Gray, Gray & Gray Success Story: Holden Oil

Holden Oil has been fueling the North Shore region of Massachusetts since 1924. From a humble start as a corner gas station, the company has grown to become a leader in fuel oil and propane distribution, keeping countless families warm and safe all winter long.

As Holden Oil expanded through the years, their need for more sophisticated accounting and tax help grew as well. Several years ago, the decision was made to seek out an accounting firm who could help the company continue to grow.

“We had heard of Gray, Gray & Gray through industry events and publications,” says Chuck Holden, a third-generation owner of the business. “We felt that they were best suited to meet our needs.” Thus began a productive relationship between the two companies.
“It is clear that Gray, Gray & Gray cares about us. They are always there to answer questions or offer advice, which is very important to a business like ours. It helps to have a third party to bounce ideas off of,” continues Chuck, who appreciates the way Gray, Gray & Gray brings a “big picture” approach to advising Holden Oil. “They look at our finances as a whole and help us plan and make the right decisions.”

“For example, we have made several acquisitions since becoming a client and Gray, Gray & Gray has been extremely valuable in reviewing my modeling before we make an offer. They have shown us some different ways of looking at things and getting the purchase done as favorably as possible.”

As a family owned company, with son Tom representing the fourth generation working in the business, Gray, Gray & Gray’s long history of working with families is important.

“They see us as a family and know that, even though some of the family members are young and not all are in the business, they are affected by decisions we make,” notes Chuck. “We are actively involved in the succession planning process, working closely with Joe Ciccarello and Marty Kirshner, along with our attorney.”

Summing up the relationship Holden Oil has with Gray, Gray & Gray, Chuck Holden simply states, “They want us to succeed and are there to help us do it.”

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