Interview with Latchezar Georgiev

Digital transformation has long been a key driver of sustainable growth for any business, and within family-owned companies it often serves as a vital bridge between generations. During a discussion panel, Latchezar Georgiev, Managing Partner at Sb Accounting & Consulting, shared practical insights, challenges and proven approaches along the dynamic path toward digitalization – digital pathways for family business.

Below we present the interview in its authentic question-and-answer format, featuring clear questions and honest, pragmatic responses that reflect the reality of a well-established family business that has undergone multiple stages of transformation throughout its 35-year history.

1. Please introduce yourself and your company in a few words.

My name is Latchezar Georgiev, and together with my sister Gergana, we have been developing our family business for more than 20 years as second-generation entrepreneurs. The company was founded by our parents 35 years ago, and today three generations work together – my sister, myself, our father and my nephew.

Given the specifics of our activities, digitalization has never been a choice or an optional step for us – it has always been a mandatory requirement for sustainable development.

2. When we talk about digitalization, what does this mean specifically for a family business?

For me, digitalization means using technology in a way that optimizes operations across all areas so that human labor becomes as productive as possible.

For digital pathways for family business in particular, this creates an additional layer of resilience: increased productivity gives us a buffer that helps us navigate crises or achieve even better results during periods of growth.

3. How does the first generation of owners perceive digital transformation, and how do you overcome differences in perspectives?

In our case, there was no generational clash, because, as I mentioned earlier, digital transformation has never been a matter of choice, but a necessary condition.

For us, the challenge was different: how to maintain, and even accelerate, the momentum so that the drive for innovation doesn’t decline as we implement various digital systems. Our practical solution was to encourage my nephew to specialize in information technology, enabling us to pass on the vision for digitalization to the next generation.

4. What are the most successful digital tools or technologies you have implemented, and how have they changed your management approach?

This is a great question, because we have taken a comprehensive approach to digital transformation that combines:

• Enterprise solutions from companies such as Microsoft and Oracle

• Smaller niche tools, such as Zoho CRM

• And most importantly, in-house solutions developed by our internal programming team

Before implementing this system, I believe we were practically “blindfolded” regarding the actual volume of work being carried out. This is just one example, but the combination of all tools, regardless of the provider, leads to better organizational management and, ultimately, greater sustainability.

5. What are the main challenges – technical, cultural or organizational – when implementing digital solutions, and how do you address them? How do you motivate family members or older colleagues to try new digital tools?

I could write a whole book on change management, as I encounter such challenges daily. After many trials and errors, I arrived at a formula that truly works:

• Communicate the big picture – even the person with the smallest role must understand where the organization is heading and what goals it aims to achieve;

• Communicate early – people need time to adjust to the idea of change;

• Live training sessions – engaging, in-person trainings in small groups of up to 10 people, without phones or computers, with sessions up to one hour and plenty of interaction;

• Active feedback – before, during and after implementation. Sometimes the original plan does not deliver the expected results, but when we analyze feedback and adjust accordingly, we achieve a mature and sustainable approach.

6. What does the “next step” look like – where would you like to direct your business’s digital development over the next five years?

It may sound predictable already, but artificial intelligence seems to be a technology with enormous potential, and we are already using it. In our field, AI has remarkable applications and delivers impressive results.

I cannot say whether it is the technology of the future, but from today’s perspective, it is certainly a tool that any business must integrate – otherwise, it risks losing its competitive advantage.

7. If you had to give one key piece of advice to family companies just starting their digitalization journey, what would it be?

Create a plan, act consistently and focus on specific projects – without starting more than you can finish.

Digital transformation is a marathon, not a sprint. It requires time, consistency and concentration.

8. What is one digital solution or technology without which you cannot imagine the future of your company?

My answer is slightly different here. Technologies and solutions will always exist, but I cannot imagine the future of our company without thinking, proactive people – people willing to step outside their comfort zone and embrace these solutions as part of their work.

If individuals or businesses cannot imagine their future without technology and digital transformation, the market will naturally push them aside – and they will not remain relevant over time.

The digital pathways for family business as a resilient process

The entire history of Sb Accounting & Consulting proves that digital pathways for family business can be exceptionally resilient when tradition and identity are preserved while innovation is actively embraced. Digitalization is not merely a technological process – it is a strategic and cultural transformation. It requires consistency, a clear vision and readiness for change at every stage and across every generation.