Progress is not just possible... But inevitable...

If you manage a company or if you take responsibility for its operation as an owner, then you

constantly strive to develop it and to increase the shareholder value by getting better results.

Yet you face a continuous challenge: daily tasks require focusing up close, while regularly adjusting strategy to the constantly changing environment demands a larger view.

For the manager or owner of a company operating in multiple locations, multiple countries, developing the necessary perspective presents an even bigger challenge.

We are committed to support these achievements through our work.

As consultants at FRIEBERT&FRITSCH, we have gained experience in building and growing companies, including managing critical situations, even in international environments.

We have also learnt that

if you already know the way up, you are in a better position to lead and support.

Serving our clients’ growth, we at FRIEBERT&FRITSCH
are committed to

• provide an accurate picture of the state of play,
complementing our clients’ own assessment
of the situation with our perspective,
devoting heart and soul;

• offer usable solutions based on
our knowledge, experience and
the value-generating capacities
mobilised at our clients;

• together with our clients, successfully
implement the solutions proposed
based on a realistic assessment.

Our Values

recognising the entrepreneur:
our clients and partners are entrepreneurs who have created something, who have achieved success… Respecting and assessing these accomplishments, we are committed to work to help them become even more successful.

creative innovation: our partners know their companies best… the value we add is the extra information, knowledge, understanding, idea and (sub)field expertise that are crystallised from an external viewpoint and from consulting, generating creative, innovative solutions.

respecting the facts: we like seeing clearly… we measure, count, analyse whatever is possible, mining data if necessary, in order to be able to provide an unbiased picture, maybe even discovering hidden links.

structured reasoning and working:
anything that happens in life is a process and can be described in a flow chart. Things are easier to understand, organise, improve and develop when arranged in structures.

focus on the human factor:
we believe in well-organised processes, in efficient organisations, in the power of logic. At the same time, we know that companies are run by human beings with their own feelings.

We are friends…

Two distinct personalities and approaches together, enable us to create a more accurate and complex picture…

at the same time, with respect to our professional competencies, we complement and strengthen each other…

and we share the same values.

József Attila Nagy

A former business consultant and manager of several companies, I have an emotional relationship to all my work.

Even as an executive manager, I have always focused on realising the interests of the owners.

This approach helps me synchronise the goal of increasing shareholder value and the management measures used to attain it.

Róbert Friebert

As the financial head of large companies, my job was to achieve results, not give advice. These experiences help me quickly understand the situation and find effective trigger points and areas for intervention.

I believe in high quality and in analysing situations in the complexity of data, processes and the human factor.

Our method of work

Work assignments are usually arranged in the following stages (changes are, of course, always possible):

Mapping stage
Consultancy project
Implementing changes
Finishing the consultancy project

Mapping stage

  • interview with the owner/manager, clarifying the task, the general goals and expectations
  • proposal for situation assessment: goals; areas and processes to be analysed and assessed; methods to obtain data; focus of the assessment – contracting to conduct the situation assessment and to provide the situation analysis
  • defining data needs; data collection/conducting interviews; assessment;situation analysis; producing the report and getting it accepted;
  • based on the situation analysis, proposal for the content of the consultancy project, its implementation, and the possible areas of change
  • agreeing on the content, , goals, key measures and indicators of the consultancy project;, contracting

Implementing a consultancy project

  • creating work organisation and project processes
  • conceptual stage: preparing the change proposal that defines what changes are needed/recommended/possible in what areas, and the expected effect these changes will have on the key measures and indicators
  • presenting the change proposal, adjusting it, getting it accepted
  • devising a plan for change, based on the accepted proposal. For example, what changes, should be implemented, when, who should participate and what tools and measures should be used. The change plan can take the shape of a strategic plan, action plan, process plan, change management plan, etc.
  • presenting the change plan, adjusting it, getting it accepted

Implementing changes

  • Subject to agreement, we participate in the implementation of the accepted plan
  • the plan presented always includes recommendations on monitoring , measuring the changes realised and conducting the necessary fine-tuning. If requested by our partners, we are actively involved in this.

Finishing the consultancy project

  • discussing and evaluating experiences

Our services

We have competencies and experts/consultants in the following fields:

Independent oversight – Internal audit outsourcing or co-sourcing

(a tool to maximally represent owner interests and to uncover potential irregularities, as well as to increase business efficiency)

When a company decides to establish or acquire a subsidiary, business opportunity is inevitably accompanied with some risks. An effective way to minimise risks is efficient internal audit.

1. In our experience, owners use the following methods to try and supervise their subsidiary:

Very rarely – Using local internal audit, under the professional guidance of the parent company’s audit department. This often means a single person who do not and cannot have the diverse professional knowledge necessary for the task. Additionally, they may not have enough to do.

Occasionally – The foreign company’s audit department conducts the internal audit; the Hungarian subsidiary does not have local internal audit. This solution may also entail some significant challenges:

  • geographic distance (lack of presence) and lack of local knowledge;
  • cultural differences and low incentive to cooperate;
  • regulatory differences despite the harmonised EU legislation; rapidly changing Hungarian legal environment;
  • language problems (e.g. contracts are typically written in Hungarian, which is difficult to check);
  • cost-related problems: travel, accommodation, daily allowance, higher wages;
  • competency problems: not all necessary knowledge can be provided in-house;

Most frequently – The heads of the parent company or the foreign owners settle for the annual audit by an independent external auditor, which primarily looks at the adherence to rules, lacking focus on business aspects, processes, and contracts of the daily operations, and the expenditures and the efficiency of the operation. Here we would like to point out some of the differences between an internal control (or audit initiated by an owner) and an external audit:

In conclusion, we find that it is difficult for small and medium-sized foreign companies to efficiently supervise their Hungarian subsidiaries.

2. What does this mean in practice?

  • poorer efficiency / unnecessarily higher costs;
  • undetected potential or real irregularities and abuses, and the operational environment that enables them;
  • lack of prevention and lack of deterrence from activities that go against the law or business interest.

3. We offer solutions to these problems and challenges. You can choose between two options:

  • complete outsourcing of the internal audit of the Hungarian subsidiary (outsourcing);
  • partial outsourcing of the internal audit of the Hungarian subsidiary, in cooperation with the audit department of the parent company (co-sourcing);

4. Our skills and competences:

  • Our staff and experts have diverse management skills and experience in controlling.
  • We are familiar with the regulatory environment, and we keep up with the rapid changes in the field.
  • We utilise a well-developed methodology and processes, sophisticated techniques and analytical tools, and a forward-thinking approach. We combine custom expert intelligence and machine-based big data methods that allow the analysis of large databases.
  • For the analysis of big data and the detection of risks and anomalies, we have artificial intelligence-based, intelligent data analytical resources: data pre-processing and analysis (ANOVA, PCA, correlation analysis, data visualisation), fraud detection, regression analysis, using predictive methods.
  • We have well-developed collaborative skills.
  • We offer a flexible and cost-effective solution: you will only use and pay for the resources you actually need; you will only pay for productive time.

5. What kind of tasks do we undertake?

6. Specific audit activities, areas to review:

Supply agreements, suppliers:

  • pricing /using market prices; purchase prices
  • payment terms, warranty, contractual penalty agreements
  • calling for competition, achieving the best possible terms
  • conflicts of interests and links regarding the control or ownership of suppliers
  • selecting suppliers, decision-making, order process, delivery terms, quality control of suppliers

Staff expenditures:

  • examining the meeting of goals, bonus payments
  • payment of premiums, target bonuses, bonuses
  • payment of commissions
  • ad hoc payments, assignment contracts
  • entertainment expenses
  • car use, reimbursements, daily allowances, and visit costs

Operation-related issues:

  • analysis of the supply chain, cutting out middlemen
  • pricing, discounts, sales price, payment terms
  • subcontracting, subcontractor agreements
  • smaller amount and cash invoices (database analysis)
  • asset disposal, depreciation and sale
  • scrapping and asset disposal protocol, sale of scraps with regards to raw materials, end products and goods
  • inventory procedures, managing inventory shortage
  • litigation, submitting claims
  • sale of claims, factoring
  • management of accounts receivable, analysis of bad debt

7. What do we produce?

  • Report: on the audit conducted and its results (one-off or continuous)
  • Recommendation: how to reduce or eliminate future risks (one-off or continuous)

8. What do clients gain by outsourcing or co-sourcing internal audit?


  • reduction of business risks
  • increase in integrity on the organisational, company level
  • profit increase (reduction of avoidable and unnecessary costs, exploration of potential additional earnings)


  • scalable and varying costs, as opposed to permanent and fixed costs; only productive time is paid
  • experts paid for only the given tasks
  • minimal administrative and general costs, e.g. office, technical equipment, posted work, etc.
  • saving the cost of training internal auditors

9. How to contact us

Please contact us if you are interested or have any questions:

Róbert Friebert (English)
managing director/partner
Phone: +36 30 954 6201

József Attila Nagy (German)
Phone: +36 20 952 0435

Transition management: management and ownership (generation) handover

What are the situations when managers (and most often, owners) of an enterprise want a transition in the management of their business?

In our experience, these situations may cause changes in both the management of a company and in its ownership, requiring thorough preparation and groundwork. Essentially, we are equipped for the preparation and management of the following situations:

  • Handing over the company management, preparing an exit strategy and the handover:
    • Partially or fully affecting company operations.
    • Handover to a family member or an external party.
    • Prompt solutions or step by step over a longer period of time.


  • Reducing ownership interest and control in a company:
    • By a partial sale of ownership interests or by raising capital with a new partner.
    • By a complete sale of ownership interests either with or without raising capital.

The transition management projects are implemented by us taking the following main steps, (subject to agreement):

  • A preliminary assessment supported by the FRIISCORES evaluation system:
    assessment of goals, intentions, attitudes, and the situation.
  • Clarifying the aims, agreeing on how to collaborate
  • Elaborating, discussing and agreeing on a strategy, execution plan and time-frame.
  • Key enablers:
    • company: primarily the operation, organisation, procedures, controlling, as well as performance measurement, and accountability. (The scope is not including the general improvement across the company, but focusing on enabling the company for the change.)
    • Management: changing entrepreneurial/managerial role, for example attitude, approach, accepting the new rules of the game:
      • handover of management (if ownership remains)
      • handover of management and preparation of the new owners for the role (for example in cases of handover to a family member)
      • preparing for the necessary personnel changes,
      • elaboration and implementation of a legal solution,
      • managing and follow up of the change.

How to contact us

Please contact us if you are interested or have any questions:

Róbert Friebert (English)
managing director/partner
Phone: +36 30 954 6201

József Attila Nagy (German)
Phone: +36 20 952 0435

If you have any questions or would like to contact us, please provide the following information:

    Friebert&Fritsch Consulting Korlátolt Felelősségű Társaság
    2890 Tata, Baji út 11.
    tax number: 27949245-2-11
    company registration number: 11-09-027839
    Phone: +36 20 952 0435; +36 30 954 6201
    Office: 2890 Tata, Baji út 11.
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