BKR Welcomes GW Carter Ltd.

BKR International has accepted GW Carter Ltd. (GWC) of Edina, Minn., into its membership.

GWC was established in 2010 by Gary W. Carter, who continues to lead the firm. Carter and the staff of three specialize in tax services for foreign nationals and U.S. citizens abroad.

DS+B of Minneapolis remains the exclusive BKR representative in the Minneapolis market. The firm gave consent for BKR to engage in membership discussions with GWC, BKR says.

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Seiler Opens Another Bay Area Office

Redwood City, Calif.-based Seiler (FY18 net revenue of $56.7 million) has opened a new office in Walnut Creek, Calif.

The announcement marks another milestone in the firm’s ongoing San Francisco Bay area expansion, coming one year after the establishment of a San Jose, Calif., office that now houses more than 30 employees.

“We’ve seen what a positive impact our location in San Jose has had by providing easier access for our staff and clients in the South Bay, as well as on our ability to attract and retain top-level talent. We are confident that our expansion northward will reap similar benefits,” says CEO George D. Marinos.

The new office, expected to serve as a home base for 45 employees, is located in Walnut Creek’s bustling Pacific Plaza, which is steps from the Pleasant Hill BART station and adjacent to Interstate 680.

Ron LaVelle will serve as PIC. He manages a team of more than 60 professionals in the firm’s family office practice and has played an integral role in the group’s expansion over the past six years, the firm says.

“As a lifelong East Bay native, I’m honored to have the opportunity to spearhead Seiler’s latest initiative, which will enable us to offer enhanced service to our clients north of San Francisco and a higher quality of life to our employees,” LaVelle says.

The firm, which specializes in high-net-worth clients, is a member of HLB International, a global network of independent accounting firms and business advisors.

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Gelman Rosenberg & Freedman CPAs Announces New Office and Name – GRF CPAs & Advisors

Bethesda, Md.-based Gelman Rosenberg & Freedman CPAs (FY18 net revenue of $25.8 million) has rebranded as GRF CPAs & Advisors and has moved into a new office in Bethesda, at 4550 Montgomery Ave.

“The new name reflects the firm’s growing advisory services practice and signals an increasingly diverse client base of nonprofits and associations, private businesses, government contractors and individuals,” the firm announced. The firm has launched a risk and advisory services practice while expanding its technical resources for government contractor clients.

“While these changes punctuate an exciting new chapter for our firm, our leadership is still committed to GRF’s legacy of exceptional client service supported by a unique firm culture where employees are valued and celebrated. Our mission and values are unchanged,” says  president and MP Jackie Cardello. “True to the firm’s values, GRF has several community service projects planned in the coming months.”

GRF has served clients locally, nationally and internationally for more than 38 years, and is best known for its nonprofit focus. The firm provides services to more than 600 tax-exempt organizations annually including international non-governmental organizations, trade and membership associations, human and social service organizations, cultural arts organizations, private foundations, faith-based organizations, public interest organizations and other charitable institutions.

GRF’s work with international clients has taken team members to over 100 countries. The firm also serves a variety of small and community-based nonprofit organizations.

GRF’s new corporate logo features overlapping geometric shapes, which reflects the team collaboration necessary to offer clients a more complete solution to support their financial and operational goals. To complement the new branding, the firm also adopted a revised tagline, Personal Service with Powerful Solutions.

Over 500 Mazars Employees Volunteer Across Six States for Fifth Annual “Days of Service”

New York-based Mazars USA (FY18 net revenue of $205 million) recently completed its fifth annual Days of Service initiative, in which more than 500 partners and employees volunteered at more than 30 community and non-profit programs.

Covering six states – New York, New Jersey, Maryland, Pennsylvania, California and Illinois – the Days of Service initiative is part of the firm’s “We ARE Mazars” program, which fosters employees’ personal growth, professional growth and giving back, the firm says.

Volunteer activities included:

  • Working with New York school children, including participating in a dance exploration workshop with PS 230K, exploring the wonderful world of science with students from PS 196K, building inventions using cardboard and other materials with students from PS/IS 366 M and celebrating fitness during PS 196K’s field day.
  • Working with Children’s Specialized Hospital, New Jersey Community Food Bank and West Lake School in New Jersey.
  • Helping at The National Greyhound Adoption Program in Pennsylvania.
  • Inspecting, sorting and packaging donations to be distributed to children by the Cradles to Crayons program.
  • Partnering with the Ronald McDonald House of Long Island to prepare a meal for the families staying there.

“Every year, our Days of Service demonstrates the dedication of our Mazars teams to helping others by supporting local charities and other organizations,” says chair and CEO Victor Wahba. “It’s a great privilege to be able to make a difference in the communities where we live and work, and I am grateful that so many of our team members take part in this program.”

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IPA Announces the IPA 100 Fastest-Growing Firms

IPA identifies the 10 fastest-growing IPA 100 firms based on reported organic growth in net revenue, without the influence of mergers. While growth with mergers represents the true growth, isolating organic growth provides insight into the strength of the growth engine of the firms.

This year’s IPA 100 Fastest-Growing Firms experienced an impressive average organic increase in net revenue of 17.3%.

 

The 2019 IPA 100 Fastest-Growing Organic Growth Firms

Whitley Penn LLP / Fort Worth, Texas / 24.4%
The Siegfried Group LLP / Wilmington, Del. / 23.2%
Schellman & Company LLC / Tampa, Fla. / 20.0%
Katz Sapper & Miler / Indianapolis / 16.3%
Gursey | Schneider LLP / Los Angeles / 16.2%
SVA Certified Public Accountants SC / Madison, Wis. / 15.8%
Friedman LLP / New York / 15.0%
Frazier & Deeter LLC / Atlanta / 14.8%
Andersen Tax / San Francisco / 13.8%
MGO LLP / Los Angeles / 13.0%

The 2019 IPA 100 All Growth Fastest-Growing Firms

IPA also identifies the 10 fastest-growing IPA 100 firms based on reported all growth in net revenue, including the influence of mergers.

Hogan Taylor LLP / Tulsa, Okla. / 31.0%
Baker Tilly / Chicago / 30.6%
Cohen & Company / Cleveland / 26.3%
Rea & Associates Inc. / New Philadelphia, Ohio / 23.4%
Rehmann LLC / Troy, Mich. / 23.3%
The Siegfried Group LLP / Wilmington, Del. / 23.2%
RKL LLP / Lancaster, Pa. / 21.5%
BerryDunn / Portland, Maine / 20.8%
Schellman & Company LLC / Tampa, Fla. / 20.2%
Moss Adams LLP / Seattle / 19.7%

Highlights of the 2019 IPA 100 Public Accounting Firms

  • Organic growth (excluding mergers) grew this year to 6.7%, up from 6.3% in 2018.
  • More than 110 acquisitions (both traditional CPA firms as well as other non-CPA firms) were reported, pushing the overall growth rate to 9.9%, also up slightly from the 2018 all-growth rate of 9.4%.
  • Organic growth in net income grew to 9.9% this year, an increase from 6.4% in 2018. Factoring in acquisitions, net income growth is up to 12.2%.
  • Average equity partner billing rates now top $450 per hour for the IPA 100.
  • Professional staff turnover (CPAs and other client-serving staff) averaged 16.2% for the IPA 100; with 1 in 5 IPA 100 firms averaging more than 20% professional staff turnover.
  • Eight female managing partners are now at the helm of the IPA 100 firms for the first time since IPA began tracking this data.
  • Average annual equity partner compensation at the IPA 100 is now $660,000.
  • One out of 11 equity partners / owners in a CPA firm are not licensed CPAs.

In-Depth Financial and Operational Benchmarking of the Accounting Profession

Financial and operational analysis of 550 public accounting firms will be published in late September in the 2019 INSIDE Public Accounting National Benchmarking Report.

Subscribe to the IPA newsletter to receive the upcoming benchmarking analyses and in-depth interviews with key leaders within the profession. IPA offers a complimentary news source, the IPA INSIDER E-News Update. Sign up online.

Purchase any of the 2019 IPA benchmarking products, including the IPA National Benchmarking Report, to gain insider strategies.

To interview or engage the partners at INSIDE Public Accounting, please contact Chelsea Summers at (317) 733-1920 or csummers@plattgroupllc.com.

Visit the 2019 IPA 100, 200, 300 and 400 rankings

Order your 2019 IPA Benchmarking Tools

 

 

Marks Paneth Holds Ribbon Cutting For New Philadelphia Office

Pictured (l-r): Rebecca Rhynhart, Philadelphia City Controller; John E. Mitchell, Partner-in-Charge of Marks Paneth’s Pennsylvania offices; and Harry Moehringer, Managing Partner of Marks Paneth LLP.

New York-based Marks Paneth (FY18 net revenue of $136 million) celebrated the opening of the firm’s newest office location in Philadelphia with a ribbon-cutting ceremony and open house attended by clients, colleagues, city officials and other members of the Philadelphia business community.

Located in Philadelphia’s central business district, the new office is the firm’s ninth. It puts the firm in close proximity to the many law firms, businesses, individuals, business partners and associations it serves. The move is also expected to expand the firm’s presence in the mid-Atlantic area.

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UHY Advisors Announces Creation of UHY Advisors Alliance, First Member

Chicago-based UHY Advisors Inc. (FY17 net revenue of $140.8 million) has established the UHY Advisors Alliance and welcomed Grobstein Teeple LLP as its first member.

The UHY Alliance will allow member firms to use specialized services as well as add regional offices to better meet client needs. The alliance will provide UHY access to locations in the growing Orange County, Calif., market, among others. Grobstein Teeple has three offices in Southern California and one in Washington, D.C.

As an alliance member, Grobstein Teeple will receive the support of the national UHY network, including access to their industry specialists and national infrastructure, further enhanced by the global resources of UHY International.

Grobstein Teeple specializes in providing accounting and consulting services in a variety of areas, including insolvency, litigation, receiverships, family law, forensic accounting, fraud investigations, business management, fractional CFO and cybersecurity.

UHY COO Richard David says, “This alliance complements UHY’s already robust national presence with access to several offices in California and helps establish our position in a rapidly growing West Coast market. The alliance also offers Grobstein Teeple resources to our national network of 18 locations and as a portal to UHY International resources in nearly 100 countries.”

“Both firms have already seen the benefit of these additional resources and talents in meeting existing and prospective client needs,” says MP Howard Grobstein.

Leveraging the existing network built by Grobstein Teeple, UHY’s presence in California will expand beyond Orange County, creating a larger market for the firm’s West Coast office. As of June 13, the firms have aligned to work with clients in California on accounting services, business consulting and litigation support.

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Connecticut-based Firm Expands to Worcester, Mass.

West Hartford, Conn.-based blumshapiro (FY18 net revenue of $83.4 million) will expand its presence into central Massachusetts on Oct. 1, with a new office in the business district of Worcester.

The Worcester office will be able to house as many as 25 people initially. In total, the firm employs more than 450 people, and offers auditing, accounting, tax and business advisory and outsourcing services to a wide array of clients across numerous industries.

“The make-up of businesses in central Massachusetts is very closely aligned with blum’s areas of expertise,” says Brian Renstrom, MP of Massachusetts. “As an economic engine for central Massachusetts, Worcester will provide us with the ability to grow and service our clients locally while giving us the opportunity to attract local talent and become more meaningfully involved within the community.”

The firm already operates from three offices in Massachusetts, in Quincy, Boston and Newton; three in Connecticut, in Shelton, West Hartford and Marlborough; and one in Cranston, R.I.

BerryDunn Merges with Rodman CPAs

Portland, Maine-based BerryDunn (FY18 net revenue of $70.3 million) will merge with Rodman CPAs of Waltham, Mass., on July 1.

The combined firm will operate as BerryDunn. Rodman’s 40 employees will join BerryDunn’s staff of about 400.

“We decided to seek a merger with another firm because we believe that a larger organization will allow us to provide a wider array of services and more depth,” says partner Steven Rodman. “A larger organization will also mean our associates will benefit from additional career opportunities. We chose BerryDunn for the values we share of great client service and a commitment to attracting, developing and retaining the highest quality people.”

Rodman and four other Rodman partners will become BerryDunn principals: Kathy Parker, Bob Leonard, Mark Minassian and Leah Shanahan.

“This business combination fits perfectly with our strategic expansion, increasing our ability to serve the greater Boston market,” says BerryDunn MP John Chandler. “Most of BerryDunn’s growth has come organically from great client service and referrals. For a merger to be right for us, we look for a partner firm that adds value beyond numbers. We are excited by the new team members and capabilities that will perfectly complement ours. In addition to a healthy tax practice, Rodman brings a nationally recognized renewable energy expertise and a unique, concierge model of accounting outsourcing that will expand how we can serve our client base.”

Name Change for BKD Corporate Finance

BKD Corporate Finance is celebrating its 25-year milestone with a new name: BKD Capital Advisors, LLC.

BKD Capital Advisors (BKDCA) is the investment banking arm of Springfield, Mo.-based BKD (FY18 net revenue of $594.6 million).

BKDCA provides investment banking services to clients both internally and externally. In the last five years ,it has hired senior middle-market bankers, expanded from three to six offices and broadened its international reach.

After reviewing the breadth of services BKDCA currently provides, leadership decided it was crucial to include “advisors” in the new name to better communicate the broad range of investment banking advisory services. “Advisory is the most important aspect of the services we provide to our clients who, in a liquidity event, are potentially going through the most important transaction of their career,” says BKDCA President Tony Giordano.

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