Creating an Innovation Community

Israel is home to a very unique business, and life-saving idea. United Hatzalah of Israel is a unique emergency response organization that has trained volunteers ready to respond at any moment by “Ambucycles.” These bikes are equipped with various emergency supplies, such as trauma kits and defibrillators. The “ambucycles” provide not only fast response times, but also allow the volunteers to be prepared and fully equipped to deal with emergencies. These volunteers can be doctors, nurses, or paramedics, and are on call every minute of every day.

This remarkable organization uses a system called LifeCompass. This innovative system “draws a virtual perimeter around an incident that is entered into the system. It then alerts only the medics in a predetermined radius to the incident.” LifeCompass is a spectacular system with 2,000 members signed up, ready to be alerted of and respond to any emergencies in their vicinity.

The goal of the United Hatzalah is not to overstep the local ambulances and hospitals, but instead, to provide emergency care prior to the ambulances arrival on the scene. On average, it takes six minutes for an ambulance to arrive; whereas, it takes the United Hatzalah less than three minutes. The United Hatzalah use these three crucial minutes to provide potentially life-saving care to those waiting for help. This “pre-ambulance” system is genius and effective, having responded to roughly 210,000 emergencies in one year.

Although a system like this is expensive to operate, any country would benefit from implementing a “pre-ambulance” response system similar to the United Hatzalah.  There are many generous people in the world like Mark Gerson, the co-founder of the Gerson Lehrman Group and philanthropist, who can donate money toward saving lives.  Mark Gerson donates around $1 million a year to the United Hatzalah.

Israel has truly set a new standard of emergency care that should be mimicked around the world. What do you think of this business idea? Would it work in the U.S.?

Jason DeLeo Jr., Intern

Benay Client, Steerforth Press, has a Newly Reviewed Book in the "New York Times"

Benay is always excited to see our clients getting the positive press they deserve. This time the praise is for Steerforth Press, whose new book The Spinning Heart by Donal Ryan, was favorably reviewed by The New York Times.

The Spinning Heart encompasses 21 chapters, each chapter narrated by a different character from a run-down Irish town. Each character has been negatively affected by the economic downturn, in which the local town developer has left town, leaving the laborers stuck. As Daphne Kalotay writes, “Each speaker has been wounded — by the economy as well as by grim parents, cruel lovers, violence, mental illness and the grief of accidental loss.”

“While the material often feels familiar (we even meet the kindhearted town floozy, now aging and abandoned), Ryan writes with compassion, honesty and an appealing deadpan humor.” Kalotay notes her hesitation at reading a chapter narrated by a completely different chapter, but says that Ryan seamlessly connected them so that she “rarely had to check back to keep everyone straight.”

Benay would like to extend their congratulations to the Steerforth Press team and author Donal Ryan and wish them continued success. You can purchase a copy of The Spinning Heart here.

Family Offices: A Supercharged Benay for the Super Wealthy

If you're not a billionaire or up-to-date on the financial trends of the super-rich, you probably haven't heard of a "Family Office." A Family Office is essentially a supercharged Benay for the super wealthy. 

"Jon Carroll, president and chief executive of Family Office Metrics, a business consultant to Family Offices, said the best ones act like multidisciplinary professional services firms with experts in investments, auditing, legal services, tax preparation and compliance all under one roof, with the family as the only point of concern." Though, not all Family Offices are so extensive. 

It probably goes without saying that a Family Office isn't cheap. "Charlie Grace, managing director at the Family Office Exchange, said the annual costs could run from $400,000 for a couple of employees for a $100 million family office - which would be on top of investment management fees - up to $8 million to $12 million per year for 30 or 40 employees at a multibillion-dollar office." 

It seems that one of the largest driving factors behind utilizing a Family Office is the emphasis on confidentiality. While all of us cherish our privacy, establishing a Family Office offers protection from filing certain documents with the FCC, hence the greater discretion offered in the creation of such an entity. The other attraction is that Family Offices keep the finances within the family. Their number one concern is the family and their financial security, prosperity and successful financial longevity - all concerns that the wealthy and the hoping to become wealthy share. 

"Mr. Carroll said that when family offices work well they give a family three things: control, security and quality." 

In the New York Times article, "A Family Office for the Superrich, and Lessons for the Less Wealthy," author Paul Sullivan emphasizes that virtually every household has a Family Office. Of course, it is on a much smaller scale, but it is also important to find a balance between family members. "Tavan L. R. Pechet, president of Pechet Advisors, who previously ran a family office" explains that "you need to select the right team, manage them effectively and get them to work together. The important challenges and benefits in life come back to families: how they work together, how they can collaborate and cooperate, how they can educate their children and give back to their communities together." 

THE BENAY WAY While not everyone is in the market for a true Family Office, we treat our clients like the important families of individuals that they are and offer a team to help them effectively manage their business and finances. Besides business management and back office services we connect our clients to a wide range of service providers they need through our trusted associations with attorneys, accountants, financial advisors and others. We offer most of the back office services required by Family Offices but at a fraction of the cost and all under one roof, ensuring that they receive the highest quality of service.

Benay Enterprises is featured in the CEDF's 2013 Annual Report!

The Community Economic Developing Fund has released their 2013 annual report and it features a page on Benay Entperises. You can view the entire document here!

Overlook Press' "The Tooth Fairy" is Reviewed by the New York Times

Benay client, Overlook Press, has Clifford Chase’s most recent masterpiece, “The Tooth Fairy: Parents, Lovers, and Other Wayward Deities (A Memoir),” in the New York Times Book Review. Chase, who is also known for the novel Winkie, delves deep into his past in “The Tooth Fairy.”

Clifford Chase’s unique style of writing captivates the reader as he takes them on a voyage through some of the hardest times in his life. These different hardships range from covering up his sexual orientation by forcing himself into relationships with women to his brother dying of AIDS.However, it is not all bad.

New York Times writer, Alysia Abbott ends her review of Chase’s book saying: “Chase still feels the pain of losing lovers, his parents and his older brother, but in writing about them here he lovingly caresses their memories.”  Ultimately, “The Tooth Fairy” illustrates, among other things, that there is an outlet to all struggles in life.

We are pleased to see the recognition of our client, Overlook Press. “The Tooth Fairy: Parents, Lovers, and Other Wayward Deities (A Memoir)” is for sale on the Overlook Press website.

Jason DeLeo Jr., Intern

Soho Press' "Murder in Pigalle" in the New York Times Sunday Book Review

Benay client, Soho Press, has a new title reviewed in The New York Times Sunday Book Review. The crime novel by Cara Black, Murder in Pigalle, will be released this month through Soho Crime. Muder in Pigalle is number 14 in the Aimée Leduc series. This time the detective chases down a serial rapist while six months pregnant. Read the New York Times review and preorder the book here.