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.

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Yale University and Fiondella Milone and LaSaracina Form Corporate Partnership

Glastonbury, Conn.-based Fiondella Milone and LaSaracina (FY18 net revenue of $9 million) and the Yale Office of Cooperative Research have partnered to help Yale startup companies.

The Office of Cooperative Research aims to turn Yale research into commercial opportunities and collaborates with outside firms to help new ventures with legal, accounting or marketing services.

FML professionals have agreed to serve as expert consultants to Yale innovators, and founding partners Frank Milone and Lisa (LaSaracina) Willauer have been named Yale Entrepreneurs-in-Residence.

“Partnering with Yale OCR is the perfect extension of our expertise,” Milone says. “We’re excited to be able to help bolster the success of innovative spinouts through our mastery of the nitty-gritty of assurance and tax regulations and requirements – essentials for every growing business, but not the specialty of those doing the innovating. We want to fill that gap so more Connecticut-grown startups fully realize their potential. The opportunity to support one of the world’s premier institutions in developing these companies cannot be overstated.”

FML support includes tax and accounting help, business structure and formation, understanding of federal and state grant accounting and reporting, financial statement assurance, and capital market consulting and advisory services. Additionally, FML brings a full suite of business tax preparation services and can advise companies in the medical and biotech fields, software as a service (SaaS) and digital heath.

In addition to Glastonbury, FML has offices in Enfield, New Haven, Stamford, Simsbury and Stafford Springs, Conn. The firm has 13 partners, 37 CPAs and a total staff of 84 professionals.

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McKonly & Asbury Admits Marta Horst as a Partner

Camp Hill, Pa.-based McKonly & Asbury (FY18 net revenue of $9.6 million) has announced that Marta Horst has been admitted as a principal.

Horst joined the firm in 2007 and leads the firm’s tax practice from the Lancaster, Pa., office. She serves clients in a range of industries including manufacturing, retail and financial services. She has extensive experience with corporations, trusts and partnerships, including federal and state income tax compliance and planning. She is also involved with domestic and international financial statement tax accounting.

Additionally, the firm announced one promotion to senior manager, one to manager, three to supervisor and three to senior accountant.

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FML Merges with Two Connecticut Firms

Glastonbury, Conn.-based Fiondella Milone & LaSaracina (FY18 net revenue of $9 million) announced their completed mergers with two Connecticut firms, Viola Chrabascz Reynolds (VCR), with offices in Enfield, Simsbury and Stafford Springs, as well as Formica & Dobkin of Berlin.

These mergers are designed to create a larger tax, assurance and advisory firm with the ability to provide a greater array of services and expertise to clients. The transition will also allow the combined firm to offer enhanced service lines and specialties, a larger network of experienced partners and CPAs, and a continuation of its principles as a forward-thinking firm serving clients of all sizes.

The Formica & Dobkin staff will join the FML Glastonbury office, operating as F&D, a division of FML. The three VCR offices will remain open and operate as VCR, a division of FML. FML will now be a statewide a network of six offices.

“This merger will provide additional opportunities and teammates to better serve our clients and continue our tradition of direct access to decision makers,” says MP Jeff Fiondella.

VCR MP Tim Reynolds says, “We’re gearing up to bring a broader range of services and experienced staff to better support business here in Connecticut, regionally in New England, as well as on the national and global stages.” Three partners and 14 staff will join FML.

“The firm will have a combined 107 years of experience,” added Ralph Formica of Formica & Dobkin. “Our merger into one is a strategic decision developed to provide the best possible services to our current and future clients; many of whom know firsthand how important it is to have a personalized relationship as they would with a small advisory firm, while also experiencing the benefits of a large one.”

The newly expanded FML will include 13 partners and 36 CPAs, creating a firm of a total of 84 staff.

Restivo Monacelli Appoints Kevin Hundley as MP

Kevin Hundley

Kevin Hundley

Providence, R.I.-based Restivo Monacelli (FY18 net revenue of $7.2 million) has announced that Kevin Hundley has been appointed MP, succeeding Edmund Restivo Jr., who remains with the firm as a founding partner and will continue to service clients.

Hundley joined Restivo Monacelli in 2003 as a manager in the audit and accounting department, and was admitted as a partner in 2008. In that role, he oversaw the firm’s largest practice group and managed a growing team of professionals.

As MP, he will be responsible for the firm’s strategic direction and providing leadership on overall firm matters. Among his priorities are advancing exceptional client advisory service and building a strong culture so that the entire firm is engaged in Restivo Monacelli’s progress.

“Kevin will be an excellent steward as we evolve into a second-generation firm,” Restivo says. “His skills, leadership style and focus on promoting a client-focused and entrepreneurial environment will make him an exceptional managing partner who champions our vision for future growth.”

Hundley has more than 20 years of experience in public accounting. Prior to joining Restivo Monacelli, he began his career and was a manager in the Columbus, Ohio, office of Crowe.

The 2020 IPA Accounting Firm National Benchmarking Surveys are Open for Participation

The 2020 INSIDE Public Accounting (IPA) Annual Survey and Analysis of Firms is now open to all accounting firms in North America. The results of the annual survey are compiled in the IPA National Benchmarking Report. The data is also used to rank the IPA 100, 200, 300 and 400 firms, and the coveted IPA Best of the Best firms. If you would like to participate, please contact our office.

More than 550 accounting firms, ranging in size from $1 million to more than $1 billion in net revenue, participated in IPA’s 2019 Annual Survey and Analysis of Firms. All firms in the U.S. and Canada are encouraged to take part in one of the longest-running benchmarking surveys on accounting firm management.

Firms who would like to participate – at no cost – can contact IPA for details. Participating firms will receive an executive summary of the IPA National Benchmarking Report and will be eligible to be named a 2020 Best of the Best firm or an IPA Top 400 firm.

DEADLINES FOR SURVEY SUBMISSIONS – FIRMS WITH FISCAL YEAR-ENDS OF…

…May 2019 through December 2019: May 4, 2020

…January 2020 through March 2020: May 29, 2020

…April 2020: June 15, 2020

Note: IPA will not accept any submission after June 30, 2020.

THE 2020 IPA SURVEY AND THE INTERNAL OPERATIONAL SURVEYS ARE OPEN FOR PARTICIPATION

In conjunction with the National Benchmarking survey, IPA has launched the Firm Administration, Human Resources and Information Technology surveys. These surveys dig deeper into the operations and best practices of participating accounting firms across the U.S.

Your firm must complete the IPA Benchmarking Survey and Analysis form in order to participate in any of the internal operational surveys (Firm Administration, Human Resources and Information Technology). If you would like to participate, contact our office.

BENEFITS OF PARTICIPATION

If you fully participate in the survey, your firm will be included in one of the largest annual management of an accounting practice (MAP) survey in the country. You will:

  • Become eligible to be ranked among this year’s top firms in the IPA 100, IPA 200, IPA 300 and IPA 400.
  • Become eligible to be named an IPA Best of the Best firm.
  • Receive a complimentary copy of IPA’s August 2020 newsletter, which highlights the annual IPA 400 firm rankings, along with a detailed financial and operational analysis of the IPA 100 firms.
  • Receive complimentary imagery and press releases if your firm is named an IPA 400, a Best of the Best firm or a Fastest-Growing firm.
  • Receive an electronic complimentary copy of the 2020 Executive Summary of the IPA National Benchmarking Report. If you participate in any or all of the internal operational surveys, you will also receive a complimentary executive summary when published in the fall.
  • Receive preferred pricing on accolade reprints for marketing purposes.
  • Receive preferred pricing on the 2020 IPA National Benchmarking Report, the internal operational reports and other benchmarking tools.
  • Be given preference as a source for articles written by IPA throughout the year – an excellent opportunity to market your firm.
  • Gain a competitive advantage and grow your firm with industry insight from the independent benchmarking leader in the nation.

CONFIDENTIAL DATA – WHAT YOU CAN EXPECT FROM INSIDE PUBLIC ACCOUNTING

All confidential firm data, including salaries, compensation, income, etc., will be held in strict confidence and will NOT be shared or publicized in any of the final reporting. We take extreme pride in our ability to collect this data to assist the profession and are now celebrating nearly three decades of surveying accounting firms across the globe.

Please contact IPA at survey@plattgroupllc.com with any concerns or questions. IPA conducts a thorough review of each survey submission for omissions or errors and will reach out to the contact person named on the submitted survey form for any clarifications / updates. Some data, such as firm name, MP(s) name, firm net revenue and organic growth may appear in the IPA newsletter (if accolades are given).

Fiondella Milone & LaSaracina Announces New Partner

Justin Wilcox

Glastonbury, Conn.-based Fiondella Milone & LaSaracina (FY18 net revenue of $9 million) announces the admission of Justin Wilcox to partner.

“Justin has been a remarkable force for growth and development for the firm since he started,” says FML founding partner Lisa (LaSaracina) Willauer. “His initiative in exploring emerging areas of tax regulation, such as cryptocurrency, as well as his strong client relationships, have made him an essential member of our team.”

Wilcox most recently served as senior manager of tax services. He specialized in tax and advisory services for emerging and private equity-backed companies as well as high-growth and publicly traded companies, including professional service providers, bioscience, medtech and new technology companies, cryptocurrency companies and manufacturers.

His consulting experience includes transaction buy-side due diligence, sell-side tax benefit valuation for corporations, cryptocurrency taxation, earnings and profits analysis, and tax basis studies.

PKF O’Connor Davies Merges in Dworken Hillman LaMorte & Sterczala

New York-based PKF O’Connor Davies (FY18 net revenue of $170 million) announced that Dworken Hillman LaMorte & Sterczala (DHL&S) has joined the firm.

DHL&S, a $7.1 million firm in Shelton, Conn., specializes in accounting and advisory services for privately and closely held businesses and high-net-worth tax planning and solutions. The expansion is part of an ongoing strategic growth initiative at PKF O’Connor Davies. DHL&S is the fourth group to join the firm in the last year.

Managing Principal Eric N. Hendlin, along with 10 partners and 27 staff members, will join PKF O’Connor Davies while continuing to operate at its current Connecticut location, which is the 12th PKF O’Connor Davies office. Its focus will remain on providing accounting, consulting, industry specialization and tax services to businesses of all sizes as well as individuals and families.

“PKF O’Connor Davies has a culture and client service philosophy that aligns with our own,” Hendlin says. “It’s a unique opportunity to continue to serve clients in Connecticut and beyond while joining forces with a firm known throughout the industry for its innovative solutions and bright future.”

PKF O’Connor Davies has offices in five states as part of its East Coast growth and acquisition plan, driven by a combination of promoting talent from within and recruiting external hires. Thomas Blaney oversees expansion throughout New England.

Joe Tarasco, CEO of Accountants Advisory Group, facilitated and advised both firms on the transaction.

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McKonly & Asbury Goes From One MP to Two

Michael Hoffner

Camp Hill, Pa.-based McKonly & Asbury (FY18 net revenue of $9.6 million) announced that Michael Hoffner has been sharing the MP role with Kurt Trimarchi as of Jan. 1.

Trimarchi joined McKonly & Asbury in 2003 and became MP in 2015. Hoffner has been with the firm for nearly 15 years and has served on its executive committee.

The decision to create a co-MP arrangement stems from rapid growth in 2019, both internally and within the firm’s affiliated companies, the firm announced. Trimarchi and Hoffner will be responsible for firm strategy and growth, client engagement, team development, corporate culture and community presence.

Trimarchi says of Hoffner: “He has been a key leader since the day he joined the firm and instrumental in assisting my role in leading the firm, even before I was named managing partner. This announcement is a mere formality of the role he has already been performing. More importantly, what it means to our firm and our clients, is that we will continue to focus on controlled growth and exceptional client service.”

Kurt Trimarchi

Hoffner says the arrangement will allow the pair to leverage their strengths. “Bifurcating the role will allow us to collectively meet the administrative needs of the firm, invest further in the development of our team, serve our dynamic and growing client base, and seek out additional opportunities for growth.”

Growth last year included acquisition of a third office in Bloomsburg, Pa., and an ownership stake in Dale Carnegie Mid-Atlantic so the firm can offer leadership, team building and staff development to clients while expanding their presence into the Maryland, Northern Virginia, Washington, D.C., and West Virginia.

Also in 2019, McKonly & Asbury’s affiliate, Bridgeford Trust Company – an independent, full service trust company with South Dakota Trust powers – has seen exponential growth providing fiduciary services to domestic and international families.

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LBA Haynes Strand Combines with Aprio

Atlanta-based Aprio (FY18 net revenue of $96.1 million) has merged in Matthews, N.C.-based LBA Haynes Strand (FY18 net revenue of $9.3 million).

The combination of Aprio’s comprehensive services with LBA Haynes Strand’s deep presence in the Carolinas creates tremendous value for clients, the business and team members, the combined firm announced.

Nearly 70 LBA Haynes Strand team members across five North Carolina offices – Charlotte, Greensboro, Mount Airy, Winston-Salem and Asheboro – joined Aprio, including 13 partners. All team members operate from their North Carolina offices as Aprio.

The merger allows expansion of LBA Haynes Strand’s enterprise risk management, capital advisors and dental practices nationally, while offering clients access to greater specialty services through Aprio. The move helps Aprio expand its coverage in the Carolinas and its industry specializations in manufacturing and distribution, real estate, technology and education.

“The addition of the LBA Haynes Strand team expands Aprio’s technical depth and expertise, which will enable us to better help our clients navigate complex business challenges and achieve their growth and profitability goals,” says Aprio CEO Richard Kopelman.

LBA Haynes Strand CEO John Bly, who serves as the regional MP for the Carolinas, says, “In today’s business environment, our clients have a need for more sophisticated and specialized tax and consulting services. By joining Aprio, we gain access to more service offerings and resources that will benefit both clients and team members.”

Jeff Kapelus, president of Capstone Search Solutions, the advisor to both firms on the transaction, says, “Aprio and LBA Haynes Strand each share strong leadership, people-centric cultures, a focus on innovation, and a passion for client service and responsiveness that will undoubtedly make this combination a success for team members and clients alike.”

Since 2013, Aprio has combined with seven firms and plans more deals in the years ahead.

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