-Rhine Westphalia.Hewasa foundingPartnerofaFrankfurtboutique forcommercialandtaxlawandhasbeenaPartneratRödl &Partnersince2004.

Dr.CamposNaveisalsolicensedasaLegalConsultantinDubai(UAE).

Dr.CamposNavehasauthorednumerousprofessionalpublications and monographs on commercial and taxlawandisaspeakeronspecialisttopicsincorporatelawandcompliance.

DR. JOSÉ CAMPOSNAVEEMBA (Accounting & Controlling ), Attorney at Law (Germany)Tax Lawyer, Specialist Commercial and Corporate LawyerManaging Partner

Taunus-TowerMergenthalerallee73 / 7565760EschbornT + 49 6196 7611 4700jose.campos-nave@roedl.com

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Renata Kabas-Komorniczak supports investors in theorganisation of accounting departments and globalsharedservicecenters.Sheleadsprojectsonprocessacceleration,processchange,digitalisation,complian-ce,taxplanninganddataprotection.

Ms.Kabas-KomorniczakgraduatedfromtheUniversityofWarsaw(LawandAdministration),theBritishCentreforEuropeanandEnglishLawStudiesand theAmeri-canSchoolofLaw(UniversityofFlorida).Shehasalsocompleteddoctoralstudiesineconomicsandhasbeenamemberof theNationalChamberofTaxAdvisers inPolandsince2001.

She gained her professional experience in internatio-nalandPolishlawandtaxadvisoryfirmsbeforejoiningRödl & Partner in 2004, initially as head of BPO andtax declaration inWarsaw. She is the author ofmanybooks / publicationsontaxlawandsocialsecurityandhasbeeninvolvedinthepreparationofexpertopinionsontaxlawfortheSejmoftheRepublicofPoland.Shehas alsoworked as Interim FinanceManager for pro-duction and IT companies and implemented financialmodulesofERPsystems.

RENATAKABAS-KOMORNICZAKCertified Tax Consultant (Poland)Managing Partner

ul.Sienna7300-833WarschauPolandT + 48 22 6962 800renata.kabas-komorniczak@roedl.com

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NicolaLohreyhasmanyyearsofexperienceinsuppor-tingGermanandFrenchcompanies in theirexpansionathomeandabroad.ShespecialisesinmattersrelatingtoGerman-Frenchcorporateandcommerciallaw,parti-cularlyinthecontextofrestructuringprojects,advisingandassistingclientsinnegotiationsandcomplexinter-nationalprojectsand theacquisitionof investors fromtheGerman-speakingareainFrance.

She studied law and completed her legal clerkship inOsnabrück, Paris and Geneva. Ms. Lohrey began herprofessionalcareerwitha leadingAnglo-Saxonprofes-sionalservicesfirm,whereshewasresponsibleforthedevelopmentofGerman-French legaladvisory. In2010she additionally took over themanagement of all ser-vicesofthisfirmforFrance,LuxembourgandtheMagh-rebcountriesforcompaniesfromGermany,SwitzerlandandAustria.

Ms.LohreyisamemberoftheLegalCommitteeoftheFranco-GermanChamberofIndustryandCommerceinParis.ShepublishesandconductsstudiesontheFran-co-Germaneconomyandparticipatesactivelyindiscus-sionsonbusinesslawtopics.

NICOLALOHREYAttorney at Law (Germany), Avocat à la Cour Managing Partner

24-26ruedelaPépinière75008ParisFranceT + 33 1 5692 3125nicola.lohrey@roedl-avocats.fr

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Martin Wambach audits and advises internationally activecompaniesintheareasofstrategiccorporatede-velopment,digitaltransformationandriskmanagement.FurtherfieldsofworkareITsecurity,machinelearning /artificialintelligenceandsustainability(CSR).

Mr. Wambach completed his business administrationstudiesinBambergduringwhichhewasalsoaworkingstudent at a largeAmerican auditing firm in FrankfurtandNuremberg.Afterhisstudieshebecameassistanttotheofficeheadofthiscompany.

HejoinedRödl&Partnerin1992andhasbeenamemberoftheManagementBoardsince1998.Heisresponsiblefortheservicelineworldwideauditand,inhisfunctionasChiefDigitalOfficer,forthedigitaltransformationofRödl&PartnerwiththeserviceunitGlobalDigitalSer-vices.Hismainareasofexpertiseareinternationalau-ditsofannualfinancial statementsandenterprise riskmanagement.

In2019MartinWambachwaselected to theexecutiveboard of the Institute of Public Auditors in Germany(IDW), having previously been an administrative boardmemberfrom2015to2019.Heisalsoamemberoftheexecutive board of the Business Association for LatinAmerica(LAV)aswellasDeputyChairmanoftheInsti-tuteofManagementAccountantsinGermany(IDR).Heisalsotheauthorofnumerouspublicationsondigitali-sation,internationalisationandCSR.

MARTINWAMBACHCertified Public Auditor (Germany), Certified Tax Consultant (Germany), Environmental Auditor (Germany), IT Auditor IDW (Germany)Managing Partner / Chief Digital Officer

Kranhaus1,ImZollhafen1850678CologneT + 49 221 9499 091 00martin.wambach@roedl.com

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Dr.HansWeggenmannisoneoftheleadingexpertsontaxlawinGermany.Hesupportsclientsinhighlycom-plextaxconsultingareasandadvisesnumerouscompa-niesonmostly international tax restructuringprojects.Large internationally successful and frequently fami-ly-ownedcompaniesandtheirownersappreciatehisad-viceontaxmattersandalsohissupportwithexternaltaxauditsandappealproceedings.

Dr.Weggenmannstartedhiscareer in taxconsultationin1987andhassinceworkedinvariousandpartlylargetaxconsultingfirmsbeforemovingtoRödl&Partnerin2003.Hisdoctoratein2002washonouredwithanum-berofawardsandtodayisstillregardedasreferenceforpartnershipsininternationaltaxlaw.

Hehascontributedto“DoubleTaxation:DTA”byWas-sermeyerand“Partnershipsinthecontextofinternatio-nal tax law” byWassermeyer / Schnittker / Richter, andisaneditorofanonlinecommentaryontransformationtaxlaw.Inaddition,hehasformanyyearsnowbeenasought-afterspeakerbytheNWBandHandelsblatt(DerBetrieb)publishinghousesonthetopicsofinternationalpermanent establishments, partnerships andfinancingissues.HeisalsoaregularcontributortotheHandels-blatt,FAZandinternationallyrenownedtradejournals.

Dr.WeggenmannhasbeenamemberoftheInternationalFiscalAssociationformanyyearsandisontheadvisoryboardoftaxorganisations.HeisaprivatelecturerattheUniversities of Bayreuth and Leipzig and also a regularguestlecturerattheUniversitiesofErlangen-NurembergandTübingen.

DR. HANSWEGGENMANNCertified Tax Consultant (Germany)Managing Partner

ÄußereSulzbacherStraße10090491NurembergT + 49 911 9193 1050hans.weggenmann@roedl.com

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PROFITABLE GROWTH

Since the founding of Rödl & Partner more than 40 years ago, the firm has always taken care to find the balance between stable growth and sustainable profits. As a result the annual volume of fees has now risen to 415 million euros (10 years ago the figure was 209 million euros). Throughout these years the surpluses have served to promote the pro-ductive development of Rödl & Partner and finance our expansion.

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Even in the years of the economic crisis in 2008 and 2009 our strength was evident, whereby the diversification of our range of services and our close links to robust client companies brought considerable benefits.

We will remain on this course. In the next 3 to 5 years we plan to further increase growth and revenues, whereby special attention will be paid to profitability, taking cost pressures into account.

Apart from that, we cannot ignore the con-tinuous disrupting fire from the financial markets and social-political disruptions. In the meantime, the resulting vulnerability of the economic system is clear to most ana-lysts. This signal indicates the importance of awareness when taking entrepreneurial decisi-ons – for us and our clients.

Rödl & Partner has mainly achieved its cur-rent business volume through organic growth. Acquisitions have remained the exception. We will continue with this policy, but at the same time examine any opportunities which arise and exploit them as the case may be. This is valid for the countries and locations where we are already represented and also in future for new regions.

In Germany Rödl & Partner has now rea-ched a size which allows the quick integrati-on of manageable units or teams as and when they are needed. The same is true for our strong Central and Eastern European countries such as Poland, the Czech Repu-blic and Russia as well as for China, Italy and the USA.

The success of Rödl & Partner in Germany remains the crucial driving force. Here we still see enormous potential with 1,000 or

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In this respect, we are already excellently es-tablished in the areas of automotive, mecha-nical engineering , water, renewables  /  energy, public transport, real estate, unit trusts, soci-al economy, food, IT industry and trade.

The main scope of our expansion is based on foreign investments made by German com-panies. In other words, our international presence is primarily determined by the cor-responding activities of our (German) cli-ents. Accordingly, the region of South-East Asia and other emerging markets will play a vital role in our further expansion. Africa also has significant potential.

more large German companies, as yet mainly unlisted, which are global leaders in their field and also 1,000 or more other companies which today already count as leading com-panies.

We are also absolutely convinced that there are approx. 5,000 further German and Euro-pean companies to which Rödl & Partner would fit excellently with its services.

We will make every effort to consistently ex-pand our expertise in additional industrial fields. Our experience shows that clients especially value a systematic approach, tech-nical expertise and in particular specialist knowledge from the respective sector. The di-versity of our clients must also be reflected by our multidisciplinary business areas and industry expertise.

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Rödl&Partneraimstoofferafullrangeofservicelinesatalllo-cations.Thisrepresentsourgeneralpolicy,but isnotadogma.Thisisalsonotpossiblebecausewearepursuingtheobjectiveofusing special services to serve attractive local market niches.Ourlocalpresence,i.e.tobetherewhereourclientsare,ensuresour closeness to the respective client, which is good for ever-ybody.Thisisalsotruewithregardtoourinternationalpresencewhether in Atlanta, São Paulo, Helsinki, Canton / Guangzhou, Budapest,Warsaw,Yangon,JohannesburgorBielefeld.

Neverthelesswewillkeeponpursuing theconceptofmaintai-ningkeyattractiveGermanlocations(Hamburg,Eschborn,Frank-furt,Nuremberg,StuttgartandMunich).Thisallowsustounder-lineourefficientclosenesstoclientsinGermany.Theseofficeswillcontinuetoplayanimportantroleduetotheirgeographicallocation.Wewillfurtherstrengthenthem.

OurcolleaguesinNurembergandallourotherlocationsareexcel-lentcaringpartneroftheRödl&Partnerbrand.Truetoour“onefacetotheclient”approachourclientshavejustonecontactper-son, regardless ofwhere the support comes from.Clients alsoknowwhotheheadoftherespectiveofficeis.

Intheestablishmentofnewofficesweexercisecaution.Therefo-re,weonlyopenanewofficewhenwecanensureahighservicequalityforclients.Wearealsoguidedbytheprincipleofbeingonestepaheadofthemajorityofourclients,i.e.toprovideser-viceswherethereisaneedorpotential.

OUR LOCATIONS12

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13Our operational success depends on thecommitmentofourcolleagues.Theyrecog-niseandexploitthemanydifferentoppor-tunitiestodevelopwhichourfirmoffers,inanattractiveandvariedenvironment.Team-workandearlyassumptionofresponsibili-tyfordecisionsareamustinourorganisa-tionandatthesametimeperfectlynatural.Asoneofthemostexcitingfirmsinitsfieldwesupportnewideasandcreatespacefortheirimplementation.

THE OPEN TO THE WORLD HOMEFORENTREPRE-NEURIAL PERSONALITIES WITHTEAMSPIRIT

We are interested in long-term businessconnectionsand long-termemployee rela-tionships.AtRödl&Partnereveryoneshouldfeelathome.Thisistrueforaspectssuchasthepromotionofhealthandsportacti-vitiesandalsothewaywetreateachot-her.Our employment contracts thereforeinclude our “The 10 rules of the Rödl &Partnerethicspolicy”.Asoneofthelea-dingglobalprovidersofmulti-disciplinaryprofessionalservicesourfirmadheresclo-sely to professional ethics. For example,when accepting newmandates we valuestrictduediligencerulesasanimportantasset.“The10rulesoftheRödl&Partnerethicspolicy”document theseprinciplestogetherwiththeunderstandingofsocialresponsibilityandrespect.

Wewillsticktoourprinciplestorankperso-nal responsibility above complex bureau-cracysuchasstaffrules.Thispromotesourconceptofentrepreneurialthinkingcombi-nedwithasocialconscience.Atallourlo-cations therearecolleagueswhoare fullyawareoftheirroleinsociety.Weareproudofthat.

Thecentralpointofeverythingwedoiscon-cernedwiththesustainable,long-termsafe-guardingofthefirmbygivingspecialatten-tiontoclients.Weunderstandthatthisgoesfarbeyondtheusualdefinitionofbusinessrelations. It rathermeans the nurturing ofreliable partnerships similar to those wemaintaininternallywithourcolleagues.

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Constructive cooperation completely de-void of discrimination is our top priority.Thisalsoincludesthereconciliationofca-reerand family.Wealsosubscribe to theadvancement of women, the principle offurther qualification, the opening of playareas for children, flexible working hoursandparental leave for fathers,etc.Basedonacultureofopennessandflexibilitywestrive to find the best possible individualsolution.

Ourefforts toattract thebestmindsalsoincludetheRödl&Partneremployeefoun-dation,programsandinitiativesinemployerbranding (university marketing, scholars-hips,talentfairs,etc.).

Extensive information isalsoavailableatourcareerportalatwww.roedl.com.

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Rödl&PartnerÄußereSulzbacherStraße10090491Nuremberg

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