Search Results for: BDO

BDO USA Goes Back to the Future with IPA 200 Acquisition

Chicago-based BDO USA, an IPA 100 firm, is merging in Denver-based IPA 200 firm ACM LLP in a deal expected to close on Aug. 1. ACM has been a member of the BDO Alliance since 2002 and was a part of BDO prior to that.

From its offices in Denver, northern Colorado, Boulder and Laramie, Wyo., ACM provides assurance, tax and consulting services to companies ranging in size from start-up organizations to established entities with multi-state and international operations. BDO will add 167 professionals from ACM and will maintain the firm’s four existing offices.

“In officially welcoming back ACM partners and professionals to BDO, we expand our resources in the Rocky Mountain region and open up opportunities for our people to thrive,” says Wayne Berson, CEO of BDO USA. “From industry focus to market-facing strategy to advanced technical attention, BDO and ACM bring incredible insight and industry-leading creativity to our work. Our common commitment to prioritizing exceptional client service and supporting our people will ensure a seamless transition for clients in the weeks and months ahead.”

More news from BDO USA

BDO Expands on Two Separate Fronts

Chicago-based BDO USA, an IPA 100 firm, is merging in two firms to expand its industry and geographic reach. The acquisition of Detroit-based CFO Advisors LLC adds a national professional services firm providing outsourced CFO and CDO services to restaurant and retail groups across the U.S. to the BDO portfolio, while the addition of MorganFranklin Consulting’s public sector practice gives the firm an increased presence in the greater Washington area.

CFO Advisors has provided financial advisory, financial planning and analysis and actionable analytics to multi-unit restaurants and retail brands since 1994. The firm’s six partners and professionals will join BDO on July 15, continuing to work out of their Detroit office.

“BDO USA eagerly welcomes the experienced partners and professionals from CFO Advisors, a trusted ally to retail and restaurant brands for over 25 years,” says BDO’s national MP for advisory services Jay Duke. “Their tailored financial advisory and data analytics services tell the stories behind financial statements and identify strategic solutions to help clients grow. With this combination, BDO USA and CFO Advisors will be the largest advisor of this kind, helping restaurants and retailers mitigate risk and focus on resiliency as they navigate the current economic climate.”

MorganFranklin’s public sector practice, meanwhile, specifically works with a diverse portfolio of government agencies, including the Department of Defense, the U.S. Army, the U.S. Marine Corps, the Department of Veterans Affairs, the Department of Labor and various civilian and defense agencies and commands, as well as several state and local government entities.

“MorganFranklin Consulting’s strong relationships, distinguished reputation and proud service history in the public sector have made them the top choice for federal and state and local government agencies,” says BDO CEO Wayne Berson. “Their trusted public sector leadership team and demonstrated quality and consistency of work bolsters our practice and enhances our offerings for current and future clients in the D.C. market and beyond.”

More news from BDO USA

BDO USA Taps Into Nevada, Utah Markets With IPA 300 Acquisition

Chicago-based BDO USA, an IPA 100 firm, is merging in Las Vegas-based IPA 300 firm Piercy Bowler Taylor & Kern (PBTK) in a deal expected to close on July 1.

“By joining BDO, PBTK clients will still receive the same excellent service from a deep-rooted local team, but will now have access to the additional global resources and capabilities of an international firm,” says PBTK president Thomas Donohue.

Founded in 1990 and now the largest locally owned accounting firm in southern Nevada, PBTK serves clients across the real estate, construction, manufacturing, retail and wholesale, gaming and hospitality, government and non-profit industries. Post-merger, the firm’s nine partners and approximately 60 professionals will continue to serve clients in its Las Vegas, Reno, Nev., and Salt Lake City offices.

“PBTK’s incredible track record of technical excellence and exceptional client service makes them a perfect fit for BDO,” says Wayne Berson, CEO of BDO USA. “Their comprehensive capabilities across multiple business lines and industries, specifically in the gaming and government sectors, will complement and enhance our current strengths in these sectors and triple our size in the region. We look forward to welcoming PBTK’s talented leadership team and professionals to BDO and working together to redefine excellence for our clients in Nevada, Utah and beyond.”

“Yet another example of BDO’s successful growth strategy, this expansion adds enormous value for current and prospective clients, particularly those in the gaming and government industries,” adds Allan Koltin, CEO of Koltin Consulting Group and an IPA most recommended consultant, who advised both firms on the transaction. “Piercy Bowler Taylor & Kern selected BDO because of its aligned and complementary culture, one that prioritizes remarkable client service.”

More news from BDO

Two Former Puerto Rico Government Officials, BDO MP Indicted

Six people, including former Puerto Rico officials and the MP of BDO Puerto Rico, have been indicted over allegations of theft, money laundering and wire fraud, Bloomberg reported.

Among those charged is Fernando Scherrer-Caillet, MP of BDO Puerto Rico, Julia Keleher, who served as the commonwealth’s secretary of education from January 2017 until April, and Angela Avila-Marrero, the head of the commonwealth’s health insurance administration until last month. Two others were also indicted.

The “defendants engaged in a public corruption conspiracy and benefited at the expense of the Puerto Rican public and students” says Neil E. Sanchez, special agent in charge of the U.S. Department of Education’s Office of Inspector General’s Southern Regional Office. Comments came at a press conference in San Juan on Wednesday morning.

Bloomberg reports that the move stems from ongoing investigations of the territory, which has been operating under bankruptcy for two years.

Last month, Governor Ricardo Rossello fired his treasury secretary, Raul Maldonado, after the official disclosed that his department was being investigated for potential corruption.

Keleher allegedly pressured her department to execute a contract with a company owned by someone she was close to. The firm, Colon & Ponce, was awarded a $43,500 contract that increased to $95,000, even though it was unqualified under the terms of the request for proposals, according to the U.S. Department of Justice.

Avila-Marrero is accused of steering contracts totaling $2.5 million to BDO and providing internal information to the company. BDO then subcontracted the work and paid unauthorized commissions, which inflated the cost of the contracts, according to the U.S. Department of Justice.

A spokesperson for BDO at an outside public relations firm didn’t immediately respond to a request for comment by Bloomberg.

BDO Alliance Welcomes 5 New Firms

BDO Alliance USA, the alliance of independently owned accounting, consulting and service firms, welcomes five new CPA firms as members.

The new members are: Tulsa, Okla.-based CCK Strategies, San Francisco-based Bregante+Company (FY18 net revenue of $10.6 million), Martin DeCruze & Company of Stamford, Conn., Fasten Halberstam of New York, and Hall & Company CPAs & Consultants of Irvine, Calif.

The BDO Alliance USA now has 215 CPA member firms in over 500 locations nationwide.

CCK Strategies serves small and middle-market companies, entrepreneurs and wealthy families in the greater Tulsa, Okla., and Frisco, Texas, marketplaces. They specialize in serving manufacturing, real estate, oil and gas, and health care-related businesses.

Bregante+Company serves closely held businesses and high-net-worth individuals throughout northern California.

Martin DeCruze & Company serves private equity firms, closely held businesses and high-net-worth individuals primarily throughout Fairfield County, Conn.

Fasten Halberstam serves high-net-worth individuals and privately held businesses, with a specialization in real estate and health care, primarily throughout the New York metropolitan area.

Hall & Company CPAs & Consultants serves privately held businesses, SEC clients and high-net-worth individuals primarily throughout Southern California. They specialize in serving real estate/construction, law firms and manufacturers.

More news from BDO Alliance USA

BDO Launches New Digital Advisory Business

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) has launched BDO Digital, a digital advisory business focused on helping middle market organizations harness innovation and capture the full power of technology.

According to BDO’s forthcoming 2020 CFO Outlook Survey, 54% of middle market organizations are pursuing digital transformation strategies this year. “However, many lack the resources and experience to make digital transformation a success – or as successful as it could be,” BDO says.

BDO Digital offers:

  • Digital Strategy
  • Data Analytics & Insights
  • Change Management
  • IT Outsourcing
  • Governance, Risk & Compliance
  • Privacy & Cybersecurity
  • Cloud & Technology Solutions
  • Application Development

“BDO Digital is focused on the transformational impact of technology on business and people –not just delivering systems,” says Bob Knott, partner of BDO USA and co-leader of BDO Digital. “We help clients envision the possibilities, develop and implement solutions and, most importantly, guide them through the change management necessary to achieve the desired results.”

The team of more than 400 digital advisory professionals is built from the firm’s technology and business transformation services practice and SWC Technology Partners, a wholly owned subsidiary of BDO USA.

More news from BDO USA

BDO Expands in Washington, D.C., Area With Biegel Waller Investment Advisory Services

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) acquired Biegel Waller Investment Advisory Services of Columbia, Md., on Jan. 1 to expand its wealth advisory practice.

The deal brings 10 partners and professionals to BDO.

Stephen Ferrara, COO of BDO USA, says, “In today’s volatile market, our wealth advisory clients rely on our investment professionals to preserve and enhance the wealth they’ve worked so hard to build. Biegel Waller’s holistic approach to investment advisory through independent research and insightful market analysis is a perfect complement to BDO’s existing wealth advisory practice.”

Biegel Waller Investment Advisory Services focuses on high-net-worth clients. Founded in 1998, the firm works with private wealth clients in the Washington, D.C., market and beyond.

“We seek to minimize portfolio risk and maximize peace of mind for each individual and unique client,” says Mark Biegel, co-founder, partner and senior portfolio manager at Biegel Waller Investment Advisory Services. “With BDO, our clients have even greater access to high-caliber, comprehensive wealth management services throughout the Atlantic region and across the country.”

“The combination of Biegel Waller Investment Advisory Services and BDO’s wealth advisory practice provides clients of both firms with access to the full complement of advisory services that each firm brings to bear,” says Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the transaction. “This expansion into Greater Washington D.C. and Baltimore further supports BDO’s targeted growth strategy.”

BDO will maintain Biegel Waller’s Columbia office.

More news from BDO USA

BDO USA Names Kelly Johnson as Board Chair; Four Partners Elected to Board of Directors

Kelly Johnson

Chicago-based BDO USA (FY19 net revenue of $1.64 billion) announced the appointment of Kelly Johnson as board chair, along with Mark Ellenbogen, Hoon Lee and Steven Shill as new board directors. Tony Lawrence was re-elected as a board director for his second three-year term. All changes were effective Nov. 1.

“Since being elected as a board director two years ago, Kelly has made a significant impact with her strategic foresight and innovative mindset,” says Wayne Berson, CEO of BDO USA. “As the first woman board chair, her appointment marks an important milestone for our firm. This is something I’m particularly proud of, as I strongly believe inclusive leadership leads to stronger business outcomes. I am equally pleased to welcome Mark, Hoon and Steven as new members of the board and congratulate Tony on his second term.”

  • Johnson leads the firm’s business services and outsourcing national practice, with more than 25 years of experience in finance and accounting. She oversees a team that evaluates and benchmarks key business functions to develop an integrated accounting, finance and human capital approach to meet client objectives.
  • Ellenbogen is the Atlantic assurance regional MP and president and CEO of the firm’s public sector practice. With more than 25 years of public accounting experience, he is responsible for the Atlantic region’s audit practice, with a focus on the software and technology, government contracting and private equity industries.
  • Lawrence is the Central assurance regional MP. He led the Grand Rapids, Mich., assurance practice as an OMP for seven years. He has more than 20 years of experience in public accounting, working with public and privately held companies, with international and domestic ventures.
  • Lee is the West tax regional MP. He was one of the first dedicated research and development (R&D) professionals in the West region. He became the San Francisco OMP in 2012, while continuing his role as the West region leader for the R&D tax credit practice. With 22 years of public accounting experience, he has successfully helped to identify and document over $200 million of R&D credit claims.
  • Shill is an assurance partner and national co-leader for the BDO Center for Healthcare Excellence & Innovation. With nearly 30 years of experience, he serves both public and privately held and nonprofit companies in the health care provider, payer and insurance sectors.

More news from BDO USA

Aycock & Company Joins BDO Alliance

BDO Alliance USA welcomes Aycock & Company, a $5 million firm in Houston, as its newest CPA member firm.

The BDO Alliance USA, a subsidiary of Chicago-based BDO USA (FY19 net revenues of $1.64 billion) now has 215 CPA member firms in over 500 locations nationwide.

Aycock & Company specializes in serving wealthy families and small to medium-sized businesses with revenues of between $20 million and $100 million in the greater Houston area.

Michael Horwitz, BDO partner and executive director of alliance services, says, “They were the top-scoring firm in the 2019 Best of the Best from INSIDE Public Accounting’s survey of 550 firms, and we believe their professionals share BDO’s commitment to exemplary client service.”

More news from BDO Alliance USA

Three CPA Firms Join BDO Alliance USA

Chicago-based BDO Alliance USA has added three new CPA firms as members.

Moody & O’Neal CPAs of Mount Pleasant, S.C., provides tax services to small and medium-sized businesses, especially in the real estate, construction and professional services industries, in the greater Charleston, S.C., area.

Spoor Bunch Franz of St. Petersburg, Fla., provides tax, audit and CAS/consulting services to small and medium-sized businesses in the greater St. Petersburg/Tampa area.

Stockman Kast Ryan + Company (FY18 net revenue of $9.8 million) of Colorado Springs, Colo., specializes in serving real estate and construction clients, high-net-worth families, nonprofits, employee benefit plans and small businesses in the southern Colorado.

BDO Alliance USA now has 214 CPA member firms in more than 500 locations nationwide.

“We know that members share a desire to keep pace and evolve with where the industry is going,” says Michael Horwitz, BDO USA partner and executive director of alliance services. “They find they can do that with the BDO Alliance USA and enjoy the camaraderie of fellow members. We welcome these new firms and their talents into our program.”

More news from BDO Alliance USA