Thinking about starting a business in 2020? Well, read this€¦ · Andrea Marechal Watson reviews...
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Thinking about starting a business in 2020? Well, read this 2020 – it’s a new decade and new beginning? The informal swapping of ideas with your partners, colleagues, someone you have known for ages, gives you the urge to chuck in the corporate role and become your own boss. Pooling your talents to become a partnership and build a business seems the solution. You have the ideas and you and your partners are confident it will work. But once you decide to become an entrepreneur, you lose the comfort blanket that the corporate world provides. It’s time to be realistic and not ride the wave of euphoria without considering that even the best of friends can fall out. The tools are there, you just need to shine The good news is all the tools are there. Richard Branson wrote in a recent article: “It is the flame of entrepreneurship which will get Britain glowing”. The talent in the Sunday Times Fast Track 100 League Table is testament to this. 17.4% of Londoners are now self-employed – and more and more women are calling the shots, starting businesses that fit around them. So much has changed, you can work from anywhere with your smart phone and laptop and scary bank managers are things of the past, you don’t have to walk into a bank to obtain finance. They are so many schemes dedicated to helping entrepreneurs get their businesses off the ground. In business, opposites definitely attract In Evan Davis’s excellent BBC ‘The Bottom Line’ podcast from November 2019 called ‘Couples in Business’, a panel including Peter Leach, author of the book Family Enterprises, discussed at length how partnerships need to have people with different talents combining to create a worthwhile and profitable business. For example, an optimist with a pessimist such as a marketing professional and accountant. It rarely works when you have two people with similar talents starting a business together. One such venture, a golf marketing agency called Performance 54, set up by Jed Moore with friends from nursery school, successfully combines skill sets in management, marketing and communications. Just because you’re friends doesn’t mean you shouldn’t do things properly As the author Adele Parks once said: “Even when you finally think you know someone, something changes. We can’t know each other, it is a fool’s game trying to.” With this in mind, it is time to get serious and set up a proper partnership with all parameters in place. In the early stage of any start-up, the focus is on keeping the business going. We have worked for businesses that start off as friendly partnerships until the relationship at the top becomes toxic and has a detrimental effect on everyone connected with the business. It may seem like you are taking out a pre-nuptial agreement and showing a lack of trust but talking to a good lawyer might be the only way to ensure you have a business that lasts. Nicholas McVeigh, a managing associate in Mishcon de Reya’s Corporate department, explains: “In the absence of a written partnership agreement or, in the case of a limited liability partnership (an LLP agreement), statute applies by default. The default rules, however, are unlikely to be appropriate for most partnerships and LLPs. The default position on partnership profits, for example, is that all partners share equally. “Without an agreement, problems can arise later down the line if a partner wishes to leave the partnership or the other partners wish to remove them.
Transcript of Thinking about starting a business in 2020? Well, read this€¦ · Andrea Marechal Watson reviews...
Thinking about starting a businessin 2020? Well, read this
2020 – it’s a new decade and new beginning? The informal swapping of ideas with your partners, colleagues, someone you have known for ages, gives you the urge to chuck in the corporate role and become your own boss. Pooling your talents to become a partnership and build a business seems the solution. You have the ideas and you and your partners are confident it will work. But once you decide to become an entrepreneur, you lose the comfort blanket that the corporate world provides. It’s time to be realistic and not ride the wave of euphoria without considering that even the best of friends can fall out.
The tools are there, you just need to shine
The good news is all the tools are there. Richard Branson wrote in a recent article: “It is the flame of entrepreneurship which will get Britain glowing”. The talent in the Sunday Times Fast Track 100 League Table is testament to this. 17.4% of Londoners are now self-employed – and more and more women are calling
the shots, starting businesses that fit around them. So much has changed, you can work from anywhere with your smart phone and laptop and scary bank managers are things of the past, you don’t have to walk into a bank to obtain finance. They are so many schemes dedicated to helping entrepreneurs get their businesses off the ground.
In business, opposites definitely attract
In Evan Davis’s excellent BBC ‘The Bottom Line’ podcast from November 2019 called ‘Couples in Business’, a panel including Peter Leach, author of the book Family Enterprises, discussed at length how partnerships need to have people with different talents combining to create a worthwhile and profitable business. For example, an optimist with a pessimist such as a marketing professional and accountant. It rarely works when you have two people with similar talents starting a business together. One such venture, a golf marketing agency called Performance
54, set up by Jed Moore with friends from nursery school, successfully combines skill sets in management, marketing and communications.
Just because you’re friends doesn’t mean you shouldn’t do things properly
As the author Adele Parks once said: “Even when you finally think you know someone, something changes. We can’t know each other, it is a fool’s game trying to.” With this in mind, it is time to get serious and set up a proper partnership with all parameters in place. In the early stage of any start-up, the focus is on keeping the business going. We have worked for businesses that start off as friendly partnerships until the relationship at the top becomes toxic and has a detrimental effect on everyone connected with the business.
It may seem like you are taking out a pre-nuptial agreement and showing a lack of trust but talking to a good lawyer might be the only way to ensure you have a business that lasts.
Nicholas McVeigh, a managing associate in Mishcon de Reya’s Corporate department, explains: “In the absence of a written partnership agreement or, in the case of a limited liability partnership (an LLP agreement), statute applies by default. The default rules, however, are unlikely to be appropriate for most partnerships and LLPs. The default position on partnership profits, for example, is that all partners share equally.
“Without an agreement, problems can arise later down the line if a partner wishes to leave the partnership or the other partners wish to remove them.
A well-drafted partnership agreement will contain provisions for dealing with the retirement of partners and the ability to remove a partner from the business.”
Ash Sharif Partner of Accountants PB Associates based in Hampton, Middlesex “Within a partnership, members are vulnerable to unlimited liability for their overall actions. Every partner is personally liable for any business debts and responsibilities. It is therefore important to put in place strict financial and operational controls in order reduce that risk.
Operational controls should include regular partners meetings to discuss partnership matters.
Financial controls should include more than one partner signing cheques and financial commitments such as leases”.
If a partnership isn’t for you, team up with people without being part of the same company
If you do decide to go it alone, another option you could is consider is creating a group of like-minded people in your industry who are responsible for their own businesses. Hilary Forrester, a property marketing professional who has worked for Knight Frank, Battersea Power Station and British Land did precisely that when she set up ‘The Trephina Luxury Collective’.
“Although I am my own boss, I have surrounded myself with people who have different skill sets but that are not employed by me or sharing my office. This enables me to offer a client ‘best practice solutions’ cost-effectively, without the overheads of a marketing agency.”
Perhaps in 2020, this is a win-win solution and you only have yourself to blame if it goes wrong.
If you are involved in property, this is the one book you should buy in 2020. Edited by Penny Norton and Liz Male, they have collected a panel of professionals to write chapters on every aspect of the property industry. Luxurytopping contributed a section on interior design with the help of many of the experts who shared their experiences. As design rises in prominence, interior designers in all sectors have many more opportunities to show off their skills via social media platforms.
This book explores the wide-ranging elements of property PR in the UK, with a strong emphasis on communications theory, strategy and technique.
The editors begin with an introduction to the property cycle and the role of property PR within it; consideration of the changes and challenges facing
the industry; and various structures of property communications and the need for a strategic approach.
Subsequent chapters provide perspectives and lessons from contributors in a variety of property sectors including commercial property, estate agency, social housing, property consultancy, proptech, retail and homebuilding.
The book concludes with insight into future change, both for the property industry and the communication function within it.
This book is recommended reading for all property PR teams, students studying for property, PR, marketing degrees and for anyone working in the built environment sector who needs to consider PR and marketing as part of their role.
Promoting property
Mavros shines for Africa
Promoting property
Mavros shines for Africa
If you are walking down the Fulham Road, the Patrick Mavros boutique could be straight out of Africa. Owned by Patrick Mavros and his family. If you haven’t come across it, just like Africa itself, it’s definitely one for your bucket list. Headquartered in Zimbabwe and one of the oldest family businesses with five generations of the family hard at work, you can find a branch of Patrick Mavros in Harare, Mauritius, Nairobi and London.
In a very interesting lecture to promote the book ‘The Cartiers’ at the Victoria & Albert Museum, Francesca Cartier Brickell described how each of the three Cartier brothers were given a region and store – London, Paris and New York. No other areas were considered because they had run out of brothers. The Mavros family replicate this arrangement. Each family member looks after a different aspect of the business. Luckily, they have enough siblings to branch out. Alex Mavros is Mr London and Luxurytopping had the pleasure of speaking to him about the business.
Explaining the family ethos, Alex comments: “Every one of our pieces is designed by a member of the family. When you buy from us, you become a member of our family and are treated with respect and care.”
Where possible, they use reclaimed silver from Germany in their products, creating pieces for a fair future. Their customer service is legendary and visiting the store in the summer is such a treat as they have an ice cream machine. 50% of their sales are from jewellery. Items such as the gold elephant hair bracelet and earrings manufactured in Mauritius that seem to reflect the sun and sea are perfect for improving your spirit on a gloomy day in London.
Their Homestead range has cocktail swizzle sticks shaped like palm trees with a little monkey to hold it steady in the glass; delightful sea urchin candle holders that mirror in silver the sea urchins you can find on the sea shore; and silver sculptures of the cheetah, elephant, giraffe and hippo serving as constant reminders of how beautiful these animals are and the significant risks these creatures face.
Sustainability is at their very core and 10% of profits from their Pangolin collection goes to the Tikki Hywood Trust to support this very rare and close to extinction mammal. The Pangolin, otherwise known as the scaly anteater, is the only mammal in the world to be covered from head to toe in keratin
scales (the same as human finger nails). It is through these values that companies like Patrick Mavros have survived and thrived in a difficult retail environment.
They are testament to the success of building a business on strong ethical values and integrity.
In addition, and no doubt at the request of their loyal customers, they operate their own travel business, Marvos Safaris. If you take them up on the opportunity to explore the beating heart of Zimbabwe, there’s nowhere better to buy a piece of Patrick Mavros jewellery. Your purchase will give you years of pleasure and benefit a family company with design integrity and a love of Zimbabwe.
patrickmavros.com mavrossafaris.com
tikkihywoodfoundation.org
Following the recent Annual Commonwealth Africa Summit in London the spotlight has been on Africa. Africa has a vibrant energy, which pulsates through the continent and its vast land is richly endowed with mineral reserves. It is definitely the continent’s time to shine and here at Luxurytopping we all know what shines the most!
Andrea Marechal Watson reviewsthe recently refurbished
Château Lafaurie Peyraguey
The Château Lafaurie Peyraguey at Bommes near Bordeaux is now a shrine to Lalique and samples a Sauternes and gin cocktail. One of 60 vineyards producing the famed Sauternes, the ancient chateau of Lafaurie Peyraguey has changed hands many times. Its latest owner is Silvio Denz, the Swiss CEO of Maison Lalique, the renowned French glassmaker.
Famed for glass art, vases and perfume bottles as well as car hood ornaments, Lalique has re-positioned itself as a supplier of luxury furniture, fixtures and fittings. Everything in the hotel from the lighting to the taps, even the frames on the TVs, is by Lalique. The entire hotel is a showcase for its latest ranges.
Visitors will be wine tourists looking for a luxury Bordeaux experience – and probably devotees of Lalique. As a Sauternes Premier Grand Cru Classe estate, the reputation of Château Lafaurie-Peyraguey is of course impeccable. But sweet wines have not been in favour and according to Decanter magazine, since his acquisition of Lafaurie-Peyraguey, Denz has been prominent among those calling for more facilities to bring tourists to Sauternes, whose producers have seen the popularity of their expensive to produce wines decline dramatically.
Most are looking to produce fewer sweet whites using new blends. At Lafaurie Peyraguey, a novelty cocktail called ‘
From Bommes With Love’, using gin and Sauternes, is served in the bar (in Lalique tumblers naturellement). The sommelier, Adrian Cascio, assured me that lots of their customers order them despite the cries of horror from some oenophiles.
See the full article at www.orchardtimes.com
Freelance Journalist reporting to Telegraph, London Magazine, BBC Culture, New York Times
Editor and judge for International Property & Travel Magazine
Blog at www.orchardtimes.com
LuxuryTopping is a division of Carlyle Consultants, a London-based independent communications and marketing agency specialising in luxury products, property and food.
We advise leading brands on strategic communication and help to position them at the heart of their target audience. We understand the value of good communications.
Email: [email protected]: 07860 835745
@luxurytopping luxurytoppingluxurytopping @luxurytopping www.luxurytopping.com
