Point of Contact

Jack extended his hand, smiling. “Accounting, right?” He liked Paul’s unexpectedly firm grip.

“I’m surprised you remember me. We’re on opposite ends of the building and on different floors.”

“You do good work,” Jack said. But in truth, Jack hardly knew the man. He met him a couple times at Christmas parties, saw him in a few general staff meetings. But Paul Brown’s reputation was sterling.

“You do good work, too,” Paul said. “Or so I hear.”

For a moment Jack hesitated. Neither Paul nor Rhodes knew about The Campus, Hendley Associates’ “black side” operations. In order to fund those operations, Hendley and Jack Ryan, Sr., also formed the “white side” private-equity management enterprise known to the public as Hendley Associates. The firm had grown exponentially over the years, both in terms of personnel and AUM — assets under management. Jack actually began his work on the white side as a first-rate financial analyst before joining The Campus as a special operator — without his father’s knowledge or permission.

“We never worked together, did we?” Jack said.

“No, but you worked with Kevin Hedrick on a project I’m familiar with a few years back. He said you were the sharpest knife in the drawer.”

“Kevin was the lead on that one. He just made me look good.”

“I know what it is,” Rhodes said, like a math student solving a problem. “You’ve put on some muscle since I last saw you. Hitting the gym pretty hard these days, eh?”

“You look pretty good yourself, Senator,” Jack said, trying to take the attention away from himself. In fact, he’d recently added another five pounds of muscle, thanks to a new training regimen, bringing the total to fifteen since he left college.

“Pilates and yoga, mostly,” Rhodes said. “And Whole Thirty.”

Jack and Rhodes shared a couple personal stories for the next few minutes, pulling Hendley into the friendly mix. Rhodes had been a frequent guest at the White House and even the President’s personal residence when he was a senator. Rhodes had worked tirelessly on behalf of President Ryan’s defense agenda in his first term, earning him both Hendley’s and Ryan’s gratitude and allegiance.

Paul Brown noted the easy familiarity between the three men. Old friends, it seemed to him. Two former senators and the son of a President. Paul felt like an intruder. He was just the son of a beat cop who was raised on his grandfather’s dairy farm. “Can I get you something to drink, Jack?” Hendley asked.

“I’m fine, thanks.”

They all took their seats and Rhodes filled Jack in on the part of his presentation he’d already given to Paul. He picked up where he’d left off.

“So the bottom line, gentlemen, is that we need an independent, third-party firm to conduct a ‘good faith’ audit of their assets, and in the end, you’d both sign a form that would summarize your findings. Nothing too complicated or involved. That way, both parties can be assured we’ve negotiated a reasonable purchase price.”

“Any doubts about that by either party?”

Rhodes shrugged. “We’re offering double the current stock price. If they’re as good as we think they are, it’s more than worth it. But two more sets of eyes on the prize will put a few hearts at ease, including mine.”

Rhodes leaned forward. “And as everyone in the industry knows, Hendley Associates has a sterling reputation for this kind of work, and nobody”—Rhodes waved a finger at Paul—“is better at forensic accounting than Paul Brown. I’ve seen him at work, believe me.”

Jack frowned. He’d never seen Rhodes at Hendley Associates before. He wondered when Paul and Rhodes had worked together — and why.

Rhodes said, “Paul, what I’d ask you to do is look at their books — it’s all digital now, of course. Root around in there, make sure everything is on the up and up.”

“Do you have your suspicions?” Hendley asked.

“No, not at all. Dalfan Technologies is an old and reputable firm in the most honest market and robust economy in Asia. But everyone thought Enron was the golden child, too, in its day. In the current market, large-cap companies like ours can only grow our market share and capture new growth through acquiring smaller, faster-growing companies like Dalfan.”

“But your board doesn’t want to overpay for the privilege,” Hendley said. “Or buy a pig in a poke.”

“Exactly. A third-party audit protects everyone’s interests.” Rhodes turned to Jack. “I’ve known Gerry for twenty years, and I cheered him on when he decided to jump into the private sector and start this magnificent firm.” He turned back to Hendley. “Wasn’t I your biggest cheerleader? Didn’t I tell you you’d succeed?”

Hendley smiled. “Guilty on both counts. And I’m truly grateful for your support over the years.”

Rhodes turned back to Jack and Paul. “So what other firm would I turn to other than Hendley Associates?”

Hendley saw the hesitant look on their faces.