b"A lot can change in 25 years. The world in which Dullemond Business Advisory was established in 1998 is very different from the present. However, if you look closely, you'll notice some constant factors. Such as a keen eye for mutual interests and a strong focus on the development of knowledge and expertise. These are important drivers that have propelled BHB Dullemond to become a successful M&A firm in the insurance market, among others. We speak with Wim Oeben, former owner of Dullemond Business Advisory, and Elly de Graaf, who is celebrating her 25th anniversary as Office Manager this year. Together, we explore the milestones, setbacks, and remarkable stories from the history of BHB Dullemond.ECONOMIC TAILWINDS Business Advisory. Suddenly, Frans Schreurs It is 1998, and European integration is gainingpassed away at the age of 44, leaving behind a momentum, culminating in the introductionyoung family. I then took over Frans's shares and of the euro. De Graaf recalls, 'I rememberunintentionally became the sole shareholder. vividly how the introduction of the euro hadFortunately, Kees remained actively involved a significant impact on our clients. Insuranceas an advisor. During this period, the insurance agencies that were valued at one millionintermediary faced significant challenges. With guilders suddenly became worth less thanthe introduction of the Financial Services 500,000 after the euro's adoption. Mentally, itAct (Wfd), the licensing system became was quite a blow for those entrepreneurs. Whenmore extensive, but especially in terms of Kees started Dullemond Business Advisory inremuneration structure, the intermediary 1998, I had already been working with him forwas burdened by a load of new regulations. a year. Along with Jurjen Oosterbaan, KeesUntil 2007, a large part of the intermediaries' had founded Bureau D&O (now known asremuneration consisted of commission, but Bureau DFO), and after six years, he decidedfrom that time onward, a two-step ban on to fully focus on the valuation and brokeragecommission for advising on complex and of insurance agencies. Intermediaries hadimpactful products was introduced. Insurers favorable economic conditions during thisand banks also became competitors to the period. Premiums were rising, productsintermediary by focusing on direct distribution were becoming more complex due to fiscalchannels. The existence of the intermediary was legislation, the housing market was boomingunder significant pressure at that time, leading with high closing commissions as a result, ITto a surge of consolidation within the insurance companies were emerging, and an investmentmarket.' Wft specialist Oeben continued, 'To market was taking shape. This led to increasedproperly assess the consequences of the competition and dynamism in the insuranceFinancial Supervision Act for the intermediary, market, allowing Dullemond Business AdvisoryI started delving into this new legislation. We to have a quick start. Thanks to Kees' drive andthen applied this knowledge in our analysis strong focus on delivering quality, the companyand valuation of insurance agencies. It is grew rapidly, employing seven staff members inworth noting that during that time, I witnessed no time.' firsthand how only a very limited number of politicians in The Hague were somewhat THREATS TO THE EXISTENCE OF INSURANCEaware of such important legislation with such a INTERMEDIARIES significant impact on society.' Oeben: 'In 2002, I joined Dullemond Business Advisory and shortly thereafter, together with Frans Schreurs, I acquired the shares of Kees Dullemond. The goal was to continue the company together. However, things turned out differently. 2003 became known as one of the lowest points in the history of Dullemond ANNIVERSARY EDITION"