Exclusive Interview with 3a Czech

In this interview we meet with Filip Reinoso and Adam Narwa, founding partners of 3a Czech. We wanted to learn more about this budding business advisory firm’s experience as 3a Global members in Prague.





Q1: You are a small yet growing business advisory firm (SPF) based in Prague, right in the very heart of Europe’s most rapidly developing economies; how do you see your 3a Global membership strengthening your office’s business reach further in this reality?

Our membership in the 3a Global network has helped us a lot, particularly at the very beginning of our firm. The membership is flexible and encourages growth. It allowed us more time to devote all our energy in building up our HR capacity and business development. 3a Global provided us with the full support in the fields like marketing (especially social media marketing), branding, knowledgebase sharing etc. The other advantage of forming part of the 3a Global network was the opportunity to offer our services in new jurisdictions, supported by our local partners. This network has offered us the opportunity of managing big projects like cross-border mergers, for instance.


Picture Caption: The Czech Republic (marked in red) is strategically located right at the geographical heart of Europe.

Q2: The Czech Republic is renowned for its thriving economic base; from car manufacturing giants like Skoda, Hyundai and Iveco to leading software multinationals such as Facebook or Google, this country is a powerhouse in the making where large players are concerned. But the economy is not all about large employers; it is also about individual investors and the culture for new business and innovation. It is a question of making lives better and fulfilling one’s dreams. As a small professional firm based in Prague at this particular moment in time, what can 3a Czech tell us about the Czech’s start-up scene? Where do you see your new firm making a difference in the Czech’s start-up sector?

"The 3a Global Membership is therefore a key to SPF’s growth and a catalyst for more income."
Filip Reinoso

The Czech Republic is a very attractive jurisdiction for all the big international investors and this is particularly so thanks to its location, skilled labour force and cost competitiveness. We see that the start-up sector is steadily growing every year. Among our clientele, we have companies that started doing business with minimum investment, however, armed with an innovative idea and determination they’re now growing not only in their turnovers but in human resources. As business advisors, it is always very encouraging seeing your clients expand and succeed. 

Generally speaking, in the Czech Republic we see an absence of the support from the state authorities. We are not talking about financial support but about the state’s obligation to providing the right environment for growth. The Czech start-up sector needs less bureaucracy, as excessive administrative obligations are inhibiting many otherwise bright candidates from taking this direction. I’m sure you are familiar with the saying – “time is money”…when you are a start-up company this saying is worth twice as much.



Q3: Family law, Succession Planning and Wealth Management are major subjects for 3a Global; with over 70% of Europe’s businesses (especially in 3a member states) being family-owned, this sector is poised for growth challenges and further sophistication. Where do you see 3a Czech bridging its talent with that of the 3a network in places such as Cyprus, Gibraltar, London and Malta?

Like in most other Eastern European countries, in the Czech Republic the history of provision of Succession Planning or Family Business-related advisory services is not very long. Times are rapidly changing and in the meantime, whenever such service demands arise, we are more than happy that our colleagues in Malta, Cyprus, UK and Gibraltar can step in and assist. Our clients really appreciate the fact that we have partners with whom we are tightly connected.

Q4: One of the most difficult challenges affecting small professional firms (SPFs) in Europe right now is recruitment; it is hard to find the right, qualified talent. This lack of HR is a problem that affects growth in other jurisdictions such as Malta and the UK, for instance. Being based in Prague, with a substantial population and a large pool of highly qualified candidates, how do you see business and your firm coping where talent is concerned?

The most difficult challenge that companies are facing right now is hiring the right persons and finding qualified talent; this is more felt in the Czech Republic, where the economic growth these last five years was above the EU’s average and with unemployment being virtually inexistent. As we become aware of the current circumstances in the labour market, we are trying to offer employees more flexibility, to make employment more appealing. Ideas like home offices and flexible working time are very much in demand. Besides that, we believe that the fact 3a Czech is a part of international network, makes the firm  attractive for those used to working in international environment, or others who are looking for a more ‘boutique’ working environment with very friendly and personal approach.

Q5: Like it or not, our businesses are always going to be effected by what goes on around the world, especially on our continent. How do the populist movements across the block, affect the way you and your clients plan ahead? How do you look at multiculturalism in your field and how will these growing phenomena affect your client’s operation in the Czech Republic? What’s your take on the future of Europe? 

The first word that pops up in my mind is ‘instability’. The Brexit and populist movements bring instability in the business sector too. It’s contagious. Nobody knows all the impacts of the vertigo between EU and UK. Brexit vote was two years ago but till now we don´t know what exact steps will be taken and when. In the media, one gets the impression that there are certain political efforts to avert Brexit and possibly let the British voters vote again on this thorny issue. Let’s see.

With regards to your question about multiculturalism, this word is nowadays connected with the inevitable negative feelings among certain people. The reason is quite straightforward – the ‘migration crisis’ has created a diverse set of fears, especially amongst certain sectors of the community, not just in the Czech Republic but all over the EU. If I disconnect these two words, i.e. ‘migration’ and ‘crises’,  then I see that Europe has been a multicultural place for centuries and nobody regarded that aspect as a negative thing. This mixture of cultures and races is what made Europe so rich and influential. A multicultural Europe helps its inhabitants to understand different (foreign) cultures and provides for alternative view points on many matters, not just the economy but also on politics. Thanks to our membership in the 3a Global network, we can experience the benefits and cultural richness of the EU and this helps us a lot in our business and the way we look at our firm’s future.

Q6: The 3a Global network is working on its expansion across Europe; from your direct experience as a fully immersed member firm, what are your suggestions as to how this network can position itself to offer small professional firms (SPFs) greater leverage on their business growth and increased income?

The truth is that that the typical small professional firm (SPF) is generally ill equipped to offer cross-border services. The reasons are quite simple – lack of infrastructure and investments for opening branches in further jurisdictions first spring to mind. But there is also the issue of lack of internal HR expertise in what are for us here new areas of expertise like Wealth management, Cryptocurrencies, amongst others. Surely one cannot be an expert in everything so the idea of belonging in a network of likeminded professionals, each with their own distinct specializations, offers many practical advantages especially to SPFs seeking a structured business growth.

Thanks to our membership in the 3a Global network, we can offer clients a full package of services in the jurisdictions where the members are domiciled. That increases the attractiveness of our firm and creates more income opportunities. 

Let´s present an example: 3a Malta (a Maltese member of 3a Global) has a client who intends investing in a real estate property in Prague, Czech Republic, not an unlikely scenario given Malta’s vibrant Foreign Direct Investment scenario. The very easy way how to find any relevant information on the real estate economy in Prague would be contacting the partner´s experts from 3a Czech. This is exactly what happens. Thanks to a diverse portfolio of clients and cooperating advisors 3a Czech can search for any relevant potential investment. This facilitates the whole process for the end investor which seeks a professional and quick reaction from his/her experts.

Looking at another example, let’s just see what happens when a company wishes to seek licensing or legal support in the UK. Thanks to 3a London (represented by the well-established Babbington Croft Associates firm in Kensington), any member in the 3a Global network can support clients in the UK, assisted by the 3a London professionals, without losing sight of its income streams or any change in their firm-client’s relations.

The 3a Global membership is therefore a key to SPF’s growth and a catalyst for more income. 3a Czech has gained new clients through its 3a Global membership and cannot but encourage other firms to follow it in this expansion process.

For more information about 3a Czech visit www.3aCzech.com
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Watch this space for more updates about 3a Czech!




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News Details

Last Updated
27th of July 2018 02:39 PM

Author
Jonathan Galea