Episode 50: Why your Reputation Matters, Michael Farrant: Farrant Group
Michael Farrant is the founder of Farrant Group, which he set up in 2021. His company specialises in managing the reputations of private individuals, companies, and other organisations. He lives with his wife and three boys in Dubai, which he sees as set to grow, and he also has an office in London. His work is to make sure the perception of a client fits with the reality, which is so much more than just words.
Episode Transcript
00:00.00
carolinesclub
This is episode 50 of how to keep your money I'm Caroline Garham a private client lawyer specializing in international trusts and succession planning a pioneer of family governance and a psychologist. I set up Caroline's club as an interdisciplinary club of Private Club professionals when networking works because we use podcasts videos and stories to communicate. It is the space where we can listen to learn from and network with like-minded professionals. I'm joined remotely by Michael Farrant founder of ferrant group a company that specializes in managing reputations of private individuals as well as companies and other organizations. Its 3 areas of focus are to drive business objectives mitigate risk. And shape the agenda of their clients Michael welcome to how to keep your money I would like to take each of your 3 key areas of focus in turn starting with a client's business objectives. This could be an internal issue such as managing change within the organization. External such as promoting an acquisition to the external market or key stakeholders for this you draw on your media political third party and think tank connections tell me little more about how you go about this focus area. Michael.
01:30.52
Michael Farrant
Well first of all caran thanks so much for having me on. It's been a number of years since we've been in touch and it's great to join you a podcast. Um I I think the focus ah on business objectives is better described about the client's objectives. So whether it's a large family or an individual. Or a company any strategic communications that needs to be deployed needs to have a purpose so this isn't about publicity. It's not about column inches. It's figuring out how to achieve the goals of the client through the tactics of strategic communications. So. The first thing is to really understand clients a lot of clients will come to you with issues or um, desires for greater positioning. But that's just on one level. It's important to really understand where they're going with it. And where the red lines are they're geopolitical issues. Business issues. They're regulatory issues and their social issues that they're constrained by once you've done that then the underlying tactics are much easier I think that the Pr world has shifted at a huge amount in the last twenty years yes technology has changed a lot. Yes, social media is dominant in all our lives. But the idea about pr being somehow a publicity stunt or getting greater exposure at the cost of of the client has long gone.
02:58.24
Michael Farrant
Now it is about finding many different ways to achieve your goals for clients.
03:04.18
carolinesclub
Thank you very much. Um, it's it's fascinating the second area of focus is to mitigate risk I'm reminded by the story of Gerald Ratner which you're no doubt very familiar with he owned a chain of affordable jewelry stores. He was giving a talk.
03:15.45
Michael Farrant
Close.
03:21.88
carolinesclub
In London attended by journalists at which he compared his jewelry to a marks and Spencer Prawn sandwich but said the sandwich would probably last longer and cost less cost less than the snack his chops boycotted and even though he immediately and publicly apologized. Damage was done and the business almost collapsed tell me a little bit about mitigating wrists risks such as this.
03:47.70
Michael Farrant
Well I think there's some broader issues around risk but taking that example, the first way to mitigate risk is to understand who you are as a person or who you are as an organization and ensure your key messages are correct on these issues. So. 1 of the great rules of communication is don't say anything until you know exactly what the you want to say and what the consequences of saying that will be so clearly when Joe Ratner said those things he hadn't really thought through it and the consequences were large so I think understanding what you want to say about your organization. Understanding your audiences what we do is pretty basic on that level. Actually what probably is less basic is realizing that leaders in in companies or for families or for governments need to have a very humble approach to communications they tend to be men and women of great capabilities with. Great gift of the gap. The problem with that is you can run a mock so one form of risk mitigation is having the humility as a leader to really think through those messages practice literally practice makes perfect and whether it's an advisor like myself or an advisor like yourself bouncing it off other people. That's the humility that's needed that doesn't mean that advisers like us get to tell leaders what to say quite the opposite. It's a process so one form of risk mitigation is ensuring the messaging that you put out is consistent and correct.
05:20.11
Michael Farrant
Further risk mitigation is understanding those areas of risk that your organization or family or you personally have and that's by taking a a broad look at your landscape who are the key stakeholders that matter what organizations or which people or governments or regulators. Really matter and understand why they matter what they care about and make sure that your messaging and the way that you operate is at least in line with what they're thinking. You can't please everybody but understanding what those audiences care about will help you not. Fall foul quickly. The other part of risk mitigation is realizing that doesn't matter how much risk mitigation that you undertake the likelihood that you're going to face a crisis or a very serious issue as an organization or as a family in today's world is probably higher than it's ever been. Mainly because the access to information is immediate and global if you know that is the case then preparing for that eventuality thinking through who your team might be in that scenario. How might you have thought through different scenarios and how that might play out. It probably doesn't mean that you've nailed that particular scenario by definition of a crisis tends to be something out of the blue. But at least you practiced at least you thought through these issues because how you deal with the crisis is clearly going to benefit your brand in the long term many companies.
06:55.16
Michael Farrant
Ah, dealt with crises and those that dealt with the crises in a way that is not just affected but perceived as being affected have actually solidified their brands.
07:06.99
carolinesclub
You say I mean do you actually walk with them in there with that you know panned in hand um through these scenarios.
07:13.27
Michael Farrant
Yeah I mean sometimes the problem is is that a lot of people don't like spending money until they have to and that's a fair and very human response to things and so far far too Often. We're brought in brought brought in on crisis or issue management. When it's a bit too late. So It's not that we're not holding their hands and guiding them through and providing that advice during that period of Time. It's probably more of a question of how much can you affect change is it something that you can um, help navigate that's going to make it better.
07:40.36
carolinesclub
And.
07:48.12
Michael Farrant
More often. The answer more often than not the answer is yes, but the earlier we're brought in the better it is of course more organizations and certainly more families than ever used to be the case are thinking about strategic communications as part of their advisor network and they bring these.
07:52.49
carolinesclub
Yeah, can and.
08:06.60
Michael Farrant
Advises in much earlier the greater that we understand the individual the individuals the family the company the better we're going to be able to help advise the better we are going to be able to help risk mitigate and the better we are going to be help to be able to help. Ah, during that crisis. So as time has has progressed um in the way that lawyers and accountants many other professionals have been on retainers and being part of the makeup of an organization whether it be a family or a company. I think that we've seen a huge change in the last ten years where strategic communications is a much greater mix into that into that capability.
08:49.91
carolinesclub
Thank you Michael the third area of focus is to shape the agenda a note that you say that you ensure external perceptions match the reality and that our side of the story is presented in clear and factual ways. From my experience. There are a number of pitfalls i' have observed working with wealthy families damaging truths need to be buried. Good news needs to be publicized and twisted stories and half-truths need to be countered precisely how to express and communicate an agenda. Take skill and experience tell me a little bit more about how you shape an agenda.
09:35.12
Michael Farrant
Well I think we have to be humble again about 1 ne's ability to fully shape an agenda but um, um, a really incredible mentor of mine in my professional career coined the phrase that nature her pause a vacuum and.
09:52.55
Michael Farrant
My team rolled their eyes. How much I use this phrase and I give huge credit to that mentor for that for that phrase. So Why does that matter why does nature aboring a vacuum matter. The idea is that you should. Be more proactive in your communications So governments for many generations have realized that um, controlling the message as best as can be done is important.
10:25.21
Michael Farrant
Because if you control the message you by and large will control the agenda companies then took on this this concept a long time ago and have become at the forefront of this. We see this all the time with proactive message development and control. Families were families and individuals were considerably late coming to the party on this issue but for a long time families of huge wealth could stay below. The radar media was local or national. There was a media cycle. There were language barriers time Barriers The dawn of the internet The dawn of social media. The expediency with which we can get information that is instantaneous and without parameters has has allowed information to flow very very quickly. And therefore more and more families are starting to take proactive stances on how they are perceived in the public domain if you do that You have a much better chance of controlling the agenda. But I think it's important to really notice and I think you said this in your opening that controlling the agenda. Isn't about creating propaganda or false information. It is as you say making sure that the perception in the public domain matches most of the reality that exists in your organization or your family and that requires to have a little bit more of a public face.
11:56.75
Michael Farrant
And I'm really applying this to families more than I am to companies that have been doing this for a long time that doesn't mean an invasion of privacy that doesn't mean um, that family members or strategies for business should be exposed but talking about what you stand for. Having some public face to your family what you're trying to achieve and in today's world a careful reference to source of wealth and how you've achieved that without using those expressions is more and more. Um, of greater ah is more of greater importance in today's world now for most people that's not necessary but for very large families that come under great um social media scrutiny from traditional media scrutiny from regulators or.
12:48.69
Michael Farrant
Ceremoniously punted into the public zeitgeist because of Panama or paradise papers or all these data leaks if there is a narrative that has been formed in the public domain in a very careful and very thoughtful and very truthful way. It is going to be a buffer. Those that want to write and speculate about an organization or a family so a lot of it about controlling agendas is about being more proactive.
13:15.47
carolinesclub
I noticed that you have a b a degree from Harvard in psychology I have found my Bsc Psychology degree invaluable to my research and the training we provide at Caroline's Club Wealthy Clients do not want to be pestered. So winning business from wealthy class clients requires networking however, networking traditionally has a low success rate because of the innate resistance. We have to product push this can be sidestepped with a few tips and techniques which make networking and cross-selling. Effective tell me but little bit about how your knowledge of psychology has shaped your business.
13:59.95
Michael Farrant
Well Caroline. It's very kind of you to to believe that I still remember any of my amazing psychology classes is quite some time ago now. Sadly, with that said I hope some of it has has kept in in my in my mind. Um, but I think your question is is really about networking for developing a business and relationships and thating for a lot of people I think is a sort of dirty word and I think we all know what we're talking about. People who go around and unceremoniously collect cards and seem to be very self-serving in that approach well by definition that just comes across as it is. It's self-serving and and strange for me the way that I've won business and developed business and. And found amazing people that have shaped my life in my business life is by forming relationships some deeper and stronger than others by definition. But if you form if you seek out people over time that have similar interests as you that you listen to. That you look to help in their careers for their clients and you deliver the idea that it won't come back to seems crazy. It does if you become a trusted person to your network and you are no one is that.
15:26.22
Michael Farrant
That's networking to me that is about forming relationships with people even if they're just professional relationships. Um, it's about being it's about being real um and clearly networks come and go reform new networks for example in here in Dubao the Uae on the Gcc. But the same premise exists everybody wants to work with people that they like and they respect and that they trust and can deliver so consistently be that person if you can first help somebody that you meet try I'm not saying I achieve that every time that's the theory. But. It's something that I certainly teach internally and um I think has been to whatever degree successful for me I think that it's not networking for the purpose of just increasing one's network. It's about finding people that are incredible in their fields that you enjoy interacting with. A lot of the time we spend more time working with people than we do with our family so you might as well enjoy that company and you might as well respect them and I can tell you if you're going to refer somebody to a client. It's pretty evident if you're doing for any other reason than that you respect the work they're going to do.
16:36.10
carolinesclub
Oh.
16:38.50
Michael Farrant
Because one referral by myself or yourself to a client that doesn't go well reflects incredibly badly. Um on yourself. So such I want to make sure that the people that I network and develop and do work with are people I hugely respect and I hope they feel the same way about me.
16:54.88
carolinesclub
Thank you I couldn't agree more with with all of your comments there you set up ferrant group during covid in 192021 and having a very short time been applauded by Spears and the Tatler advisory list. In psychology lingo this is excellent social proofing which often makes the difference between winning a client or not tell me a bit about your meteoric success.
17:27.46
Michael Farrant
Yeah, well I'm certainly not sure it's meteoric. The actual firm is 3 years old um so we have a long way to go to for others to to make such an amazing claim. Ah look ah.
17:41.78
Michael Farrant
It's really humbling and wonderful to be recognized by speers and tatner and others. Um, but for me, it's It's a reflection of just the work that we do. It's because the law firms and intelligence firms and other networks that we work with across across the globe. They respect that the work we do to livers for their clients and you know you're only as good as your last kill. So if I mess up, you know myself and my team we mess up on a client. You lose the client rightly properly, you probably lose the introducer and the introducer then is a very small world that we live in um, in strategic communications. You lose a huge chunk of your network. So I think it's probably more a reflection of taking an incredibly serious I take incredibly person but people say. Is just Business. Don't take it personally I mean you know those times over my 20 something year career where I've lost a client. It is gut wrenching it is horrific. It's so bad I take it really personally. And we have amazing people on our team that also take it personally that we are trying to build something. We really want to become the best in the world at this and it's for others to decide whether we ever attain such a lofty um title. But for us, it's got to be personal to do the best that we can.
19:05.37
Michael Farrant
Every single day so I don't know if we if if we're um, if it's been meteoric I don't know if it's been incredibly successful. But I'm very lucky that a number of my team have been being with me for a very very long time and the work that we've ah been doing ah for. Really long time has then encouraged other people who like this space who who are dedicated and want to do this work to join us and then the terrifying thing is its incumbents on us to make sure they have those opportunities that they get the training that they want. And the 1 thing about running a company that is very humbling is realizing that that responsibility is everything you know it's making sure that your team are well looked after and get those opportunities let alone how they're remunerated and rewarded and all those sorts of things is incredibly difficult. And I'm very very lucky because Kara I'm not sure I'm particularly good at all those things but I have some senior team members my co-founder for example, but many of the directors at found group. They have those skills um in space.
20:06.36
carolinesclub
Um.
20:16.57
Michael Farrant
So I'm hoping that one of the things I'm bringing to this endeavor is realizing many many many many things I just don't have a clue have to do or don't have the empathy for or the skill set for and filling with people that do that I respect and then giving them the bandwidth the budget the space to do that. Um. So anyway, we're 3 years in um, we just finished our third year at the end of January and look It's a huge privilege to do I do I can't imagine doing anything else. You know it's just amazing.
20:48.14
carolinesclub
I love your passion Michael it really comes through very strongly. It's fabulous. Ah you have offices in London and Dubai where you live with in Dubai with your wife and your 3 boys Although your wife says you live on airplanes. I'm sure you're not alone in in in that pursuit. Why London why do buy why so much travel and when do you get time to see your boys.
21:16.34
Michael Farrant
We'll see if I can take those in order. Um, why? London it's the home of the the best firms in the world at strategic communications that that a globe there's some amazing american firms that I am not saying this complete true but mostly focus on the us. Not completely true, but the Uk is very very blessed is a very international place with incredible resources of talent in this space. Why London I was there I was living there I worked there for um, you know all ah nearly all of my professional career out of sort of the stint in the Bahamas where I'm from. And so London is where I started my family. It's where um, I started my business or beard as you point out it was in the middle of covid so it really was from a spare bedroom and full. But um, it. it's it's it was home is home and that certainly. But so it is very much where our largest offices where most of our people reside why Dubai loads of amazing reasons. The Ua is doing unbelievable things and has been doing so for some time the welcome that the Uae provides. As a place to live and work and the quality of life for both I argue very strongly is unparalleled. Globally I mean you know you get very senior people in government here literally picking up the phone when you call to help.
22:49.15
Michael Farrant
I mean it's it's incredible. Obviously the the quality of life in the u a why is unbelievable as well. I mean my family love happened to live on the palm get to go on the beach I mean you know it's straight out of ah a movie but from a business perspective. Um. Incredibly easy to set up. We do a lot of work in the Uae and in the Gcc. So a great place to be I don't know if I'm unique as a founder in myspace moving to Dubai or the ua if I'm not unique I'm certainly one of very very few and i. I'm sure that's going to change pretty quickly but hopefully that's a usp is we're out here in the marketplace talking. Um, it is an amazing place. There are more and more incredible strategic communications professionals here in Dubai I mean the transport is unbelievable. I mean you, you really can fly anywhere. From Dubai and for me that's incredibly important duba london's very good I've been really very good but a lot of the time I used to fly through Dubai now I have a 1 flight option most um and obviously from a foundry perspective outside of beaches the schooling. The safety is unbelievable. Friendship groups and it made a lot of sense. There's also a time zone geographic location. We do a lot out of emerging markets and sub-saharan Africa gcc subcontinent southeast Asia um, ah, that's really helpful to be here.
24:25.17
Michael Farrant
Um, and finally I would say and look I have swallowed the red pill or whichever the pill it is that has some knowledge I I genuinely believe Dubai is the city of the future. We will be talking about Dubai in 10152030 and let alone in 50 years as has already happened Dubai and say wow that is the city. But I'm not saying it will be the only city but I think it's been massively underestimated. Um, either way I feel very grateful and something my family and I'm um and the business we love being here.
24:54.90
carolinesclub
Thank you, You say that the unique selling point of parent group is that you specialize in the complicated can you give some examples of the complicated scenarios you specialize in.
25:11.45
Michael Farrant
Um, well it's one of those communications Tactics isn't it to create a usp that probably doesn't really mean very much and sounds very impressive. But we do mean it. Um, you know people always ask me what do I mean by that. But there's a nice conversation starter so there is a sort of selling quality to the concept.
25:16.60
carolinesclub
I Yeah can.
25:29.22
Michael Farrant
I Hope that those that send us work and our clients do look at us in that way. Complicated is is a broad church for us. It could be that the issues are really complicated the issues of cross-borm that they have a large geopolitical bent to them. Which is the stuff that we really enjoy helping our clients with um sometimes the clients are complicated themselves and certainly the delivery can be very complicated where it takes unique skills. Um or experience in knowing how to deliver. Um. I Would also say some of the geographies we work in are really complicated. Um that they are either culturally or otherwise they're not used to strategic Communications Advisors. So There's a I don't want to use the word education.. There's ah, there's a ah lengthy. Involve process that never ends of helping the client understand what you're advising and understand the value of the advice in the delivery because in the end. Obviously we're a companyan we what we need and want to be paid. Um, and that is a real skill in a number of the places that we work is. Helping clients understand what the solution to their problem is why it's different from anything that they've ever come across before that it isn't a commodity and shouldn't be beaten down on price but that it has real value that they need to stay the course which comes with trust and you know.
27:03.88
Michael Farrant
Trust has to be earned so we're very lucky to be I mean every single time we are referred in the business. We do some ah rfp responses for governments of course, but most of our work is by is by referral. So We're very lucky that there's already a trusted advisor in the room. We have to earn it afterwards, especially if we encourage our clients to do something that is not wholly in that comfort zone but is beneficial to what they're trying to achieve. Um so complicated is ah is ah is any and all of the above. Um, examples are very difficult because we we operate as you historically have done in a very confidential world. Um, but the broad range of services is working for governments to help position them on issues.
27:58.84
Michael Farrant
Um, the last couple of years we've had the privilege of running some of the largest elections or candidates in the largest elections in the world this year running in 2 countries that are to the most populous of the 3 most populous in the world. A lot of litigation support on big cross border. Issues. We were very privileged to work with this is on public knowledge and I could you put it up on Linkedin. We were very privileged to work alongside mish collins working for the Nigerian Ministry of justice in their art in fighting their ah the arbitration ru against them and. As a team. We were all victorious and I think we were probably the smallest cog in that to be very fair to the incredible professionals on it. But as you can imagine the largest arbitration in the world. Um, for the nigerian ministry of justice that alone globally is something. We're very very proud of. And to be considered ah to be a part of that process first by Mehcons but also subsequently to to be trusted by the nigerian ministry of justice um is an honor and then to continue to deliver I mean. People who run ministries are incredibly bright and exacting and under unbelievable pressure so to be able to stay that course and to help guide the narrative alongside the incredible work of the legal team. Um I'm very proud of the team that ran it internally I didn't head it up.
29:29.50
Michael Farrant
Antony in the office is leading that account and ah you know farat group should be very proud of that sort of work. It's indicative. But it's not only we were very privileged to look after some of the biggest families in the world on crisis and issue or positioning work the carline every day we get up and you never know who's going to call. What the issues are I just couldn't do is sort of sitting at a desk job I mean I'm very very very lucky to have um huge and complex issues thrown at me daily where you sit there think I have no idea but there's a process to figuring it out. And I hope that our clients and I'm the people who send this business I think that we do that? well.
30:06.43
carolinesclub
Well, you're obviously passionate about what what you're doing and wouldn't choose to do anything else which I think is fantastic. Thank you Michael for joining me today on how to keep your money. It has been a real pleasure to talk to you as a fellow psychologist and professional.
30:13.75
Michael Farrant
Um, and feather.
30:25.80
carolinesclub
Communication skills are more than the words used which you quite rightly point out. Lawyers may be good at describing agreements facts laws and regulations. But words alone do not alter perception I may be a word smith as a lawyer. But your skills Michael are all about perception if you as a listener would like to join our club and sign up for our program of excellence and where networking works you can find out more from carolline my Caroline's gone on website and if you've not done so already. Make sure you are signed up for our weekly Caroline's Club Newsletter thank you for joining me and thank you Michael very much.
31:10.52
Michael Farrant
Let's be Lona. Thanks.
