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The Executive Newsletter of TheOfficialBoard

In inventory since… 1760

With Patrick Henriroux

28-sept-patrick-henriroux2Patrick Henriroux is the Chef and the proprietor of La Pyramide at Vienne, France. In 1989, he bought this mythical hotel-restaurant which was then in jeopardy. He has transformed it into a must-visit in the Rhône Valley.

You have one of the most exclusive wine lists on the planet. What is included?

When taking over La Pyramide, I inherited an exceptional array of historical vintages. In Bordeaux wines, for instance, we start with Napoleon’s time: a Laffite Rothschild 1806. Our Cognac dates to 1788 with the French Revolution and our Chartreuses Liquor even goes back to 1760…

Located in the vicinity of Burgundy, we buy all the millennium of its best wines. We also source wines from all over the world including France, Italy, Spain, Australia, Argentina and the United States. For each of our millenniums (even the oldest ones,) we often have 50 to 100 bottles in our cellar. We taste them to make sure that our wine list displays only the ones that deserve to be drunk now.

How can one appreciate such a wine?

To spend a unique moment, I suggest you to start by choosing your wines. Take your time to absorb the list. For every customer, there is something magical as they get a sense of the magnitude of the history available here. Once you have made your selection of wine at 100 €, 500€ or 1000 €, we can help you build the perfect meal.

Then, our wine waiters bring special care to the conservation, the preparation and the discovery of each bottle. Even if an old bottle has its tags a little tattered, our guests will be delighted with the contents.

How do you decide what to charge for a 50 year-old or 100 year-old bottle?

Of course, I could sell most of my bottles for premium prices at Sotheby’s. I have not chosen to set up in Paris, Tokyo or New York. I am more interested in offering reasonable prices to my guests (from this region or traveling here) who are looking for those exceptional vintages and an authentic experience.

What are you passionate about?

Guilds matter a lot to me because they are about transmitting our heritage to future generations. I was one of the lucky beneficiaries. For me, meeting a well-known Chef like Georges Blanc or Pierre Trois-Gros, even for a short while, is a moment of great emotion and pride.

Though these informal Chefs’ guilds, our team members get valuable experiences. I also appreciate it when the Chef is at the piano in the kitchen and not just traveling to his restaurants in five continents. I also love making my visit to the daily market. We have about one hundred great producers within a 20 km radius of Vienne.

Patrick Henriroux is the Chefs’ Coordinator at Relais & Châteaux, a family of 480 prestigious hotels and restaurants in 56 countries. He is also the owner of the Relais & Châteaux La Pyramide in the Rhone valley, France.

Filed under: Chef's Words, Wine list — @ 2:44 pm on September 29, 2009
 
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Tax Haven and Tax Heaven

By Hervé Israël, Lovells

Tax lawyers like to think that in any law there are loopholes, and if these loopholes exist, it is because God created them.

22-sept-hisraelIn international taxation, tax havens are a major loophole for sheltering the assets of the wealthy. Tax havens are vilified as the scapegoat of the financial market collapse and the source of an underground economy threatening the world stability.  Most jurisdictions have taken legal steps to fight tax evasion by individuals or companies.

Yet, recently, countries that appear to be tax shelters have joined the European Union.  Ireland, Malta and Luxembourg are among the best locations in Europe for carrying out a business activity in a low tax environment.

Freedom of establishment is embedded in the founding principle of the European Union, making it hard to limit tax shelters. States have to allow their citizens and companies to carry out business in any other EU member state. And furthermore, most of the recent court decisions have ruled in favour of the tax payers, rather than the tax administrations.

The recent financial turmoil is changing the game. Banking secrecy has been challenged, and some states have been forced to sign exchange of information agreements or face sanctions. Most have complied. Whether blessed or excommunicated by the international community, tax shelters in places like Switzerland, the Channel Islands or Lichtenstein have been listed in different categories of white, gray, etc.

In the US, the paranoia is even more forceful, as shown by the number of laws challenging the use of tax shelters. A draft law called “Stop Tax Haven Abuse Act” was introduced before the Senate by President Obama before his election. This act calls for the establishment of a blacklist of offshore secrecy jurisdictions. An alternative proposal by Senator Baucus would establish a compulsory report of offshore accounts.

Is the use of tax shelters still recommended? Our politicians should keep in mind that there will always be people and companies who try to avoid paying high taxes. Ultimately, the simplest solution for a taxpayer may be to transfer their tax residency to a tax haven rather than transferring their wealth there. For the country of origin all tax opportunities would be lost. We are witnessing an increasing number of wealthy people considering this option.

The alternative for the governments of the civilized high tax countries would therefore be to become more tax friendly. One day they might even ask themselves, should we become a tax haven?

Hervé Israël is Partner at Lovells, in Direct Tax, Indirect Tax, Tax, Tax Disputes. Lovells is one of the largest international legal practices with offices in Europe, Asia and the United States.

Filed under: Conflict Resolution, The Most Read — @ 3:50 pm on September 22, 2009
 
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Think Fresh

With Patrick O’Connell

Patrick is the chef, proprietor and the cofounder of The Inn at Little Washington, considered one of the top 10 restaurants of the Planet by the International Herald Tribune. It became America’s first 5 Star country house hotel.

29-aout-patrick1

Usually we refer to the Italian, Spanish, French, Chinese or Japanese cuisine. How would you define American Cuisine?

Every country’s cuisine is a reflection of its history, culture and geography.  America is no exception.  Even though our country is often referred to as “melting pot” of nationalities and ethnic sub-cultures, our cuisine is still identifiable and unmistakably unique. It tells the story of a land conquered by Spanish, French and English explorers who vanquished the  Native American Indians and moved west as pioneers in covered wagons during the gold rush to settle the new frontier.  Like a vintage photograph, every one of our cherished recipes documents a moment and place in time connecting us to our ancestors.

It has taken me a long time to realize that what I’ve been doing over the last quarter century at The Inn at Little Washington is evolving and refining many of the dishes I grew up with, making them relevant to a new century while keeping their soul intact—building a sort of culinary bridge between the past and the future.

In France a distinction has always been drawn between everyday home cooking and “haute cuisine”.  Finally American cuisine has evolved to the point that we also have two distinct levels of cooking and our own equivalent to la grande cuisine of France.  I refer to this as “Refined American Cuisine”.

Being a Chef is hard work and long hours. What are your most rewarding moments?

Every day is rewarding in its own way.  There is always some aspect of growth or newness.  Every day is a fresh canvas where a new miracle can be created. I am satisfied and happy if I can see some tangible improvement in any aspect of our work each day.  This way there is always a new challenge and nothing feels stale.  A chef’s work, like any artist must reflect his present state of mind and evolution in order to feel authentic to an audience.  Therefore, as I evolve, so does my cuisine.

The Inn in Washington is located in Virginia, far from the traditional finest restaurants and customers spots. How do you deal with this?

There are both advantages and disadvantages in our country location.  We are much closer to nature and to our products. We raise many of our crops and have a network of local farmers who supply us with some of the greatest materials in the world.  On the other hand we sometimes feel a bit detached from the mainstream and in a sort of timeless bubble.  Thankfully, our remote location seems to help keep us immune from silly trends or fads.

What is the next big thing for American cuisine?

The next big challenge is to convince the media that beauty and luxury are essential components to our well-being and that an exquisite meal in wonderful surroundings can be therapeutic and enhance a person’s self esteem.  At the moment, we seem to be experiencing a new Puritanism fostered by the economic downturn.   The public needs to realize that sometimes the best value can be found in the most expensive restaurants.

In the future the guest experience will become more interactive.  For example, at The Inn at Little Washington we invite our clients to take a walk to the chicken house and choose their own eggs for breakfast.  They can stroll through the herb garden and pick the herbs they want in their omelette.  Almost everyone visits our kitchen and many guests choose to dine there at the Chef’s tables.

Patrick O’Connell is one of the Grand Chef at Relais & Châteaux, a family of 480 prestigious hotels and restaurants in 56 countries. He is also the owner of the Relais & Chateaux The Inn in Little Washington, in Virginia, United States. He wrote two best selling cookbook, The Inn at Little Washington Cookbook : A Consuming Passion and Refined American Cuisine, The Inn at Little Washington.

Filed under: Chef's Words — @ 10:07 pm on September 3, 2009
 
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Your competitive strength

By Paul Nunes, Accenture

29-aout-paul1How well positioned is your company to respond effectively to the downturn? The answer is a function of three assessments: relative performance (as measured over recent business cycles and management eras), your own unique circumstances, and overarching global conditions.

From our extensive research over the past six years, we know that on its own, a rising share price tells observers little about whether a company is consistently outperforming its peers.

Accenture’s formula for judging high performance examines company performance by looking at metrics that indicate true competitive strength: strong profitability balanced with strong revenue growth and positioning for the future, all delivered consistently and over time.

The downturn, however, threw a wrench into some of this machinery. Consider relative performance: not all high performers were in strong positions when it hit. Some found themselves cash poor, for example, perhaps because of recent strategic acquisitions. Likewise, some low performers, perhaps because of an inability to identify promising investment opportunities when the economy was strong, had cash on hand.

Once a company has established its relative competitive stance, it should assess its own particular circumstances. Accenture research following previous recessions found that leading companies practice sound, value-based financial management, emphasizing cash flow and strong balance sheets during good times. This approach provides flexibility and financial muscle during bad times. While there is no perfect formula for downturn readiness, some elements are clearly important: cash position, balance sheet strength and the diversity of cash flows.

The key questions to ask about cash reserves are, “Do we have sufficient cash to see us through the crisis?” and “Do we have enough to make long-term investments attractive at this moment?”

For its balance sheet, a company must ask, “Is our balance sheet sufficiently strong that we can credibly take an aggressive stance in the market rather than a defensive position?” And in a broader context, it must ask, “How susceptible is our current position to additional volatility and a worsening of global economic conditions?” The answers to those questions will help companies understand their options.

The third assessment: changes in the global context. The shift to a multi-polar world—one characterized by multiple centers of economic power and business activity—creates new challenges and opportunities distinct from those experienced in a national or regional downturn.

For example, sovereign wealth funds and national governments have become significant bargain-shopping investors as well as sources of bailout funds. Also, large companies in a multi-polar world are almost always part of a dense web of networks, so it’s important to assess not only your own strengths and risks but also those of your partners, customers and suppliers. Their fate can substantially influence yours. A formal, 360-degree risk review, with a focus on worst-case scenarios, should be undertaken.

In total, these three assessments will force companies to look deep inside and far abroad to determine their financial health and their chances of maintaining, achieving, or regaining high performance after the downturn passes. To read more, see “Managing in extraordinary times: New choices for new challenges” (by Paul F. Nunes, Caroline Firstbrook and James M. Ellis).

Paul F. Nunes is an executive research fellow at Accenture’s Institute for High Performance in Boston, where he directs studies of business and marketing strategy. His work has appeared regularly in Harvard Business Review—including recently “Can Knockoffs Knockout Your Business?” (October 2008) and “The Tourism Time Bomb” (April 2008)—and in numerous other publications. He is also the coauthor of Mass Affluence: Seven New Rules of Marketing to Today’s Consumers (Harvard Business School Press, 2004). In addition, Mr. Nunes is the senior contributing editor for Outlook Journal.

Filed under: Growing in a downturn — @ 9:51 am on September 2, 2009
 
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