Private Banking | ING Luxembourg : Your bank in Luxembourg

Dominique, Business Banking Manager: 

Hello, we're in the Massen shopping centre, which is home to a host of entrepreneurs, and I'd like to introduce you to one of them: Marc Bingen, the owner of Bingen & Partners SA. I won't say any more, just introduce him. 

Moien, hello my friend, how are you? Thank you for having us and for sharing your experience with us. What made you decide one day to go into the property sector? 

Marc Bingen, owner of Bingen & Partners SA : 

My professional career began in September 1977 with a Luxembourg bank. In the corporate services department, I was a business advisor for SME. The clients I served at the time were hoteliers, farmers, developers and construction companies. This gave me a passion for the ‘stone’ and I decided to work for myself in real estate. In 2015 we set up Bingen & Partners. Fortunately, at the time we had ING, with whom we still work, who put their trust in us. At the age of 55, you don't have your whole life ahead of you, so you have to speed up your advertising and your brand image.

Dominique, Business Banking Manager:

You are a man of values and principles, and I know that these things are extremely important to you. 

Marc Bingen, owner of Bingen & Partners SA :

Our policy is based on human values: if you're based on values, you keep your employees, your customers and your subcontractors. We have a saying in our policy: we sell what customers need, we don't sell customers what we have. 

Dominique, Business Banking Manager :

Marc, you are a man of experience. What would you say to today's young entrepreneurs? 

Marc Bingen, owner of Bingen & Partners SA :

Being a boss doesn't just mean being in charge, but above all, in my opinion, it means serving and being there for others.

Dominique, Business Banking Manager:

What else can we do for you today? 

Marc Bingen, owner of Bingen & Partners SA : 

You have specialists when it comes to transferring businesses. We're in the planning stage: the new boss has been in place since the end of 2020 and there's a lot of work to do.

Dominique, Business Banking Manager:

Our aim is to support you in your development. 

Marc Bingen, owner of Bingen & Partners SA :

Thank you Dominique, and why don't we go for a bite to eat together? 

Dominique, Business Banking Manager :

What an excellent idea!

[Music]

This is Mickaël. 

Marc Bingen, owner of Bingen & Partners SA : 

I wasn't aware that ING could help entrepreneurs prepare their succession or transfer. 

Michael - Senior Wealth analysis and planning manager : 

You need three things in alignment:

- Skills: someone who is competent to take the direction 

- Someone who is motivated to become a shareholder, whether it's a family member or an employee who is going to move from being a salaried employee to becoming a shareholder.

- You also need to share the same values, the same business plan and the same entrepreneurial drive.

When you have all three, you can get started, but you still need to detect it. You have to ask yourself the right questions with the people around you: your family, close friends or outside managers. I think that's what you've done and you've started the transmission. 

[Music]

Can you tell us a little about your shareholder base and how you've built it up over the years? 

Marc Bingen, owner of Bingen & Partners SA :

At the start in 2015 the company was based on two pillars: a technical pillar and a commercial pillar. At the end of 2020, we took the decision internally to rest on three pillars. The third pillar is promotion and finance. An estate agent who is a short-term developer and promoter earns more than I do. For my part, I share, we always share in three.  But the number of portfolios, the use of projects that thanks to these three pillars I would never have had on my own. 

Michael - Senior Wealth analysis and planning manager: 

I heard you say earlier that management is the responsibility of the sales people. Has it been planned?

Marc Bingen, owner of Bingen & Partners SA : 

It was planned in my head and we shared it and approved it with our boards of directors. But putting our will and our vision on paper is a job that lies ahead of us. The first thing we need to do is draw up the associated charter. 

[Music]

Dominique, Business Banking Manager:

The time has come for you to be accompanied by someone who is neutral and specialised in this area.

Michael - Senior Wealth analysis and planning manager: 

I'm going to reassure you: we're here to listen to our customers, we're here to listen to their objectives, their needs and their intentions when it comes to their financial situation. We're here to listen to their objectives, their needs and their intentions when it comes to the transfer. All frameworks are possible, but of course when you have children there are rules to respect. The service we offer works in conjunction with our clients' various advisers: their notaries, lawyers and accountants. We get involved free of charge. When the baton has been passed, because the company becomes a more personal object because the company has become more personal because the shares have been sold, we offer a support service.

[Music]

Dominique, Business Banking Manager:

You need to be totally at ease. We're just here to support you in your choices and help you implement them. 

Marc Bingen, owner of Bingen & Partners SA :

Thank you. 

Dominique, Business Banking Manager :

Thank you, I think we make a good team.
[Music]