For Fietsen Wildiers, the definitive breakthrough of the electric bike kicked off a rapid growth spurt. A due diligence study gave the family business exactly the acceleration it required to grow successfully. CEO Kris Voet explains how CFO-as-a-Service is now steering his company in the right direction.
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The mobility sector is moving faster than ever. Of course, the corona crisis made a significant mark, but above all it is the climate situation that turned the sector upside down a while ago. “The reign of King Car has been over for some time”, explains Kris. “Bikes – and above all electric ones – now play a central role in our mobility. This evolution moved faster than with electric cars.”
“Bikes are also becoming increasingly important in commuting. That means that a broken bike must be fixed quickly. Or that a replacement bike must be available. The ‘traditional bike repair shop’ is unable to provide such a service. That’s exactly the gap we are filling with Fietsen Wildiers.”
The corona crisis was the final straw for many retailers. However, Kris sensed that the time was exactly right to extend his activities. “We already had several shops when the crisis hit”, he says. “And we had to grow in order to remain competitive with the bigger players in the market.”
“So, we decided to take over several more businesses. However, the hunt for capital was a challenging one. Finally, we approached PMV for a subordinated loan. Before receiving it, PMV arranged a due diligence investigation by Grant Thornton.”
Green light following due diligenceMark Ernots took care of the due diligence at Fietsen Wildiers. This aimed to guarantee to PMV that Kris’ company was financially sound. Mark: "Based on our screening, PMV decided to award the funding, but on one condition: that Kris increased the maturity of his business processes.” “The financial reporting in particular was far from good – we lacked visibility of the figures. That can harm your business in the longer term when investing for further growth.” |
Kris was able to continue developing his business with fresh capital, but also received a pile of homework: to professionalise the internal processes at Fietsen Wilders. “PMV recommended listening to what Grant Thornton could do for us”, says Kris. “That was fine for me, because we already had a good professional click during the due diligence. Despite the challenges in such an investigation.”
“Employing a full-time CFO is a big investment for a growing company. That’s why CFO-as-a-Service was exactly what we needed. Valérie now comes two to three days a week to get our financial structure organised.”
“Valérie also has the expertise that we were lacking to take the appropriate future-oriented decisions. When choosing a new takeover target, for example. Another great advantage is that she can always contact her colleagues on judicial, fiscal and other specific matters.”
Accomplishing goals with CFO-as-a-ServiceValérie Le Duc is the CFO who has been coming to Fietsen Wildiers for the last few months: “Kris has fantastic business ideas, but lacks the financial finesse to get the very most out of them. He is aware of that too.” “Such self-awareness is essential for success in our collaboration. And we collaborate really closely: I physically sit down with Kris and COO Joris more than once a week to discuss our plans.” What someone like Valérie can do for your company? |
Although his business is speeding forward, Kris does not dare to look too far ahead. “The bike business is not undergoing an evolution, but a revolution”, confirms Kris. “It’s really hard to predict what next year will bring. What I do know is that we must remain on the look-out for financial opportunities. Paths such as a foreign investment company are certainly a possibility.”
“But most importantly, what you need in fast-moving times is flexibility. And that’s exactly what we get from CFO-as-a-Service. Valérie keeps her finger on the pulse of the finances and can depend on her broad team at Grant Thornton if a new challenge arises. That is reassuring in a challenging, yet also very interesting business. I am looking forward to the future.”
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