Salina, Kan.-based K·Coe Isom (FY16 net revenue of $61 million) has acquired Schmidt Bettencourt & Medeiros of Turlock, Calif.
Michael Schmidt and Carol Medeiros become principals of K·Coe Isom, and 18 SBM team members are now K·Coe Isom employees. Turlock becomes the sixth California location for K·Coe Isom, with five other offices spanning from Fresno to Redding.
“When we met SBM’s leaders, we instantly connected. We have a shared passion for our work with ag producers and food companies, and we have very similar practices,” said Jeff Wald, K·Coe Isom’s CEO. “Mike and Carol are excellent CPAs who are directly involved in agriculture personally, like many other K·Coe Isom people around the country. The best business advisors to agriculture often come from the field, literally. We’re happy to have them and their excellent team become part of our firm and culture. Together, we are even better positioned to positively impact America’s farming and food production from policy to plate.”
SBM was originally founded in 1945 by Michael Schmidt’s father, Daniel, who grew up on an Illinois farm before embarking on his career as a CPA. His firm flourished to become the 20-person firm of today, working primarily with farmers, nut handlers and processors, beef ranches, dairies, milk processing operations, transportation and construction companies, and the real estate industry. Carol Medeiros and Michael Schmidt met when they sat for their CPA exam, and joined up in 1989. The firm eventually became known as Schmidt, Bettencourt & Medeiros in 1997.
“As people who’ve put our hearts into growing our business, it’s refreshing to know that our people and the clients who trust and rely on us are assured a bright and solid future,” Medeiros says.
“Agriculture has changed,” adds Schmidt. “With farms becoming increasingly sophisticated, the bench strength K·Coe Isom adds to what we do is something that really appealed to us. When we sat down and talked about what we could do together, we knew we wanted to be part of this company with its rich resources and depth of knowledge in the ag and food industries.”