
3 minute read
"You need to meet this accountant, Gary..."
“...he’s a bit different from other accountants, a bit like you really” These were the words uttered by a mutual friend and business contact Gill Tiney, back in the spring of 2016 at one of her group’s collaboration meetings. She said that she was itching for me to meet this guy in the west country who had a fastexpanding firm, and one that was different from so many other firms out there. I was planning to get in touch when up popped a message from the mystery man, Paul Waite on LinkedIn, saying “I hear you are a bit strange Gary, perhaps you may like to get in touch”. Certainly, an unusual message to receive from a stranger but I was quite flattered so got in touch and we were soon meeting up, at a hotel next to Reading station. I really liked what I heard and saw, and Paul seemed to have this “can do” attitude I really liked and hadn’t seen from an accountancy practice partner before - an entrepreneur!
I was a partner at CBHC Chartered accountants at the time in Chelmsford, who I had been with 16 years, rising ultimately to chairman, but feeling that perhaps I was a little too radical for some of my partners there and in need of a change of direction after that time. Ian Harris and I were the majority shareholders and had taken the firm through a period of consolidation, growth, merger, de-merger, rebranding. All the things you would expect I guess in practice where there is never a dull moment. I felt there was huge potential for R&D claims within the CBHC client base, given the innovative nature of many of the companies in our portfolio, many of whom I had brought into the practice and who had built successfully over the years. We had some great clients there and I always felt we could be doing a lot more for our existing clients, with R&D tax being one of them. Ian didn’t really share my enthusiasm and felt that the turnover potential was only 10% approx. of what I was estimating so we clearly had strategic differences.
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Paul came to visit us in Chelmsford and didn’t really hit it off with Ian when I was delayed with a client for the meeting. Paul was kept waiting in reception for 20 minutes by Ian, despite having travelled all the way in from Bridgwater that morning. Paul made his feelings known about this apparent rudeness and when I walked into the meeting, I could sense that they were not going to be “bosom buddies”.
The plan was that we would outsource our clients for R&D to Aspen Waite, but when I started analysing the data, as all decisions should be based on in my opinion, I began to realise the real potential for setting up a joint venture company, but with me and Paul and not CBHC and Paul.
I had been thinking about moving on as I did not feel that the pace of change was being embraced well enough by Ian and the team and that we should move more to a proactive FD type of service with our clients.
Having qualified myself in industry and commerce, rather than an audit background, my thought processes and instincts were different to Ian’s and although this sometimes-caused conflicts, we had worked well together, and 16 years is a long time for any partnership.
I therefore worked over the weekend on some numbers and presented them to Paul, which he emailed me back on in his usual decisive way, saying “let’s do it then Sir Garfield”.
Whilst I love data-based decisions, this also just felt right and gave me a successful exit route and good revenue for both parties from day one.
Paul’s entrepreneurial skills are legendary, and I have never come across any accountant at any firm or company quite like him. He has a huge intellect, makes big decisions daily and is literally fearless, also with a massive work ethic too.
He is an absolute force of nature, and you cannot help being influenced positively by his contagious energy. He has his difficulties, like all of us, but is also incredibly supportive and a man you need at your side in times of need. In Aspen Waite he has created profits and prosperity for many people over the years, amazingly 30 in all so far, with many more to come, I am sure. I am very proud to be part of t he Aspen Waite brand and can see us developing into a strong corporate finance and finance directors’ business now that our focus here on R&D has reduced. Being part of a bigger operation gives us the scope, size and credibility to provide these services and Paul has created a powerful ecosystem of advisors and cohorts across the Aspen Waite brand.
Here’s to the next 30 years Sir Paul!
Gary White