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.

More news from Aprio

Moss Krusick & Associates and Hayes & Varga Join Forces

Hayes & Varga of Orlando, Fla., has merged into Winter Park, Fla.-based Moss Krusick & Associates (FY19 net revenue of $8.2 million).

Hayes & Varga partners Richard Hayes and Renee Varga will be joining the MKA team, which now has 10 partners and 70 staff.

“Adding the talent of the Hayes & Varga partners and their entire terrific staff helps us to better serve our growing practice and particularly gives us a tremendous presence in the Orlando marketplace,” says Ed Moss, MP of MKA.

Hayes says, “While we are very proud of the history of our firm, we also recognize that the next step for our team and clients is to merge with a firm of comparable quality that would enable us to expand services to our local, regional and national clients

Transition Advisors, a consulting firm that serves the accounting profession, assisted both firms in this transaction.

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

PrimeGlobal Welcomes C&D to Membership

PrimeGlobal announces the addition of C&D CPAs and Advisors of Solvang, Calif., (FY18 net revenue of $5.9 million) to the association’s North America region.

C&D is a team of CPAs and advisors located on California’s Central Coast. Founded in 1966, C&D has grown from a team of three to 35 professionals who specialize in tax planning and compliance services.

C&D’s decision to join PrimeGlobal underscores the firm’s dedication to offering the resources and reach of a Big 4 firm but retain the personal feel and self-governance of an independent agency, PrimeGlobal announced.

“Since the beginning, C&D has run on client service, technical expertise and an evolving understanding of change impacting our profession. Our association with PrimeGlobal deepens those commitments, giving us greater access to the resources our clients need,” says C&D MP Tammy Vogsland.

“C&D adds a developed vineyard and winery practice to PrimeGlobal’s industry inventory as well as experience working with high-net-worth individuals and an estate and trust niche,” says Michelle Arnold, North America chief regional officer. “The culture of C&D, along with their strong emphasis on client service, makes this boutique firm an excellent fit for PrimeGlobal.”

More news from PrimeGlobal

Association Affiliation Among the 2019 IPA 400 Firms

INSIDE Public Accounting thanks the member firms from 37 international accounting associations that have participated in our annual survey. Their data helps provide a clear picture of the state of the profession today. A special thank you goes to the following associations that partner with IPA to survey their members: CPAmerica, DFK, INPACT, LEA, Moore NA, PKF North America and PrimeGlobal. We are grateful for your support.

AssociationIPA 100IPA 200IPA 300IPA 400
Abacus Worldwide
1
AGN International
153
Allinial Global
41151
Alliott Group
21
Andersen Global
1
Baker Tilly International
7
BDO Alliance USA
8221814
BKR International
241
CPA Associates International
111
CPAmerica International
351232
Crowe Horwath International
12
DFK International
3467
Enterprise Worldwide
11
Geneva Group International
221
Grant Thornton International
1
HLB International
4211
IAPA International
11
INAA
1
INPACT Global
14
Integra International
1
JHI
1
Kreston International
1
LEA Global
151492
Mazars Group
1
MGI International
11
Moore NA
8442
Morison KSi
22
MSI Global Alliance
22
Nexia International
411
PKF International
331
Praxity
7
PrimeGlobal
971613
RSM US Alliance
7482
Russell Bedford
1
TIAG
31
UHY International
1
XLNC
1
No Association Affiliation
971014

Nathan Wechsler & Company Announces Merger with Thomas S. Bates

Concord, N.H.-based Nathan Wechsler & Company (FY18 net revenue of $9.2 million) has announced a merger with Thomas S. Bates of Keene, N.H.

“I have a great deal of respect for the practice that Tom built over the years. The firm’s strong ethical foundation, quality work and loyal clients make them a fantastic fit for Nathan Wechsler,” says managing director Oreste “Rusty” Mosca. “Our decision to merge was based on a variety of factors, not the least of which is our firms’ similar service philosophies.”

The merged practices will retain the name Nathan Wechsler & Company. The Thomas S. Bates, CPA office will move into Nathan Wechsler’s Keene, N.H., location.

“We view this merger as the first step to continued success,” says Tom Bates, founder of the firm. “Our main goal as a firm is to provide exceptional client service. Collectively, we believe this move enhances our ability to provide efficient, timely, and accurate services and guidance.” His firm serves individuals and businesses in and around Keene and provides forensic accounting and fraud examination services.

Nathan Wechsler & Company is a full-service accounting and tax firm with three offices and over 40 professionals offering a broad range of services. In addition to traditional tax and accounting engagements, the firm serves clients with business valuation services, management consulting, and employee benefit plan audits.

Desroches Partners Elects New MP

Jon Czerwinski

Desroches Partners of Houston (FY18 net revenue of $7.2 million) announces that Jon Czerwinski, an audit partner, has been elected to serve as MP, beginning Sept. 1.

Czerwinski says, “We will move the firm forward while strengthening our client service foundations, embracing technology, delivering new solutions to our clients, and fostering the careers of our team.”

The MP post was previously held by Rod Desroches, who plans to stay with the firm and focus on tax and consulting services. “Jon’s vision and drive are perfect for the firm. Our industry is transitioning, and future growth will be guided by the rapid adoption of new technologies and the expansion of services,” Desroches says.

Thompson Greenspon Admits Two Principals

Gray Coyner

Thompson Greenspon of Fairfax, Va. (FY18 net revenue of $9.7 million), announces that Gray Coyner and Timothy Wilson have been admitted as principals of the firm.

Managing Principal Chip Helme says, “We feel they will both contribute to the future growth of the firm with their proven history of leadership and commitment to staff and clients alike. They have both shown the impact that dedication can have on a team, and we are excited to have them join the leadership.”

Timothy Wilson

Since joining the firm as an intern in 2007, Coyner has had a significant impact on client service, team leadership and overall growth of the firm, particularly the construction sector. Gray’s expertise includes providing accounting, auditing and tax services to clients in various industries such as construction, nonprofit, closely held businesses and employee benefit plans.

“Thompson Greenspon has always sought to recognize the dedication of its team members and promote from within,” the firm says.

Wilson has been with Thompson Greenspon since 2011 and has a track record of leadership and dedicated client service. He joined the firm as a senior accountant and  worked his way up the ranks quickly with his expertise in the government contracting sector and involvement with the firm’s growth in that area. He provides tax compliance and planning services to partnerships, C and S Corporations, and sole proprietors.

INSIDE Public Accounting Releases Annual Ranking of the Top 400 Accounting Firms

The publishers of INSIDE Public Accounting (IPA), the award-winning newsletter for the public accounting profession, today released the annual ranking of the nation’s 400 largest public accounting firms.

Rankings of The IPA 100…Now in its 29th year, the IPA 100 lists the 100 largest public accounting firms in the U.S., by net revenue. The IPA 100 is made up of the Big 4, which collectively generated over $60 billion in U.S. revenue last year, and 96 national, regional and local firms. The annual rankings and accompanying analysis paint a comprehensive picture of the state of the profession.

Newcomers to The IPA 100…Three firms debuted on the IPA 100 in 2019: No. 91 Tulsa, Okla.-based HoganTaylor LLP; No. 98 Houston-based Briggs & Veselka Co.; and No. 99 Clifton, N.J.-based Sax LLP.

The 2019 IPA 400 Firms…IPA also ranks the next tier of accounting firms, Nos. 101-400.

The 2019 IPA 400 rankings can be accessed here.

Highlights of the 2019 IPA 100 Public Accounting Firms…The Big 4, Deloitte, PwC, EY and KPMG collectively make up nearly 75% of the total U.S. revenue of this year’s IPA 100. Due to their size, IPA excludes metrics of the Big 4 in its analysis. The remaining 96 firms represent $22.2 billion in total revenues and employ more than 100,000 staff. Excluding the Big 4, 45 firms are represented in the IPA $100 Million Club, all with annual revenues exceeding $100 million.

  • 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.

“As firms continue to expand service lines and seek to hire the most qualified staff to serve clients in many non-traditional services, we’re seeing more non-CPA professionals in the ranks of the IPA 100,” says Mike Platt, principal with INSIDE Public Accounting. “In fact, we discovered that 28% of all client-serving professionals at IPA 100 firms indicated they have no intentions of pursuing a CPA license.”

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.

Samet & Company PC Announces Dennis Giangregorio Admitted as Partner

Dennis Giangregorio

Samet & Company of Chestnut Hill, Mass., (FY18  net revenue of $12.1 million) announces that Dennis Giangregorio has been admitted as a partner in audit and attest services.

He is experienced in a broad range of industries, including manufacturing, logistics services, SaaS, construction, non-profit organizations and employee benefit plans.

“We are pleased to promote Dennis. Since starting at the firm, he has continued to demonstrate strong technical expertise, tremendous client service and dedication to the firm,” says Jay A. Kessler, managing shareholder of Samet.

Samet has more than 60 staff members and is a member of The International Accounting Group (TIAG), a global alliance of independent accounting firms.

More news from Samet & Company