A secure family business for now and in the future
With his eldest daughter due to graduate from Brighton University with a degree in Business Management, Ian Narbeth started looking at business opportunities for her that would also be an investment for him.
A commercial property lawyer working in London, Ian knew that buy-to-let property was a relatively secure option and already owned a small portfolio as a result of becoming an ‘accidental landlord’. Although they had initially looked at other businesses to invest in, when they came across Platinum Property Partners (PPP) at The Franchise Show in Earls Court in September 2012, Ian realised he could help Clara start a business that could benefit the whole family.
Ian said: “I had previously researched franchising and knew that it was a safer option than starting a business from scratch because there was a proven track record and system to follow. Clara and I had also already discovered that we had a shared passion for property so decided to investigate further.
“The more we found out, the more we became interested. It would not only enable Clara to put her degree to use, but it would also provide a secure investment for the whole family, an inheritance planning strategy for both of my daughters and an additional retirement income for my wife, Charlotte, and me.”
Due to the significant amount of investment required, it was necessary for Ian to make sure the whole family was on board. Charlotte, originally more sceptical than Clara and Ian, joined them on a Discovery Day and was soon satisfied that it was not all a scam.
“We couldn’t believe that we could achieve a much better income from buy-to-let property by following the PPP model, especially in our area,” added Clara.
Since joining PPP in December 2012, Ian and Clara have built a successful portfolio of six high quality Houses in Multiple Occupation (HMOs) in and around the Colchester area and are well on-track to achieve their goal of 10 within five years. But, for the father and daughter duo, their PPP business has given them many added benefits.
“This has given me the opportunity to learn about and start building a business in my preferred field of property, but also provides my parents with a passive income and portfolio of assets that they can utilise in their retirement if they wish,” said Clara. “I feel more secure in the fact that I am not only in business with my family, but working towards securing my own long-term future as well.”
Currently, Clara manages most daily aspects of the business including finding, purchasing and refurbishing properties as well as lettings and tenant management, while Ian continues to enjoy working full time. In the future, Clara may look to invest in further properties on her own but take a step back from day to day management and pursue other business interests, safe in the knowledge that she will always have the property portfolio. Her younger sister, Lizzie, already named on one of the properties, has yet to develop an interest in the property sector but has the option to get involved if she wants to – “She’s having too much fun at university at the moment,” added Clara.
Ian concluded: “We would never have achieved what we have without the guidance of PPP. We would have been too cautious to have invested in such a complex area of residential buy-to-let property as the HMO sector and wouldn’t have built such a secure family business so quickly. I’m confident that joining PPP has enabled us to fulfil our goals – we’re generating a passive income that will provide a substantial addition to our retirement income and Clara has gained invaluable skills building a business that we hope will last for generations to come.”