Finance tip: Estate planning

Draw up, or update, your will.  Having recently gone into a new tax year here at home, and with the tax changes in the annual Budget having been announced, it reminded me that it’s a good time to have a look at your will.  For too many people, this is something they find a bit too morbid, and they never get around to doing it, but it’s one of the most important documents you’ll ever have.  Inadequate planning for what happens to your assets and liabilities when you pass away – also known as estate planning – can have huge effects on the amount of tax that you and your heirs pay.  Also, if you die without a will, most countries have laws that dictate a pre-determined split of your estate amongst your surviving relatives (in South Africa, this is the law of intestate succession) – often not in the way which you would have liked things to be allocated.  So, if you do have a will, but haven’t looked at it for years, do a thorough review.  Have your circumstances changed at all?  Are the people named in the will still in your life?  Do you have more assets or more liabilities that haven’t been taken into account?  If you don’t have a will, get moving on putting one together.  Sit down with one or two trusted advisors – accountants or lawyers specifically – and work through the various options.  Think about who you want to be in charge of your estate when you pass on (know as the executor); how you want to share out what there will be; tax implications of each option; bequeathing to charities; whether you’ll have children/grandchildren; etc.  In many countries, even if you don’t have a formal will, but you have an informal ‘letter of wishes’ of how you want things to be handled, that can be recognized as sufficient evidence for the executor to work from…

Business tip:  Sales/Marketing

Harness the internet to find out more about your customers.  Too often, business owners or salespeople do themselves a disservice by not doing enough research before pitching to a client.  Yes, they may well click through the company’s website to get a feel for the business, but there’s so much more that they can do.  It’s important to remember that whenever looking for new business, you always deal with people.  You may be approaching a business, but it’s a human being who’s going to sign off on the deal.  Find out the full name of who you’ll be pitching to, and then do as much research as you possibly can on them as a person.  Google them, look them up on Facebook, see if they have a Twitter feed.  Use the information that gets kicked up from your search to find a personal angle to approach them on – some common ground that you can use to get past their initial defences.  An example: You’ve got the name of the buyer at a big national company, who would be an amazing client to have.  Googling him kicks up a few hits with the usual corporate bumpf, but there are also a number of articles which he’s written on hiking and wilderness trails.  Through his limited profile on Facebook, you can also see that he’s a member of a number of hiking and trail conservation groups – maybe there are a couple of pics of him on there as well.  Come meeting day, and while making small talk, you mention how the weather of late has allowed you to take advantage of a new hiking trail in your area, and how much you enjoyed it.  The conversation starts flowing and – bingo – instant rapport!  Your chances of closing the sale have just shot up exponentially.  Be wary of lying or fabricating stories to create a link, though.  The point is to find something with which you can truly relate to the person, and make use of that; not to build tenuous relationships based on half-truths (you’ll always get caught out, and these will blow up in your face down the line)…

Gareth Cotten is one of the growing breed of SA entrepreneurs with that ‘world-domination’ look in his eyes. Gareth runs the coaching and consulting practice 'Good Advice'. View more articles by Gareth.

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Thanks Jase for sending this through. I’m guessing this is EXACTLY what you’re looking for to manage your team?

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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I have been hearing the name ‘Viral Loop‘ going around a lot these days and so I asked Louis Janse van Rensburg from World Wide Creative to tell us a little bit more about the book and what he thought of it.

Louis heads-up the Joburg branch of World Wide Creative. He’s a strategist, researcher, entrepreneur & Heavy Chef. Here’s what he had to say:

“I purchased this book based on a recommendation by a well-respected digital strategist, Kate Elphick. That in itself says a great deal of the quality of this read, as the amount of smoke and mirrors in the digital web industry are astounding. Viral Loop stands out from the hype in this regard. No question about it.” For Louis, the genius of the book is that you quickly realize that Adam Penenberg honestly and truly has researched the concept of ‘Viral’ and, most importantly, “conveyed it in a manner that is basic to understand yet applicable for a higher level of interest”. Louis calls this “a delicate balance.”

“The book’s secret in striking this balance though is in it’s telling of real-world stories from both offline and online companies” Louis says. The book showcases the stories of companies who have (intentionally or unintentionally!) created “viral loops” around their offerings. Louis explains that these case studies include “detailed dissections of viral companies from all sides of business”, including:

- Offline: Tupperware, Ponzi schemes

- Bubble era companies: Hotmail, eBay, PayPal, HotOrNot

- Web 2.0: Flickr, YouTube, MySpace, Bebo, Tribe, Tagged

- Widgets and apps: Facebook, Slide, RockYou, Zynga

According to Louis the book does at times become a bit technical in explaining the science of viral however, “for me, this actually just added to my trust in Adam’s writings”.

After reading Viral Loop, Louis was enticed to read up more on some other theories around the concept of viral. Louis suggests you watch this slideshow (below) on ‘The Metrics of Social Games’ for a mind-boggling way of understanding the science of the viral loop.

Thanks Louis for such a vibrant explanation of Viral Loop and what you thought of it. I’m sure you made quite a few of our readers get up and rush to the nearest book store!

Yolandi Janse van Rensburg writes about social media, marketing, life and, of course, cars. We say “of course” because Yolandi is nuts about anything on 4 wheels. Besides moonlighting as the Heavy Chef girl at World Wide Creative, Yolandi runs Autofemme, a blog about cars, as a business on the side. View more articles by Yolandi.

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We’re huge fans of our boys from FoxP2. They’ve pushed the envelope so many times in their short time in the local advertising industry that it’s getting boring.

Except there’s nothing boring about their latest work for Biblioteq, the ‘alternative’ book sellers.

Check it out…

Click on the pics to view large (the copy bottom right says “Feel Inspired”)

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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Today, we’re chatting to Dannon Cook, the co-founder of Cook Kikillus, House of Premium, the sole distributors in South Africa of some of the world’s most famous alcoholic beverages.

Dannon, how did you get into the business of booze?
Well, if you enjoy a party, you might as well have your own “booze” business. I have been in beverage industry for many years, firstly in the restaurant and bar industry and then mainly when I was part of Red Bull launch team in SA in 1997. It is coincidental that all our brands are alcoholic at present because if we were offered any premium brand we would entertain it due to our strength lying in building these types of brands.

On that note, you distribute one of the world’s most iconic brands, Corona – how has the take up been in South Africa since you relaunched it on our shores?
Due to Corona being a super-premium priced brand in SA, your consumer base is always niche. Once we found the right opinion leaders, as well as affiliated with great events, sales started to rock – 2009 was 50% up on 2008 and last 3 months have enjoyed growth of close to 200% on same period last year.

So, in your previous life, you were involved in bringing Red Bull to SA… how did that experience help you with the day-to-day runnings of your current venture?
Red Bull is a phenomenon and was 10 of the best years of my life. Red Bull was my University Honours for the Beverage Industry. It is one of a kind and will remain that way for a long while still. Being a Director of a company can only prepare you for so much. Having your own business is a different ball game, but one my business partner Marais Kikillus and myself love.

Is it tough being in such a competitive environment, risking being trodden on by elephants such as SABMiller, BrandHouse, Distell, etc – ?
That is what they are, Elephants! Too slow to react and who have forgotten the small things. Jokes aside, we have the highest respect for the aforementioned companies. They are Internationally respected companies and we have and can learn from them. Our main focus is super premium brands, which is a small niche market, but with lots of disposal income. We also ensure that being the “small guys” we react quickly and find the “star” opportunities.

You’re about to launch two more world-famous brands into the SA market – can you let the cat out the bag and tell us a little about them?
We are proud to announce that CK House of Premium have just secured the agency for Armand De Brignac Champagne, Armand de Brignac. Rated the world’s No.1 Champagne, De Brignac is followed by heavyweights such as Dom and Mumms. It is a truly special Champagne. We will also be launching Vivus Vodka and Corrido Tequila by end April 2010, which have both one world awards for taste and packaging.

Thanks Dannon for sharing some insight into the fabulous world of the liquor industry. You certainly are raising the bar with those awesome brands. We’ll be watching with baited breath.

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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Today we’re privileged to mix it up with a real live lumberjack, Kurt de Beer of Western Cape-based treefelling company, KDB Tree Felling. This modern day maverick of the trees is an inspiration to us here at Ideate, having made a successful business out of an age-old profession.

When and why did you decide to become a tree-feller?

I started off making firewood during the school holidays in 1994. When I left school in 1996 I figured out that the summers were long and dry… financially as well as physically. I couldn’t sit around splitting wood the whole summer long as I would die of thirst and wither away, so I decided to venture into tree felling. The outdoors and physical part of the job appealed too me too.

Is it easy to get into a profession like tree-felling?

There no courses on tree felling that I know of in South Africa, so in that way it’s certainly not easy.

Is it as dangerous as it looks?

If you bite off more than you can chew it’s much more dangerous than it looks. The saying “cowboys don’t cry” isn’t true in this line of work.

Spoken like another man van staal, Naas Botha. What advice do you have for Ideate readers who want to get into the business of cutting down trees?

Don’t get into it if you think it’s going to be a job to make quick cash. If you’re prepared to learn and you’re not scared to get your hands dirty – and are prepared to learn from your mistakes – then it’s a great business to be in.

We also noticed on KDB Tree Felling website that you do testing as well. We can’t help notice that tree testing seems quite an innovative service for South Africa – tell us what it’s all about.

Well, I’ve been researching this for a while. I travelled to the US to source the very latest in tree radar technology. KDB Tree Fellers now offers its clients non-invasive tree testing. This is highly beneficial when testing for trees that are potentially dangerous in your garden or in a public area.

Ok, so it’s a ‘pre-emptive’ service. On another note, we’ve all seen movies where lumberjacks walk through the forest, cutting down redwoods, smoking Camel cigarettes and killing grizzlies with their bare hands. Now, obviously it’s not that glamorous – but tell our readers what the best part of the job is?

Being outdoors! Everyday is different as you move from job to job.

Alright, Ideate readers… if you want to have trees cut down in the Western Cape,  hire a chipper, buy firewood, diagnose a tree, hire a truck, buy mulch or do some milling,  you can get hold of Kurt by emailing him or phoning KDB Tree Felling at 021 790 2077.

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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[NOTE: We have a winner. And the winner is... Warrendean, because we like pin-stripes. Thanks to those who participated. Anyone wanting to attend the concert should go NOW and purchase at Computicket. See you there!]

The Kirstenbosch Concerts are SO last month.

Just kidding (we love you SABNI), but on Sunday March 7th, take a break from the beaten track and attend a killer afternoon of Jazz and soothing big band beats courtesy of Amanda Tiffin at Maynardville Park in Wynberg. Book at Computicket now – tickets are a mere R80 – to avoid embarrassment. As an added bonus you’ll get the karmic warmth of knowing that you’ve contributed to a good cause. Since the concert is in aid of people with physical disabilities, you’ll be throwing your lot in with the fantastic people over in Mitchells Plain at the Western Cape Rehabilitation Centre.

Now for the good bit: Alta Ferreira, the Development Manager at WCRC, contacted Ideate to offer our audience 2 tickets to the concert, free, mahala… gratis for you, our beloved, smart, witty, intelligent Ideate reader!

So, what do YOU have to do to win the tickets?

Simple. Comment on this post and let us know what you’re going to wear to the concert (scroll to the bottom and enter your idea in the comment box).

Since this event is on par with the J&B Met, and jazz is synonymous with some pretty fly outfits, we want to know what jazzy little number you’re going to don to this fantastic affair. We’ll choose the best, the snazziest, the most original idea on Monday morning and award the tickets accordingly. Hint: jeans and t-shirt won’t cut it! Go! Go! Go!

Here are all the details:

AMANDA TIFFIN and her Little Big Band

JAZZ IN THE PARK
A fundraising Concert for persons with physical disabilities

WITH GUEST PERFORMERS (Sandile Gontsana and Acapella group: ‘Not the Midnight Mass’

VENUE: Maynardville Open Air Theatre, Wynberg (Wheelchair accessible)
DATE: Sunday 7 March 2010
TIME: 14:30 – 17:30
COST: R80.00 (Student-, pensioner-, scholar and block booking discounts)

TICKETS AVAILABLE FROM: Computicket (No surcharges)

• Refreshments on sale at venue
• Chairs available in theatre area
• Own picnic baskets allowed in the theatre/
• Picnic area adjacent to theatre site
• Secure Parking.

Any questions, contact Alta on 0826038261 for enquiries… BUT, don’t delay – comment on what you’re going to wear in the comment box below to stand a chance to win 2 tickets. We’ll let you know soon if you win, promise.

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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Apologies… this took a little longer than expected, but we have the winners and prizes all sorted. The raffle we held in support of Geoff Brink’s unicycle tour across South Africa is now complete. Thanks to everyone who bought raffle tickets to support The Heart and Sole Tour.

Sue Macquet
3 nights stay at a wonderful villa in Camps Bay
Courtesy of Cape Realty

Warren Bartrum
2 nights at the Constantia Boutique Hotel
Courtesy of The Last Word

Mandy Morgan
Weekend away
Courtesy of Friday Island Resort

Paul Jacobs
Chef for a night
Courtesy of Capsicum Cooking

Neale
1.5 hr Golf Lessons
Courtesy of Cape Town Golf Academy

Laile Kamer
1.5 hr Golf Lessons
Courtesy of Cape Town Golf Academy

Eddy Perk
R800 voucher for an official Tretchikoff Print
Courtesy of VladimirTretchikoff.com

Michelle T
R500 Spa voucher
Courtesy of Health Spa Guru

Mike Perk
Signed Ajax Cape Town shirt
Courtesy of Ajax Cape Town

Paul Jacobs
Half day tour around the peninsula
Courtesy of Executive Touring

Warren Bartrum
Prize to be confirmed
Courtesy of Wild Card

Ettienne Britz
Freeline Skates
Courtesy of Freeline Skates

Helen Walne
Free consultation with world renowned Psychic
Courtesy of Rainbow Path

Geoff is REALLY stoked and really appreciative. He’s on the last leg of his tour and is due to arrive in Cape Town on the weekend. Bob Skinstad (who’s on a mission of his own) met up with him on the Garden Route. To keep updated on his whereabouts over the next few days, follow Geoff on Twitter here.

Fred Roed is the marketing guy in the Ideate crew. He runs a web marketing company called World Wide Creative and loves writing about people out there doing marketing right. View more articles by Fred.

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Word of Mouth Marketing
I have had about 15 conversations with small businesses over the last week that still claim that word of mouth is still their number one lead generator.

Word of mouth marketing works so well because people hold the reference of a friend or family member in very high regard. The experience of someone becomes a testament of your service of product. This testament thens turns into business fairly easily. In fact I have had a few referrals this year when the business was mine even before the first meeting.

Word of mouth in Social Media
We need to keep this in mind when marketing ourselves in social networks. Social networks are a gold mine for ‘word of mouth’ marketing. This just happens in a slightly different way.

Think about it, people share their experiences in text,  photo’s and video on social networks. This sharing sharing then becomes a reference for whatever is shared.

Here are a few examples:

1) If you share a great restaurant on Facebook, you have just recommended them to everyone

2) When you update your Facebook status about how your boss is acting today you have just become a character reference for him in your network.

3) On twitter a company tweet may seem informative but a retweet from a follower may carry more weight than if the company tweeted that information themselves.

What does this mean?

To market yourself in social networks your number one aim should be to get people to talk/share about you, your services and your products as much as possible.

This is social media word of mouth! And it works like a bomb!!

Mike Saunders is an internet marketing consultant and social media coach. If you like what he has to say visit his blog on internet marketing strategy or follow him on twitter - View more articles by Mike Saunders.

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Gareth Cotten is one of the growing breed of SA entrepreneurs with that ‘world-domination’ look in his eyes. Gareth runs the coaching and consulting practice 'Good Advice'. View more articles by Gareth.

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