It seems like a foolish question at first because of course you wouldn’t sell your house to the lowest bidder yet here is a true story about someone who sold their ‘home’ to the lowest bidder!
Late last year we were approached by a Solicitor who had been asked by a wealthy client to advise and assist them in replacing their 24/7 Residential Security Team at their large house in London. Apparently, their incumbent team had become complacent and all efforts to get them back on track had failed so the decision had been made to replace them. Solicitors are often the first point of contact for advice on many different matters because they are a trusted advisor and their client knows that their conversation will be confidential.
Our discussions with the Solicitor went very well until we came down to price where we found ourselves at extremes. Their perception was that the Security team would be made up of security guards who traditionally got paid minimum wage or something very close to minimum wage.
Whilst price is clearly important, the price paid must be sufficient to ensure that you get what you paid for.
Then we explained that in the world of Residential Security, the Security team are looking after something far more valuable than offices, warehouses and factories. They are looking after people, the family members. People potentially at risk of kidnap for ransom because of their wealth. The Security team therefore need not only to be experienced and well trained, they also need to be well paid so that they value their job and are fully aware that finding another such well paid position will be very difficult. In return the client and the Principals receive a five star service and are supported by a professional, loyal and highly motivated security team with their best interests at heart ALL of the time. The Principals and Family Members are therefore allowed to enjoy their wealth in safety.
Despite our best efforts to explain that Residential security was in itself a specialist subject not suited to normal ‘Guarding’ companies our bid was unsuccessful and the job was won by the lowest bidder. The company who won the bid were actually charging the client less per hour than we pay our staff!
Less than three months later we were invited to meet both the Solicitor and their client to discuss our proposal as the new company had got it all horribly wrong. From what I can gather they had transformed the family home into a Fortress instead of having gone for a sensible light touch but effective solution.
They had inadvertently lost their home to the lowest bidder.
We took over the residential security at that property the same day and to the client’s delight their home is again just that, a home.
Quite often the Wealthy have their trusted professional advisors to arrange security on their behalf. In many cases it may be the Solicitor. In others it may be the Family Office CFO or the Family Accountant or the House Manager. All experts in their own specialist fields but none ever having had to procure specialist security services. To those trusted advisors who have never bought specialist security services before please allow me to offer one piece of advice.
Make sure you pay enough so that your security team have only your interests at heart and always remember, in the same way as you have to pay more for a top drawer, specialist, experienced solicitor, the same applies to top drawer, specialist and experienced security professionals. The truly professional ones don’t work for minimum wage or anywhere near minimum wage.
