PKF O’Connor Davies Merges In Hodulik & Morrison

New York-based PKF O’Connor Davies (FY17 net revenue of $160 million) has merged in Hodulik & Morrison of Highland Park, N.J.

The firm says the move was designed to expand expertise in its public sector practice.

“Hodulik & Morrison has earned its reputation as a leading accounting resource for the public sector,” says MP Kevin J. Keane. “We’re excited to work with talented individuals who are as passionate about serving clients as we are. We welcome Bob, Andy and the entire Hodulik & Morrison team and look forward to combining our efforts.”

Two partners and more than a dozen team members will join the firm’s Cranford, N.J., office. For nearly three decades, Hodulik & Morrison has provided government accounting services with a focus on auditing, management advisory and financial advisory services for county, municipal, authority, school district and commercial clients.

“We’re thrilled to combine our experience in government audits with PKF O’Connor Davies’ industry-leading client service,” said Andrew Hodulik. “It’s exciting to join a network of professionals who share our commitment to serving central and northern New Jersey public entities.”

PKF O’Connor Davies has 11 offices in five states as it continues to expand through organic growth and acquisitions on the East Coast. Hodulik & Morrison is the third firm to join PKF O’Connor Davies in the last six months.

In February, the firm announced that Batchelor Frechette McCrory Michael & Co. (BFMM) of Providence, R.I., joined the firm. And in December of last year, Chestnut Ridge, N.Y.-based GKG CPAs joined PKF O’Connor Davies.

More news from PKF O’Connor Davies

Eide Bailly Plans Big Expansion into California With Merger

Fargo, N.D.-based Eide Bailly (FY18 net revenue of $299.2 million) has acquired Vavrinek Trine Day & Company (VDT).

Effective July 22, the combination will add 11 California offices and an expanded Phoenix office to Eide Bailly, ranked No. 20 on the 2018 IPA 100 list.

“The addition of VTD launches us into California with exceptional local talent and a culture that matches our own dedication to client service and being an employer of choice for our staff,” Dave Stende, Eide Bailly MP and CEO says in a statement. “This combination deepens our expertise in several key industries that Eide Bailly serves.”

VTD, established in 1948, specializes in government, education, commercial, tax and financial institutions. Becoming part of Eide Bailly will bring tremendous opportunities for both clients and staff, says Kevin Pulliam, VTD MP.

“Eide Bailly’s knowledge, resources and consulting services will allow us to help our clients more fully. Whether it is technology consulting, wealth planning, or some other industry-specific advisory services, we’re excited to be able to offer more,” Pulliam says in statement. “On top of this, Eide Bailly is a firm of talented and down-to-earth people. They care deeply for the well-being of their clients, staff and communities; this describes us, too.”

VTD will add 42 partners and 280 staff to Eide Bailly, bringing totals to 331 partners and 2,400 staff. The firm will have more than 40 offices in 15 states.

More news from Eide Bailly

Brown Schultz Sheridan & Fritz Merges In RLH CPAs & Business Advisors

Camp Hill, Pa.-based Brown Schultz Sheridan & Fritz (BSSF) (FY17 net revenue of $14.1 million) will add 31 employees June 1 when the firm joins with RLH CPAs & Business Advisors.

RLH has offices in Hanover, Pa., and two in Maryland in Frederick and Westminster.

The merger will expand BSSF’s footprint into Maryland and increase firm size to more than 130 employees.

“RLH is committed to providing the best for our clients, and we look forward to joining a firm like BSSF that will allow us to add and strengthen our expertise and service areas,” says Ryan Hastings, co-MP of RLH. “This is an opportunity that benefits our clients, and like BSSF, we truly believe in helping our clients achieve extraordinary outcomes.”

Both firms have been named a Best Place to Work in Pennsylvania for a number of years.

With the merger, BSSF will become a five-office firm, adding the three RLH locations to their Pennsylvania office locations in Camp Hill and Lancaster.

More news from Brown Schultz Sheridan & Fritz

BDO USA Expands Advisory Practice With AC Lordi Acquisition

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has announced the acquisition of AC Lordi (FY17 net revenue of $18.7 million) of Malvern, Pa., effective June 1.

The addition brings 100 professions to BDO and expands its foothold in the Philadelphia area while expanding its advisory offerings. AC Lordi CEO Frank Lordi, along with the firm’s six other principals, will become BDO partners.

Founded in 2001, AC Lordi specializes in accounting, risk and compliance, business advisory and CFO services. The firm’s practice areas include SEC reporting, technical accounting, internal and IT audit, SOX compliance and finance transformation, among others. The firm has performed work throughout the U.S. and in more than 20 countries for a broad range of clients.

“As part of such a high-caliber advisory practice, we can take advantage of BDO’s resources and relationships nationally and around the world,” Lordi says, “In turn, our team will deepen BDO’s management consulting and regulatory compliance credentials in addition to strengthening its presence in the mid-Atlantic region. We are stronger together than apart.”

More news from BDO USA

Brown Edwards Acquires Two Virginia Practices of Cherry Bekaert

Roanoke, Va.-based Brown Edwards (FY18 net revenue of $42.5 million) has announced the acquisition of two practices of Richmond, Va.-based Cherry Bekaert (FY18 net revenue of $194.7 million).

The deal, effective June 1, involves the Roanoke and Lynchburg, Va., practices. Cherry Bekaert partners Randy Burton and Richard Hedley in Roanoke will be joining Brown Edwards, as will most of the staff located in both offices. A significant number of Cherry Bekaert’s clients are also expected to transition to Brown Edwards.

“This acquisition not only solidifies Brown Edwards’ position as the largest firm in these markets, with 15 partners and 92 professional staff between the two offices, but also allows the Cherry Bekaert clients more local resources and access to immediate and local decision making,” says Brown Edwards CEO Jason Hartman. “As Brown Edwards continues to grow throughout the region, we feel these acquisitions demonstrate a firm commitment to the Roanoke and Lynchburg communities, our business and individual clients, and our employees in the area.”

An IPA 100 firm, Brown Edwards provides assurance, tax and business advisory services to a diverse clientele throughout Virginia, West Virginia, North Carolina and Tennessee. The Roanoke acquisition will result in a new office for Brown Edwards while the Cherry Bekaert office in Lynchburg will transition to the Brown Edwards office there.

“Through the efforts of many in our community, we are seeing great things happen in our local economy,” Burton says. “As evidenced by this investment by Brown Edwards, we are both committed to furthering and supporting that impact.”

More news from Brown Edwards

Salt Lake City Firm Joins BKD

Stayner Bates of Salt Lake City is joining Springfield, Mo.-based BKD (FY18 net revenue of $594.6 million) on June 1, BKD announced.

Stayner Bates specializes in assurance, tax, consulting and business valuation services, and has about 35 team members, including four partners. They will work from their existing office in Salt Lake City.

“With the addition of Stayner Bates, BKD has accomplished a long-standing goal of joining the Utah market,” says Jeff Ronsse, MP of BKD’s Colorado offices. “The combination enhances BKD’s resources and provides Stayner Bates with greater growth opportunities and market presence.” BKD CEO Ted Dickman adds, “Stayner Bates’ commitment to client service and true expertise will assist us in accomplishing our goals as we move forward.”

Steve Hanni, president of Stayner Bates, calls the union a win-win. “We’re happy to be joining BKD and using our industry knowledge and familiarity with this region to help better serve our clients and grow the firm.”

Last year, Rylander Clay & Opitz LLP of Fort Worth, Texas, and Loeb & Troper LLP of New York joined the firm. The firm also acquired a portion of the Wichita, Kan., audit and tax practices at Chicago-based Grant Thornton LLP and the financial institution practice of Harper & Pearson Company of Houston.

BKD, which ranked No. 12 on the 2018 IPA 100 list, has 38 offices in 17 states and more than 2,710 personnel, including more than 300 partners.

More news from BKD LLP

Armanino Expands to Orange County with Bolar Hirsch & Jennings Deal

San Ramon, Calif.-based Armanino LLP (FY17 net revenue of $242.7 million) has acquired Bolar Hirsch & Jennings LLP of Irvine, Calif., (FY18 net revenue of $18.8 million) effective June 1.  This transaction expands Armanino into Orange County and builds on the firm’s existing presence in Southern California.

“Bolar Hirsch & Jennings is a highly specialized tax firm with an amazing group of people and will put us in the hub of Orange County, where they have created a successful and trusted brand for nearly 30 years,” says Matt Armanino, CEO of Armanino LLP. “Armanino has been strategically investing in the Southern California market to ensure we can better serve the market with an expanded geographic footprint that covers all the major hubs in the region. With this addition, we will now have a total of five offices throughout Southern California.”

Bolar Hirsch & Jennings’ robust tax practice includes specialization in high-net-worth individuals, real estate and corporate tax solutions. This expertise is complemented by Armanino’s existing ability to serve individuals with a full family-office offering and businesses with expanded tax expertise and audit, consulting and technology solutions. The transaction brings value to individual tax clients looking for greater depth of expertise and a full suite of household finance solutions, and to Orange County-based companies that can take advantage of a wider set of available solutions to assist businesses at any stage of their lifecycle, from startup to wind-down.

“Our focus on driving the best results for clients is why Bolar Hirsch & Jennings is a top accounting firm in Orange County, and joining with Armanino will allow us to bring even more solutions to clients that will make their lives easier and optimize their business operations,” says David Hirsch, co-MP at Bolar Hirsch & Jennings. “This transaction not only expands our capabilities, but gives clients access to a large network of experts, including a real estate team well versed in real estate investment trusts (REITs), private equity funds and audit capabilities for all real estate businesses.”

“Bolar Hirsch & Jennings is a top-flight firm in Orange County with a stellar reputation for its client service and acuity in niche tax matters,” says Allan Koltin, CEO of Koltin Consulting Group, who advised both firms. “With this agreement, Armanino is extremely well positioned throughout Southern California.”

The former Bolar Hirsch & Jennings team will continue to operate from its Irvine office at 18101 Von Karman Ave., 14th floor.

Armanino’s strong growth is anchored in its pursuit of expanded service lines, technology solutions and specialized expertise. The firm has been listed on INSIDE Public Accounting’s Best of the Best Firms list for 17 out of the last 18 years and is regularly featured in best places to work lists.

More news on Armanino

BDO Acquires TAXPE

Chicago-based BDO USA LLP (FY18 net revenue of $1.46 billion) has acquired TAXPE LLC, a firm focused on improving income tax reporting processes for large corporate tax departments.

Scott Hice, CEO of TAXPE, joined BDO as a partner and national leader of BDO’s tax transformation services practice. The acquisition was effective April 1.

“Updating processes and advancing the use of technologies within a company’s tax function is becoming increasingly complex. Both changing tax laws and changing technologies have a direct day-to-day impact on the efficiency and effectiveness of the company workforce,” Hice says. “Our team now has the administrative backing of a global accounting firm; gaining access to BDO’s resources to better reinforce, broaden and execute our core competencies for our clients through BDO’s comprehensive, end-to-end tax services.”

The legacy TAXPE team has worked with more than 300 companies on tax performance engineering projects, all of which involved tax provision and compliance software improvements.

With the acquisition comes TAXPE’s expertise surrounding the offerings of the major third-party software vendors – Corptax, Longview, Oracle and Thomson Reuters ONESOURCE – along with TAXPE TAXPOWER workpapers, which can be integrated with general ledger systems and third-party tax software systems.

“As long as changes in policy, regulation and technology continue, tax transformation strategies will be necessary for companies looking to stay ahead,” said. “By adding Scott and his experienced team, BDO will be able to leverage TAXPE’s 20-plus years of process design and tax technology experience to deepen our analysis of operational efficiencies and development of tailored technology solutions, including automation and analytics,” says Barbara Torzewski, BDO’s tax transformation services managing director. “No two businesses will have the same tax transformation journey, and with TAXPE’s capabilities, companies can have even more specialized solutions that move the needle for their organizations.”

More news on BDO USA LLP

McGuire Sponsel, Ernst & Morris Announce Union

McGuire Sponsel of Indianapolis, a specialty tax and consulting firm, announced a merger with Ernst & Morris of Marietta, Ga., which specializes in cost segregation.

McGuire Sponsel also specializes in cost segregation, which is the process of identifying property assets in order to optimize depreciation deductions of federal taxes. The firm also focuses on various tax credits and incentives.

Firm leaders say the merged entity, which will operate as McGuire Sponsel, was “piloted by choice and a mutual opportunity to offer additional benefits to clients.”

TJ Sponsel, co-founder and managing shareholder says, “Beyond the combination of significant cost segregation expertise, we share important core values and the foundational belief that successful relationships are built on trust and integrity. We also share a commitment to serving clients with an unmatched passion for this business, focused on clients and meaningful collaboration.”

Ernst & Morris is one of the nation’s oldest and largest firms dedicated to cost segregation studies. The firm, founded in 1993, operates in all 50 states – for both CPA firms and property owners.

“Merging with McGuire Sponsel provides tremendous opportunity for our clients, beginning with access to additional practices and a seasoned research and development practice to complement our work in cost segregation,” says Alan Smith, managing director at Ernst & Morris.

“This is a substantial combination of industry forces,” says Gary Shamis, CEO of Cleveland-based Winding River Consulting. “McGuire Sponsel has quickly developed a national reputation for high-level advisory work, and Dave McGuire is a leading industry expert. Ernst & Morris is an industry pioneer and considered to be one of the top cost segregation boutique firms in the country. It’s a sizable concentration of technical expertise, proven track records and client-focused service.”

Brady Ware Dealership Advisors Announces New Business Model, Merger

After more than 30 years as both a local auto dealership CFO and auto industry CPA in Columbus, Ohio, Sean McCarthy has joined Brady Ware Dealership Advisors as a director and merged his practice into the firm.

Dayton, Ohio-based Brady Ware & Company also announced that Brady Ware Dealership Advisors has launched a new business model that offers comprehensive consulting services to its 90-plus auto dealership clients throughout the Midwest and the Southeast.

Sean McCarthy

Sean McCarthy

“Sean is more than a CPA,” says Brady Ware Director Sam Agresti. “He is an industry expert in buy/sell transactions and will provide true CFO-level services to our clients.

McCarthy says, “I started working in the auto industry in 1989 and I’ve seen my clients through a number of industry changes, navigating through everything from a massive recession to swings in buying trends and the evolution of car buying in a digital world. The model that Brady Ware has created to evolve the services CPAs can offer to their clients is a game changer for financial consultants. I now have a tool kit of solutions for dealerships that strategically address inefficiencies impacting their bottom line, and the resources to fix them.”

Brady Ware Dealership Advisors now offers comprehensive consulting services designed to focus on being more tax efficient, safeguarding dealership assets and helping dealerships with succession. Dealerships can choose from 20 different services designed to improve processes and procedures in different departments. Some of the new services focus on fixed and variable operations enhancement, fraud and safeguarding assets, employee placement services, warranty reimbursement and digital marketing.

Digital marketing and advertising, for instance, is one of the largest monthly expenditures apart from labor but ROI is difficult to measure for many dealerships. “The way people buy cars is very different today than it was 10 years ago,” says Justin Ward, digital marketing consultant. “By the time a person hits the lot, they’ve done their research, picked out their car, and are likely just coming in to pick it up.” Dealerships don’t have a full understanding of what their dollars are buying and how that translates to ROI, he says. “That’s where we come in.”

McCarthy says, “You can’t manage what you can’t measure. This team allows us to measure every aspect of the dealership business and create solutions that help them fill a need, grow their operation and best position them for the future.”

Brady Ware has offices in Ohio, Indiana and Georgia.

More news from Brady Ware