Knowing the price of everything and the value of nothing . . .

I reflect this afternoon (with apologies to Oscar Wilde - 'Lady Windermere's Fan') upon my working life interactions with prospective clients.

The background is that I spent a number of hours earlier this week, carefully considering the position of a younger generation member of a wealthy family, who was in need of a tax efficient investment structure for a family property investment venture he was leading.

I scoped the work, logically and succinctly explained my views as to what he should do, and provided a carefully budgeted fee estimate for undertaking the relevant work.

Some hours later, the relevant individual somewhat sheepishly contacted me - indicating that he had been subsequently contacted by someone, who had indicated they would undertake the work for less than me.

To his credit, he offered to pay me for my relatively limited time incurred (he recognising that I had added considerably to progressing his project - much other time having been wasted in prior discussions he had had with others).

To lighten the mood of a conversation he was clearly slightly embarrassed to be having, he added :

"I've got to stop doing this! - I spent so long attempting to negotiate the purchase price down, and seeking to save a couple of hundred pounds on the mortgage & conveyancing costs, that I missed the [recent] Stamp Duty deadline [i.e. imposing increased costs on residential properties bought for rental purposes], and it has cost my family an additional GBP £6,500 per unit".

I paused

"Did you not say to me earlier, that your family is buying ten units to be placed in the relevant investment structure?" I said (genuinely thinking I had misunderstood the position).

The ensuing silence really was embarrassing!