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.

Profitability Takes on a New Meaning with New "Benefit Corporations" aka B Corporations

Many social entrepreneurs are interested in both making money and making a difference in the world. Until now, those who wanted to align their business and social missions have been forced to choose between forming a for-profit corporation or LLC and making substantial donations through them, or becoming 501(c)3 or 501(c)4. In a traditional non-profit organization excess benefits and unrelated business income can be subject to excise tax and ordinary corporate income tax, respectively, and activities not related to an entity's mission could eventually jeopardize the tax-exempt status. 

Several states have enacted legislation that allow companies to mix business with societal and environmental goals. This legislation incorporates the social change aspect of nonprofits, yet retains the ability to make profits that investors find attractive. 

According to bcorporation.net, "Government and the nonprofit sector are necessary but insufficient to address society's greatest challenges. Business, the most powerful man-made force on the planet, must create value for society, not just shareholders. Systemic challenges require systemic solutions and the B Corp movement offers a concrete, market-based and scalable solution." 

There are two kinds of B Corps: Certified B Corps and benefit corporations. While they are generally the same thing, there are some distinct differences. "Certified B Corporation is a certification conferred by the nonprofit B Lab. Benefit Corporation is a legal status administered by the state. Benefit corporations do NOT need to be certified." However, the benefit corporation requires a third party assessment. For example, both companies "are required to publicly publish a report assessing their overall social and environmental performance against a third party standard." But, "Certified B Corporation [must achieve] a verified minimum score on the B Impact Assessment (80 points out 200 needed). While benefit corporations are required to publish an annual report assessing their overall social and environmental performance against a third party standard, that report is not required to be verified, certified, or audited by a third party standard organization." 

Unfortunately many state governments haven't passed benefit corporation legislation, Connecticut being one. Currently, benefit corporation legislation has been passed in the following states: 

B Corps are gaining traction in the business world, but states that fail to jump on this new trend, risk losing business to states that have already done so.

“Social Currency:” The New Way To Promote Your Business?

As you may know, New York’s Fashion Week is in full swing. In a rather timely manner, Marc Jacobs, the designer of the famous “Daisy” fragrance will be opening “Daisy Marc Jacobs Tweet Shop” in Soho on Friday.

The store will essentially be accepting tweets or Instagram photos in lieu of cash.

According to Samantha Murphy Kelly from Mashable, “By snapping photos and posting messages with the hashtag #MJDaisyChain, visitors are awarded with Marc Jacobs-branded gifts when exiting the store. This ranges from perfume and necklaces to even purses (the best Instagram photo of the day will win a handbag). Each visitor then visits the front counter to receive a gift.”

Lori Singer, the VP of Marketing for Marc Jacobs, explains that this is a way to thank fans and followers. The Daisy brand is one of social media’s most popular brands.

“The concept stems from a conversation the brand had with Facebook, which identified them as one of the top fragrances engaged with their followers on the site. Marc Jacob's Daisy fragrance isn't the most followed on Facebook, but its fans are among the most loyal — from posting about the brand to even drawing pictures that represent its message and style.”

This isn’t the first time a company has attempted such a thing. Back in 2012, Kellogg’s opened “The Tweet Shop” in Soho, London. In order to promote their launch of Special K Cracker Crisps, they offered free 100 calorie sample bags in exchange for Tweets.

I doubt this will be the last time a company attempts to build their brand and/or new product in this way. It creates strong word of mouth promotion and can be used in in lieu of other types of advertising; it will certainly be more effective.

My question is: Would you give away your wares in exchange for social currency?