For a larger investment in a private or family-owned company, the investor usually wants much deeper visibility than a normal shareholder would — but still not “everything.”

 They typically request enough information to evaluate:

• profitability,
• operational stability,
• risks,
• management quality,
• and future growth potential.

In practice, a bigger investor in a family company will often ask for:

Financial Information

• Historical P&L statements (back to at least 4 years lr)
• Balance sheets
• Cash flow statements
• Tax records
• Debt obligations
• Forecasts and budgets

Aging Reports

Yes — accounts receivable and payable aging reports are commonly requested because they show:

• who owes the company money,
• overdue invoices,
• supplier payment practices,
• and cash-flow risk.

Employee Information

Usually not every employee’s personal details, but investors often want:

• organizational chart,
• key management personnel,
• salaries of executives,
• headcount,
• turnover rates,
• employment contracts for critical staff,
• skill availability and retention risk.

For a digital/technology business, talent and technical expertise can be especially important because much of the company’s value depends on skilled employees and client relationships.

Procedures and Operations

Serious investors often review:

• internal controls,
• operational procedures,
• cybersecurity policies,
• compliance processes,
• project delivery methods,
• quality assurance,
• procurement and approval workflows.

This is part of due diligence to determine whether the business is professionally managed or overly dependent on family members.

In Family Companies Specifically

Investors often pay extra attention to:

• whether decisions are centralized in the family,
• succession planning,
• related-party transactions,
• governance transparency,
• informal processes,
• and whether financials are professionally maintained.

A large investor does not necessarily need to know “everything,” but they usually expect enough access to identify hidden risks before investing substantial capital.

The larger the investment and ownership stake, the deeper the due diligence tends to be.

Equans

 Equans is owned by the French industrial group Bouygues, which completed its acquisition from Engie in October 2022 for approximately €7.1 billion.

 It now operates as a standalone business segment within the Bouygues group, specializing in multi-technical services, energy management, and facilities management.

Key details regarding Equans' ownership include:

Parent Company: Bouygues.

Acquisition Date: October 4, 2022.

Scale: As a Bouygues subsidiary, Equans operates in 20 countries with approximately 83,000 employees as of 2025.

Integration: Equans was combined with Bouygues Energies & Services to form a major leader in the energy and services sector.

Bouygues is a diversified services group known for its activities in construction, media (TF1), and telecommunications.

Here’s a clear, factual overview of Equans—including its leadership, offices, and value.

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🏢 What Equans is

Equans is a global energy, industrial, and digital services company, originally created by ENGIE and later acquired by Bouygues Group.

It focuses on helping cities, industries, and buildings with:

• Energy transition (efficiency, decarbonisation)
• Digital transformation (ICT, smart systems)
• Industrial performance

Typical services include HVAC, electrical systems, facility management, robotics, and data infrastructure.

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🌍 Offices and global presence

• Headquarters: Courbevoie (Paris area), France
• Operations in 17–20+ countries across Europe, Americas, and Asia-Pacific
• Strong presence in:
  • France
  • UK & Ireland
  • Belgium & Netherlands
  • Switzerland
  • USA & Latin America
  • Australia & New Zealand

Equans operates through local subsidiaries and brands, so instead of one central office network, it has many regional offices embedded in each country.

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👨‍💼 CEO (Chief Executive Officer)

• Jérôme Stubler
  • CEO since 2021
  • Former CEO of VINCI Construction
  • Background in major infrastructure and engineering projects

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💰 CFO (Chief Financial Officer)

• Pierre Hardouin
  • CFO since 2021
  • Also Senior EVP in charge of Finance, Legal & IT
  • Previously held senior finance roles at ENGIE

(Note: Some sources mention regional CFOs, but Pierre Hardouin is the group-level CFO.)

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📊 Company value / size

“Value” can mean revenue, scale, or market position. Here are the key figures:

• Revenue:
  • ~€17+ billion annually (recent combined figures)
• Employees:
  • ~74,000–95,000 globally
• Position:
  • Considered a global leader in multi-technical services

Some estimates (depending on accounting scope) place revenue even higher in certain datasets, but the widely cited figure is ~€17B turnover.

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🧭 What makes Equans valuable

Its value comes from:

• Strong positioning in energy transition (huge global demand)
• Recurring service contracts (facility management, maintenance)
• Presence across critical infrastructure sectors
• Backing from Bouygues Group (financial strength + construction integration)

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🧾 Simple summary

• Industry: Energy & technical services
• CEO: Jérôme Stubler
• CFO: Pierre Hardouin
• HQ: France (Paris region)
• Global reach: 17–20+ countries
• Revenue: ~€17B+
• Employees: ~75k–95k

Pierre Hardouin

Pierre Hardouin is a French business executive and financial leader who serves as Deputy Chief Executive Officer (Directeur général délégué) and Chief Financial Officer (CFO) of Equans, a global provider of energy, construction, and facilities management services. He has held senior roles within the ENGIE Group and its subsidiaries, reflecting extensive experience in the energy and industrial services sectors.

Key facts

• Current role: Deputy CEO and CFO, Equans (since 2023)

• Previous roles: CEO, ENGIE Solutions and ENGIE Axima; Managing Director, Otis France

• Education: Graduate of Supélec (1989) and HEC Paris (1991)

• Date of birth: July 1966

• Industry focus: Energy, engineering, and building services

CentraleSupélec is a premier French Grande École (merged from Supélec and École Centrale Paris) known for producing high-level engineers and leaders. Graduates are highly skilled in engineering, data, and management, with a vast network of over 60,000 alumni on LinkedIn , often leading in industries like technology, energy, and consulting.

HEC Paris is a world-renowned, elite French business school founded in 1881, consistently ranked among the top business schools globally. Located near Paris in Jouy-en-Josas, it specializes in management education, offering Master’s programs, MBAs, PhDs, and executive education, with a strong reputation for producing global business leaders

Career overview

Pierre Hardouin began his career in 1992 at Otis, the elevator manufacturer, where he spent over two decades rising to Managing Director of Otis France. He was later appointed Vice President of Services and Transformation for Europe, the Middle East, and Africa. In 2014, he was also elected president of the French Elevator Federation, representing the national elevator and escalator industry .

In 2018, Hardouin joined ENGIE Group as CEO of ENGIE Axima and later of ENGIE Solutions, overseeing industrial and energy service operations during a period of digital transformation and expansion .

Role at Equans

Following the spin-off of ENGIE’s services arm into Equans in 2021 and its subsequent acquisition by Bouygues Group, Hardouin assumed executive leadership of Equans France and now serves as Deputy CEO and CFO of the consolidated company. He manages the firm’s financial strategy and supports integration across its energy efficiency, infrastructure, and facilities management businesses .

Leadership and influence

Known for his operational expertise and transformation leadership, Hardouin has contributed to shaping France’s industrial services landscape. His stewardship at Equans places him at the intersection of energy transition, sustainable construction, and large-scale infrastructure modernization.

Jérôme Stubler

Jérôme Stubler is a French engineer and business executive who serves as Chief Executive Officer of Equans, a global leader in energy and services solutions. Known for his expertise in large-scale infrastructure and industrial transformation, he has played a central role in shaping Equans’ integration into the Bouygues Group and guiding its international expansion.

Key facts

• Current role: CEO, Equans (since 2021)

• Previous roles: CEO, Vinci Construction; Chairman, Soletanche Freyssinet

• Education: École Polytechnique (X86); École Nationale des Arts et Métiers

• Industry: Engineering, construction, and energy services

• Headquarters: Paris, France

Career background

Stubler began his career in 1989 at Freyssinet, where he led emblematic civil-engineering projects such as the Normandy Bridge, Iroise Bridge, and Vasco da Gama Bridge. He rose through management positions to become CEO of Freyssinet and its nuclear subsidiary Nuvia. In 2012, he was appointed Chairman of Soletanche Freyssinet and later, in 2014, CEO of Vinci Construction, overseeing one of the world’s largest construction groups.

Leadership at Equans

He joined Engie in 2021 to launch Equans by consolidating around 800 service entities. Following the 2022 acquisition of Equans by Bouygues, Stubler has focused on unifying a workforce of about 90,000 employees and advancing the company’s mission in energy transition, digitalization, and industrial performance. He emphasizes decentralized management and local empowerment across the group’s 1,200 operational centers worldwide.

Vision and influence

A graduate of elite French engineering schools, Stubler combines technical mastery with a collaborative leadership style. His work positions Equans as a key global player addressing climate, energy, and infrastructure challenges through integrated technical services and innovation-driven management.

Explained: How negative gearing affects Aus property market

 QUESTION TIME

Anthony Albanese and Jim Chalmers are under pressure to act on negative gearing reform. Picture: Martin Ollman

Calls are growing louder for bold reform on negative gearing in a bid to open the door to the Australian housing market for young Aussies currently locked out.

Unions and other advocates have thrown their support behind a plan to limit negative gearing tax breaks to those with one investment property only, which they believe would stop disproportionate benefits going to the wealthy and encourage the freeing up of housing supply for buyers seeking to own and occupy a home.

Negative gearing delivers billions of dollars in annual tax benefits and has long been a target for those who want to see the process scrapped.

But what exactly is negative gearing, why is it so important and how did it become such a divisive issue? We answer some of the most common questions below.

MORE:Explosive new crackdown on property tax breaks

What is negative gearing?

Negative gearing is a situation where an investor spends more on the costs of their rental property – interest, strata fees, maintenance and upkeep – than they receive in rent.

It means they made a loss on their investment for that financial year.

And in Australia that loss can be deducted from their taxable income when they do their tax returns. Treasury figures showed 1.1 million Australians had negatively geared properties in the 2021-22 financial year.

QUESTION TIME

Federal Treasurer Jim Chalmers during Question Time. Picture: Martin Ollman

Why does Australia have negative gearing?

Negative gearing was introduced in the 1930s in Australia as a way to address housing shortages. It was designed to incentivise Australians to invest in property and boost the number of rental homes available.

Being able to deduct rental losses from your other income (such as wages) comes about because of two features of the Aussie tax system.

First: we tax income comprehensively. That means we add up all sources of income – wages, bank account interest, dividends from shares, investment property rents – and tax them together, rather than taxing each separately.

MORE: Shock RBA twist as house prices surge

Second: the costs of earning income are deducted from the income – essentially, you’re taxed on your net income. That’s not just true for rental properties: interest expenses or strata fees incurred on investment property can be deducted for the same reason that uniform costs or work-from-home expenses can be deducted. They are the costs of earning that income and would not have been incurred otherwise.

Negative gearing currently allows investors to offset losses of multiple properties against their taxable income.

Who benefits from negative gearing?

People on higher incomes benefit the most as it minimises the amount of income tax they are liable to pay while allowing them to reap capital gains over time through investing.

According to Treasury analysis, individuals in the top 30 per cent of taxable income received about 65 per cent of the total benefit of negative gearing in the 2021-22 financial year.

What are the arguments for negative gearing?

By incentivising property investment, negative gearing helps Australians with higher incomes grow their wealth through property while adding to the supply of available rentals.

Many worry that if negative gearing was abolished, a large number of investors would either hike up their rents to cover the loss, or sell their properties, reducing the rental stock available in an already tight market.

MORE:Sudden rise in Aus homeowner wealth stuns

Due to high property prices, it can be hard to find properties that earn enough rent to cover the mortgage. If negative gearing wasn’t an option, investing wouldn’t be so attractive.

What are the arguments against negative gearing?

Treasury figures show negative gearing cost $2.7 billion in lost tax in 2020-21 – a figure likely to be much higher now due to the rise in interest rates since.

Many believe negative gearing has helped push up property prices by driving demand among wealthy investors. Since the bulk of investors buy established properties, they compete against homebuyers for housing, which tightens supply even more.

Housing affordability has become a huge problem. Research from AHURI shows while high income families accounted for just 8 per cent of renters in Australia in 1996, families earning about $140,000 or more made up 24 per cent of the renting population in 2021.

QUESTION TIME

Prime Minister Anthony Albanese has previously ruled out negative gearing changes. Picture: Martin Ollman

What is the federal government’s stance on negative gearing?

Both the Albanese government and the Coalition have previously made it clear that neither plan to change Australia’s current policy around negative gearing, however, there is added pressure mounting on Labor to change its position on the matter.

MORE:Bathroom mistakes that ruin a home sale

The Greens, however, have been staunch in their opposition to negative gearing, arguing the tax help has made it easier for wealthy investors to buy properties than first home buyers.

The Hawke/Keating Government wound back negative gearing in 1985 but it was reinstated again in 1987 after lobbying from property investors and skyrocketing rental prices in Sydney.

In the 2019 election campaign, then ALP leader Bill Shorten proposed only allowing negative gearing for newly built properties. Labor lost the election.

Do other countries have negative gearing?

Countries like Germany, Japan and Canada have negative gearing concessions. In the US, rental losses from a property can only be offset against rental income earned from another property or investment, but not against employment income.

In the UK, rental income and employment income are taxed separately and rental losses can only be offset against profits from other properties or carried forward to a later year. New Zealand is phasing out negative gearing.

https://www.realestate.com.au/news/explained-how-negative-gearing-affects-aus-property-market/?campaignType=external&campaignChannel=syndication&campaignName=ncacont&campaignContent=&campaignSource=newscomau&campaignPlacement=realestatemodule

staunch

adjective

uk 

 /stɔːntʃ/ us 

 /stɑːntʃ/

Add to word list 

always loyal in supporting a person, organization, or set of beliefs or opinions:

a staunch friend and ally

He gained a reputation as being a staunch defender/supporter of civil rights.

The Hawke–Keating government is an all-encompassing term to describe the duration of the Hawke government and the Keating government, which together spanned from 11 March 1983 to 11 March 1996. Both governments were formed by the Australian Labor Party, and were led from 1983 to 1991 by Bob Hawke as Prime Minister, and from 1991 to 1996 by Paul Keating as Prime Minister, with Keating serving as Treasurer throughout the Hawke government. 

Warren Buffett’s 7 Rules for Saving Money on Everyday Expenses Without Sacrificing Comfort

When it comes to spending, Warren Buffett isn’t an average billionaire. Instead of buying anything he wants, the Berkshire Hathaway CEO still values his dollar.

In fact, his money-saving philosophies are so down-to-earth, the average person could benefit from them. Here’s a look at seven of Buffett’s rules for saving money on everyday expenses, while still getting everything you need.

Focus on Value

Despite his wealth, Buffett doesn’t care about designer names. For example, instead of buying new cars, he’s been known to purchase slightly damaged vehicles and have them repaired for less than the cost of buying a new vehicle.

You can apply this philosophy to any standard expense by seeking out well-made products with the features you need. This might mean focusing on store-brand products instead of their name-brand counterparts. Regardless, focusing on value ensures you’re stretching your dollar as far as you can in the right direction.

Get Creative

When Buffett’s first child was born, he converted a dresser drawer into a bassinet to save the cost of buying one. This creative mindset can apply to everyday expenses, as well.

For example, if you’re redecorating your living room, you might search for items on local “Buy Nothing” groups and Facebook Marketplace. This can allow you to fill your space for free, or at a low price, instead of paying top-dollar for all new items at a store.

Seek Quality Over Quantity

There’s a difference between buying cheap and scoring a bargain. For example, in his 1989 letter to Berkshire Hathaway shareholders, Buffett wrote, “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Keep this in mind when shopping. An item might have the best price, but if it’s low quality, it’s better to pay more for a product that’s actually worth your money.

Clip Coupons

Even Buffett clips coupons. In his and now-ex-wife Melinda’s 2017 annual letter, Bill Gates shared a story about not paying full price when dining with his fellow billionaire friend. “Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald’s? You offered to pay, dug into your pocket, and pulled out … coupons!”

If Buffett can spare a few moments to clip coupons, you can, too. The savings might seem minimal, but it adds up over time.

Limit Nights Out

Buffett has the money to dine out anywhere he wants, any night of the week, but he doesn’t. Instead, he stays in and enjoys a simple diet.

In his biography, “The Snowball: Warren Buffett and the Business of Life,” author Alice Schroeder quoted him as saying, “I like eating the same thing over and over and over again. I could eat a ham sandwich every day for fifty days in a row for breakfast,” Mashed reported.

There’s nothing wrong with enjoying nights out, but stay on budget by doing so in moderation.

Don’t Chase Trends

When something is just a fad, it typically doesn’t last. Therefore, it’s surely not a coincidence that Buffett doesn’t tend to follow market trends. Near the peak of the tech bubble in 1999, he wrote “The key to investing is not assessing how much an industry is going to affect society… but rather determining the competitive advantage of [a] given company…”

This philosophy can easily apply to everyday expenses. Instead of purchasing every overpriced trendy item you see, stick to more affordable tried-and-true classics.

Take Advantage of Sales

Even Buffett loves a good sale. He’s quoted as saying, “Whether we’re talking about stocks or socks, I like buying quality merchandise when it is marked down.”

A great way to stick to a budget, seeking out sale items can allow you to get quality products at an affordable price.

How Did Elon Musk Make His Money?

Musk grew up in a middle to upper-class family. Though they were quite comfortable financially, they had nowhere near the net worth Musk currently has accumulated. However, before he was the world’s richest person putting his financial weight behind presidential elections, Elon Musk started making his money by starting the company Zip2. The company was acquired by Compaq in 1999 for $307 million, of which a 27-year-old Musk pocketed $22 million. 

Here are a few key takeaways from Elon Musk’s net worth: 

Current estimated net worth: $372.7 billion

Net worth rankings: Musk is currently ranked as the richest person in the world, putting him in front of second place Jeff Bezos who has an estimated net worth of $201.2 billion, and Mark Zuckerberg in third place with an estimated net worth of $189.1 billion

Tesla stock: Musk’s biggest pay package is from Tesla as it is current price is about $258 of which Musk owns approximately 410.8 million shares, representing roughly 12.8% of the company’s outstanding shares. This stake is currently valued at around $92.6 billion. 

With so many financial successes under his belt, it’s not hard to see why Musk is lauded for his business acumen. Here’s a closer look at the timeline in which Elon Musk built his substantial fortune.

The Early Years of Elon Musk

How did Elon Musk start building his fortune? Like many 12-year-olds, Musk had a passion for video games as a child. However, unlike most kids, he already had a strong entrepreneurial passion.

As a pre-teen, Musk created and sold his first video game. Named Blastar, he earned $500 when the source code was published in a magazine, according to the blog, Wait But Why.

At age 17, he left his native South Africa for Canada. He later entered the U.S. as a college student by transferring to the University of Pennsylvania. Upon graduation, he briefly enrolled in a Ph.D. program at Stanford, but quickly left to get in on the dot.com boom of the mid-90s.

Read Next: Jeff Bezos’ Billion-Dollar Life: A Look at His Mansion Collection

Musk’s Fortune Building Timeline

Early on in his career, Musk joined forces with his brother Kimbal to start the company Zip2 — best described as an early version of Yelp and Google Maps. Here are some steps Elon Musk took along the way of his financial journey:

Zip2 was acquired by Compaq in 1999 for $307 million, of which a 27-year-old Musk pocketed $22 million.

Musk went on to invest three-quarters of his net worth into the company now known as PayPal, which he co-founded.

He briefly served as CEO but was replaced by Peter Thiel in 2000. Instead of walking out, he opted to stay on with the company in a senior role, until selling PayPal to eBay for $1.5 billion in 2002. 

As the largest PayPal shareholder, Musk walked away with $180 million.

Many people would have simply taken this larger-than-life fortune and retired, but not Musk. Instead, he invested $100 million to start SpaceX, $70 million to found Tesla and $10 million in SolarCity.

Musk founded SpaceX in 2002 and serves as CEO of the company. He founded Tesla in 2003 and is also the CEO of the electric automaker.

Tesla has a market cap of $846.47 billion, as of July 21.

SpaceX is not publicly traded but is valued at $127 billion, as of July 21, according to Forbes.

Musk’s cousins Peter and Lyndon Rive founded SolarCity in 2006. Tesla purchased the company for approximately $2.6 billion in 2016.

He also co-founded Neuralink and The Boring Company and serves as CEO of both.

It is also estimated that thanks to Tesla’s electric vehicles and SpaceX, Musk showed a crazy gain of $293.7 billion during the first year of the pandemic.

In 2024, the Federal Election Commission reported that Musk put about $11.2 million into his main super PAC, America PAC, which brought his total political giving for the cycle to more than $290 million for the Trump campaign, making him a mega donor.

Musk’s net worth has climbed by more than $200 billion in 2024, a massive increase in the same year he spent a massive amount backing Trump and other Republican candidates. It’s estimated he’s made more than $170 billion since Election Day.

3 Money Tips From Elon

Whether you’re currently overspending or simply putting your money in the wrong investments, Musk’s money moves are certainly something to think about. While he does make some stereotypical billionaire purchases, many aspects of his spending are remarkedly normal.

Applying at least some of these tips to your lifestyle probably won’t turn you into the richest person in the world, but it can help you get a better hold on your finances.

Invest in Yourself

Musk has a habit of making money and re-investing it in his next business venture. He could’ve spent his first fortune on lavish homes, cars and vacations, but he didn’t. 

For example, he continued this trend when he scored his payout from the sale of PayPal to eBay in 2022, by investing a chunk in SpaceX, Tesla and SolarCity. These smart money moves have allowed him to become one of the richest people in the world.

Don’t Be Afraid To Take Risks

Scoring massive paydays on the sale of not just one, but two companies is a huge accomplishment. However, Musk did take a gamble by re-investing all or most of his money to launch new companies.

Many other people would’ve played it safe by finding safer investments for their funds, but Musk has taken many risks — and they tend to quite literally pay off.

Find Inexpensive Hobbies

Given the size of his bank account, Musk could afford any number of expensive hobbies. However, he still seems to somewhat live beneath his means as the activities he enjoys in his leisure time seem notably normal. Musk has said he enjoys listening to music in the car, playing video games, spending time with his kids, hanging out with friends and watching movies.

Jennifer Taylor contributed to the reporting for this article.