What Is A Celebrity Multi-family Office?
Poshmark’s secret celebrity investors: Ashton Kutcher, Rachel Zoe, more
Mr Gaughan said: “I didn’t know who Adele was so she started singing in her lessons. The problem was I didn’t know any of her songs. “She would sing some beautiful songs and say, you must know this one, but I don’t really know many celebrities. He said the singer was a proper mum who was dedicated to her baby son, Angelo, adding: Driving will give her a bit of freedom and she is looking forward to be able to go off with just her and Angelo. She worked very hard with me and learned very quickly.” Adele did not take any offence at not being recognised, and even compared Mr Gaughan to the wise wizard who mentors Harry Potter in JK Rowlings books. She wrote in a testimonial for his website: “Noel is [the] Dumbledore of roads. Could not have done it without him and his jokes, changed my life.” Adele. (SWNS.COM) Mr Gaughan, a married father of one from Bishop Stortford, Hertfordshire, has run his Intensive Courses driving school for more than 20 years. He said he never set out looking for celebrity clients, but word of mouth recommendations have led to him being in great demand from busy stars with little spare time to learn to drive. One of his most unusual experiences came when he was teaching Horan, 20, whose group have sold 11 million albums and topped the charts on both sides of the Atlantic. Mr Gaughan said: “I was teaching Niall from One Direction and I just thought he was an ordinary lad. “But wherever we pulled over there were girls taking pictures and surrounding the car. That made it difficult. His success in getting Horan through his test has prompted some of the singers bandmates to call up to ask about driving lessons in the future. Ted Dwane from Mumford & Sons. (SWNS.COM) The instructor has fond memories of his celebrity pupils despite often not knowing who they were before they climbed into his car. He had not seen the film Notting Hill until he met Ifans, 46, and had never listened to a song by Mumford and Sons before he helped the folk rock bands double bassist Ted Dwane, 29, get his licence.
DFree/Shutterstock Ashton Kutcher We wanted to build our marketplace organically without the public help of celebrity investors, Poshmark chief executive Manish Chandra told VentureBeat. The timing of announcing celebrity investors is a big question startups should ask themselves. Poshmarks app lets its mostly female userbase set up shops to sell clothing, accessories, and shoes. People can buy from these shops at any time, but Poshmark sets up special, daily Posh Parties, or themed virtual-selling events. The company then takes a cut of the transaction. Some women have made over $100,000 selling through the app and have started Poshmark-based businesses. Joe Seer/Shutterstock Rachel Zoe can we talk about how cute she and Kutcher look with their matching bucket hats and sunglasses? The company suspects that over $350 million worth of inventory will be uploaded to the app by the end of the year, though it wont give out specifics on how much has been sold or revenue figures. This weekend in Las Vegas, Poshmark will hold its first Poshfest, a weekend-long event to encourage its community. Rachel Zoe will introduce herself as an investor to the community at that time through a special video. Chandra sees Poshfest as a turning point for his company. Up until now he has spent energy on getting his users addicted to an app that really does give back. But with the celebrity endorsements out there, Poshmark may soon earn more celebrity of its own. We plan to build a significant independent company, Chandra said after we asked if he had plans to take the company to an initial public offering.
Celebrities can especially benefit from the coordinated approach, characteristic of a multi-family office, explains Richard Flynn, principal with the Rothstein Kass family office group . Of course, the staff must be expert at overseeing the integration of investment management, advanced planning, private investment banking, business strategy, and related support services. While most high-profile successes appear to have a charmed life, there is usually an intense back-story filled with frustrations and anxieties that cannot be overlooked. Even when they have achieved levels of fame and fortune long sought in our culture, most celebrities find their status has its drawbacks. Were all familiar with the stories about bankruptcy and overspending in show business, says Hannah Shaw Grove, executive editor of Private Wealth magazine and principal of the boutique consultancy HSGrove . Most entertainers and celebrities have a limited window in which they can earn consistently high incomes, so they need a strong team of professionals around them to help protect and leverage their assets into something greater. Athletes dont fare much better. Every move an athlete makes is observed, analyzed, and frequently second-guessed by coaches, managers, teammates, fans, and members of the press. Since a great number of people and organizations, such as sports federations and commercial sponsors, rely on winning athletes to generate revenue, its understandable that most athletes feel the pressure and are afraid of failure. Celebrities seeking a financial advisory relationship are increasingly attracted to the multi-family office model, which integrates select core aspects of a business managers job with a broad array of financial and legal expertise. According to Miguel Forbes , vice chairman of the Forbes Family Trust, Successful entertainers and athletes are turning to multi-family offices, who can help them navigate their financial worlds and are nimble enough to offer business strategy and support services specific to them. Celebrity multi-family offices offer a broad array of expertise, including advanced planning, which is a suite of cutting-edge services that help wealthy individuals and families structure their assets to be as tax-effective and secure as possible. According to Frank Seneco, president of Seneco & Associates , The ability of entertainers, for example, to leverage their loan-out corporations can prove extremely profitable. Advisors in multi-family offices can also offer business strategy and support, handling licensing agreements or business ventures with the celebrities names attached and helping them capitalize on their success to generate significant monies. All too often, less knowledgeable advisors will let celebrities not well versed in these areas dive into business deals with a very limited chance of success. When celebrities call on advisors to develop a business model, it means the advisors must go beyond the role of a traditional multi-family office, business manager, or management consultant, because theyre tackling the clients financial and tax issues all along the way, explains Flynn. The celebrity multi-family office offers two critical advantages to successful entertainers and athletes. One is an in-depth understanding of the celebrity world. More important, however, is the ability of the multi-family office to address the needs and wants of the successful entertainers and athletes in a holistic manner. While a top-notch multi-family office will provide solutions to specific issues, problems and needs, its services should also be all encompassing and comprehensive.