Generation Now - Episode Five: Freddie’s Flowers founder Freddie Garland on revolutionising flower deliveries
Katherine talks to Freddie Garland, founder of the subscription service, Freddie’s Flowers.
They’re joined by Alfred Liu, Senior Associate in the Private Client team at Forsters.
To continue the conversation on social media, use #ForstersGenNow.
Listen to more episodes and subscribe
You can listen to more episodes of Generation Now - Disrupting Perceptions here on our website, as well as subscribe on your favourite podcast services, including:
Take 5 with Alfred Liu
In this five minute interview Alfred provides an honest review of talking to Freddie Garland, as well as sharing his own career journey. What were his key takeaways, what surprised him the most, and what kind of advice does he provide to next-gen clients?
What is your key takeaway from the episode?
How fundamental it is for any business to avoid complacency and keep critically evaluating ways to improve how they operate. It's a big reason behind the success of Freddie's Flowers and their drive for innovative practices is exemplified by the new idea Freddie mentioned of collecting customers' old flowers to recycle them and avoid wastage. That type of progressive thinking really resonates with people and I think is why so many are drawn to using the business' subscription service.
What surprised you the most?
I had no idea or concept of how far in advance and meticulously Freddie has to plan with flower growers! Hearing him talk about the experimental methods involved with finding new varieties of flowers, getting growers to commit to planting them and how it can all take 5-7 years was enlightening.
What kind of advice/ legal services do you provide to next-gen clients?
At the core of my work for Next Gen Private Clients is estate and succession planning. This can take many forms, ranging from the quintessential Wills drafting (usually prompted by the birth of their first child) and personal tax advice, to the more sophisticated Family Governance work which is triggered by a recognition by those clients (often with their parents) that their family needs to have proper processes and structures to ensure the smooth transfer of wealth between multiple generations. This work is multi-faceted and can involve crafting family charters, setting up family councils and trusts structures as well as corporate considerations such as preparing bespoke shareholders' agreements covering a family's trading business.
What piece of advice would you provide to next-gen clients?
Don't be afraid to have your own advisers independent from your parents when it comes to your family’s wealth succession and business transition planning. Next Gen Private Clients frequently struggle with this especially those coming from Confucian cultures where filial piety is ingrained. Having independent advisers and being respectful of older generations are not mutually exclusive, and can often help to maintain harmony for larger families with several branches each with their own unique and sometimes diverging set of circumstances, mentalities and objectives.
Tell us a bit about your career journey
Leaving school I had an inkling that a career in law was for me but I studied English at the University of Nottingham first as I loved the subject at A-Level and knew I could always do a law conversion course afterwards. I went on to do my GDL and LPC at Nottingham Law School with the help of a bank loan; I was quite lucky to get this as few banks were offering such loans in the wake of the 2007/2008 credit crunch. I felt even luckier that during my LPC year I was offered a training contract at Lawrence Graham LLP. Before starting it in September 2012, I took a gap year working as a runner and location assistant for a TV production company (which was a fun experience and where I learnt how to make a good cuppa!) and travelled around the US and China. During the first few years of being a qualified solicitor I experienced not only one but two law firm mergers and also a whole team move when Gowling WLG (UK) LLP's private client team joined Forsters LLP in May 2017.
What is the biggest difference between gen x (baby boomers) and gen y (millennials)?
Gen Y clients tend to be more willing to talk and be open about things than their parents who are more guarded and take a 'need-to-know' approach. This intergenerational communication gap is one of, if not the, biggest issue we help families deal with when developing their governance arrangements. If left unresolved, it can lead to relationship breakdowns between both generations and create feuds that jeopardise family assets and businesses. Our philosophy and approach with Family Governance work is to really understand these sorts of psychological issues and differences between Generations X and Y within a family and how to bridge the divide, otherwise the legal documents and frameworks put in place for them are superficial.
What is your millennial stereotype pet peeve?
That we're "lazy" and like to have everything handed to us on a plate! I'm sure this is a stereotype predecessor generations always ascribe to their successors.
- Growing a business
- Is your business "investment ready"?
- Which business structure should I choose?
- Starting a family
- Sustainability and ESG hub
Katherine talks to entrepreneur and wunderkind Ross Bailey - the founder and CEO of Appear Here - an online marketplace for short term retail space.