Search Results for: MCM

O’Connor Davies Announces Acquisition of Daniel J. McMahon Company

Harrison, N.Y.-based O’Connor Davies LLP (FY13 net revenue of $98 million) announced the acquisition of Daniel J. McMahon Company of Chappaqua, N.Y., effective Jan. 1.

“The addition of Dan and his team is further proof of O’Connor Davies’ commitment to providing our clients with services from the best and most talented professionals in our industry,” says MP Kevin Keane. “The knowledge and experience Dan and his team bring will bolster our diverse and expanding team of CPA experts as we continue our momentum of rapid and strategic growth into 2015.”

This addition is part of the O’Connor Davies’ growth over the past 24 months, in which it has increased its employee base from 399 to 550 across a variety of specialty practices. O’Connor Davies now has 90 partners throughout the Northeast.

“We have partnered with O’Connor Davies because of our shared focus and expertise in the needs of small to medium-sized family-owned businesses and the related tax issues for their owners, along with the tax and estate planning for high-net-worth individuals,” says McMahon. “We will continue to provide the same level of access and expertise our clients have come to expect and are thrilled to now have the depth and the breadth of O’Connor Davies’ services, which continues to increase each year.”

MCM Appoints New Leader in Jeffersonville Office

Stephen Lukinovich

Stephen Lukinovich

Louisville, Ky.-based Mountjoy Chilton Medley LLP (FY13 net revenue of $37.4 million) appointed Stephen Lukinovich as its new location leader in the company’s Jeffersonville, Ind., office. In this role, Lukinovich will be responsible for overseeing both the day-to-day operations in Jeffersonville, as well as for managing the office’s long-term goals and strategic direction.

“Our office in Jeffersonville is uniquely positioned to take advantage of the exciting opportunities offered by the growing southern Indiana market,” says Lukinovich.

Lukinovich, a native of New Orleans, joined the firm in 1995. He serves as director of MCM’s construction and real estate services team and is a member of the tax services department. He provides tax advisory services to construction and real estate businesses, company transition services to small to middle-market companies, and valuation services in estate and succession planning.

“We selected Stephen for this position because he’s proven to be an engaging leader with an optimistic vision for the future of MCM,” says MP Diane Medley. “We’re excited to see how he continues to develop our presence in southern Indiana and beyond.”

HR Consulting Firm Personnel Profiling, Inc. Joins MCM

Louisville, Ky.-based Personnel Profiling, Inc. (PPI), which offers employment assessments and services, joined Louisville, Ky.-based Mountjoy Chilton Medley LLP (MCM) (FY13 net revenue of $37.4 million) on July 1. The move allows both organizations to provide a wider array of services and greater depth of experience to its human resources consulting clients.

“We’re thrilled to make the move to MCM,” says PPI president Linda Winlock, who acquired the company in 1991 following its founding in 1987. “Thanks to the referrals of our wonderful clients, PPI has enjoyed enormous growth over the years, and this transition allows us to better exceed the needs and expectations for both our current and future clients.”

“Our creation of an HR consulting department in 2013 was one of the smartest decisions we’ve made,” says MCM MP Diane Medley. “Our clients, from all services and industries, have responded really well, and by bringing on the PPI team, we are expanding our offerings and expertise in this critical niche.”  MCM last year also added an IT niche to its consulting division.

CliftonLarsonAllen Co-MP McMasters Announces Departure

McMastersKrista McMasters, Co-CEO of CliftonLarsonAllen announced her retirement from the firm following 35 years of distinguished service. McMasters’ retirement is effective April 1, 2013.

When the firms officially joined forces on Jan. 2, 2012, it was announced that McMasters, CEO of Clifton Gunderson, and Gordy Viere, CEO of LarsonAllen, would lead the firm together. Viere would oversee the CLA holding company, the wealth advisory practice and the outsourcing practice, and McMasters would oversee CLA LLP, the public accounting practice.

Steve Meindl, Chairman of the CLA Board said, “At the first anniversary of our merger, the CLA Board reviewed the firm’s co-CEO structure and determined that operating under the leadership of one CEO will increase the pace of integration of our two firms and give better definition to our firm’s strategic initiatives. As a result, Kris elected to retire and Gordy Viere will assume the sole CEO role.” Meindl added, “Kris has been an incredible asset to our firm during her 35 year career. Her vision, passion and dedication to our firm played an integral role in our growth and success over many years. Her legacy lives on in our firm through the many people she mentored and developed.”

McMasters joined Clifton Gunderson as an associate accountant in 1978. She was admitted as a partner in 1985, became Director of Assurance Services in 1991, and served as Chief Practice Officer. McMasters succeeded Carl George as CEO of Clifton Gunderson in 2009, becoming the firm’s fourth CEO in its 60-year history. McMasters became the first and only female to serve as CEO among the nation’s current IPA Top 25 firms. Under her leadership, the firm rolled out and executed an aggressive growth strategy focused on external expansion and increased specialization, collaboration, discipline and communication.

Over the next few months, McMasters will be exploring new opportunities in business and board service, which leverage her leadership, experience and passion for growing people.


Same-Old Professional Development Costing Firms In Talent War, Succession Progress

One of the ongoing challenges firms face is bringing in the right people with the right skills and keeping them engaged, rewarded and prepared to become partner. At the same time, firms need to ramp up technology – and fast – bringing even greater urgency to planning for the future.

Firms are taking various approaches. Some are hiring outside technology experts; some are merging in smaller tech, cybersecurity or consulting firms and some are stealing partners from other firms or seeking out free agents. The biggest firms have the resources to do all of these things while making sizable investments in up-and-coming technologies, but they are the exception not the rule.

Some observers fear the profession is too slow and too reliant on outside experts to shake up professional development. The result could be firms without the necessary next-generation skills and future partners.

Technology transformation is a huge challenge, says consultant Kris McMasters, formerly the co-CEO of CliftonLarsonAllen. While many firms are focusing on technology tools, and hiring tech talent into the firm, it’s critical that firms create a thoughtful strategy around upscaling the skills of the existing professionals. And that means more than improving technology skills, but analytical thinking and creativity as well. Lower-level tasks will be transformed by automation, she says, and the accounting firms of tomorrow will look far different than those of today.

The Choice: Buy Versus Build: Dom Esposito, who consults with small and mid-size CPA firms, says the No. 1 shortcoming of these firms is buying the next generation of partners instead of building them from within. Because some firms are only paying lip service to professional development, they look for lateral hires to fill the gaps.

For example, a firm may hire a professional with 10 or 12 years of experience in technology with the intention of making that person an important part of the firm’s growth as a partner. “Sometimes it works, and sometimes it doesn’t,” says Esposito, CEO of Esposito CEO2CEO LLC. “Often it doesn’t.”

Lateral hires are necessary sometimes, but they’re also risky. Do these hires come from a firm with a similar culture, work ethic and workload? Was the same level of quality expected? Ambitious professionals can view a lateral hire as “cutting in line” and taking a partner position that could have been theirs. Esposito says that in his experience, laterals often don’t make the impact anticipated, exit after a short time and leave the firm with morale problems, disruption, dissatisfied clients and an expensive lesson learned.

Small and mid-sized firms often fail to take care of their own, he says. “They don’t spend enough time developing that talent into a real client executive. They let them linger and pump out work every day but they’re not looking beyond the immediate benefits,” says Esposito. Slow and steady wins the race, and rigorous leadership development academies smooth out professionals’ weaknesses, strengthen their confidence, increase their ability to sell and create lasting business relationships, he says.

Finding the Right Fit: It’s not easy to find the right kind of professional development program, but Chuck Mullen says you start by asking for help rather than trying to figure it out on your own. “I think firms get pretty stale year after year conducting training the same way. It can very much become a pattern. All you have to do is listen to your staff and they’ll tell you if it’s any good or not.”

Mullen is chairman of Akron, Ohio-based Apple Growth Partners. He went through an MP boot camp about a year after taking the top spot at the firm. The experience taught him how to be innovative, how to think in the long term and how to question the status quo when it comes to training.

Director of Operations Erin McCafferty says that in 2019 and 2020 Apple Growth Partners will undergo a full assessment of the professional development offered now and where it should go in the future.

In the meantime, the firm has made a significant investment in the concept of intentional coaching, which takes the whole person into account and is championed by Erica Ishida, the new CEO of LEA Global. “If you focus solely on someone’s career and their performance, you never get to true growth and development,” she said in a recent podcast.

McCafferty says the firm works with three coaches, all with different styles, who work with firm professionals confidentially on professional or personal issues. It’s not counseling, it’s coaching, and the guidance helps professionals sort out where they stand on that blurry line between professional and personal.

“If people can bring their best self to work every day and work through challenges at home or at the office, it’ll make all the difference,” Mullen says. “Even a little improvement will have a ripple effect.”

What’s Our Purpose? Why Do I Work Here? Ishida says intentional development is a new way to think about coaching in the profession, and she is receiving inquiries from multiple firms on the topic. To start, each professional needs a sense of purpose, or a good answer to the question, “Why do I work here?” Organizations that operate at their best communicate a clear intention of purpose and make sure they have the culture and strategy to support it.

“Lots of CEOs think they have that,” Ishida says. “They have it in their heads, but if you ask people in the halls, they can’t answer. They have no idea.” Going through a holistic coaching process helps professionals define their core values and prioritize their activities.

A clear purpose, strong culture, an openness to new ideas and a forward-looking approach to professional development are some of the elements that keep professionals involved and interested in advancement.

Mullen recognizes that technology will be a bigger part of the firm’s future. “I just don’t think it’s going to be as fast and drastic a change as some of the fear mongers say it’s going to be.” A CIO was brought in about four months ago, and together with the IT director and a technology committee, the firm is evaluating what types of artificial intelligence and data analytics would make the best investments. Meanwhile, the firm is hiring the most tech-savvy professionals it can find.

Mullen says many firms have it backwards. Rather than focus internally, their “grow, grow, grow” mentality can result in a disgruntled workforce and a loss of clients who sense professionals don’t want to work there. Recruitment and retention are easy if you create a top-notch workplace, or a “workers’ paradise,” as Mullen puts it.

“This is an inside job. I’m not looking at the market all the time. I’m looking inside.”

AICPA Announces Annual Leadership Academy Graduates

The AICPA says 36 promising young CPAs from around the country have graduated from its four-day 2019 AICPA Leadership Academy in Durham, N.C.

The AICPA Leadership Academy uses interactive workshops to give participants access to advanced leadership training, networking activities and presentations from some of the profession’s top thought leaders.

The 2019 class discussed key issues and interacted with influential leaders in the profession including AICPA Chair Bill Reeb, AICPA President and CEO Barry Melancon and Mark Koziel, executive vice president of firm services.

“This year’s Leadership Academy class is an impressive group of diverse professionals who are well-positioned to take the next step in their careers,” says Reeb. “New technology is disrupting the profession and creating new opportunities and challenges for CPAs. These talented CPAs are a great example of the forward-thinking leaders who will not only help steer us through this transition but lead us beyond it.”

The AICPA Leadership Academy is meant to serve as a succession plan for the CPA profession, ensuring a strong base of future leaders to address the challenges of an ever-changing global business environment. The event also encourages self-reflection and a thoughtful exploration of how leadership impacts their personal and professional lives.

The program was designed to strengthen and expand the leadership skills of promising young professionals while they network with a peer group of talented and motivated CPAs. The 2019 participants comprised the eleventh graduating class, and nearly 400 CPAs have now graduated from the program.

“The Leadership Academy really helped me identify what skills I need as I establish myself as a leader in the profession,” says Brittany Cummings, 2019 Leadership Academy graduate. “The program has given me the tools and confidence to navigate our changing profession successfully and strengthened my confidence that I am steering my career in the direction I want it to go.”

This year’s class included representatives from 31 states. Participants were selected from public accounting firms of all sizes, business and industry, academia and consulting firms.

The full 2019 Leadership Academy class:

  • Lauren Aldrich, Heard McElroy & Vestal, Shreveport, La.
  • Robert Allen, The Allen CPA Firm, PLLC, Houston
  • Karen Bartlett, O’Brien Shortle Reynolds & Sabotka, Rutland, Vt.
  • Jose Borbon, Kearny Bank, Fairfield, N.J.
  • Chris Brown, Beall Barlcay & Company, Fort Smith, Ark.
  • Clara Cohen, Bedrock Wealth Strategies, Elmsford, N.Y.
  • Kelly Crow, Reynolds Bone & Griesbeck, Memphis, Tenn.
  • Brittany Cummings, BKD, Springfield, Mo.
  • Sarah Flischel, Kundinger Corder & Engle, Denver
  • Jessica Foster, Cohen & Company, Youngstown, Ohio
  • Austin Foust, HoganTaylor, Tulsa, Okla.
  • Amanda Gessner, Schmitz-Holmstrom, Bismarck, N.D.
  • Matt Heo, Aronson, Rockville, Md.
  • Michael Jamison, OnTarget CPA, Indianapolis
  • Andrew Jordan, Jordan CPA Services, Carthage, Mo.
  • Shakor Jukes, Target, Minneapolis
  • Brian Klintworth, HBE LLP, Lincoln, Neb.
  • Jennifer Koffman, Bellows Associates, Plantation, Fla.
  • Ryan LaRue, StoneTurn, Boston
  • James McGettigan, Stoker Ostler, a part of BMO Financial Group, Scottsdale, Ariz.
  • Lacy McMoarn, Marcum, Portland, Maine
  • Jessica Mytrohovich, Georgia Society of CPAs, Atlanta
  • Eugene Park, HeinfeldMeech Co., Phoenix
  • Becky Peterson, Woltman Group, Sioux Falls, S.D.
  • Colin Proctor, Marshall Retail Group, Las Vegas
  • Charlene Rhinehart, CEO Unlimited, Chicago
  • Alexandria Romero, McPherson Goodrich Paolucci & Mihelich, Pueblo, Colo.
  • Adam Schrom, Bloomberg BNA, Arlington, Va.
  • Navneet Sharma, KNAV, Atlanta
  • Jordyn Sherman, Advantis Credit Union, Clackamas, Ore.
  • Ashley Sullivan, Haddox Reid Eubank Betts, Jackson, Miss.
  • Dalton Sweaney, Gray Salt & Associates, Claremont, Calif.
  • Jana Walker, Northwestern Oklahoma State University, Alva, Okla.
  • Brittany Wilson, MHP, Cheyenne, Wyo.
  • Kendall Wilson, Dixon Hughes Goodman, Raleigh, N.C.
  • Samantha Young, Cohos Advisors, Lancaster, N.H.

More news from the AICPA

AAFCPAs Expands Cannabis Practice

Kevin Michaelan

Westborough, Mass.-based AAFCPAs (FY18 net revenue of $33.5 million) has expanded its cannabis practice with the addition of Kevin Michaelan, who will lead the growing niche from the firm’s Boston office.

The firm advises businesses and investors throughout the business lifecycle, including start-ups, entities expanding into multi-state operations, and those planning to exit the business. Michaelan is known for his deep knowledge of trends impacting the industry, such as aggressive growth, rapidly changing regulations, cross-border restrictions, and mergers and acquisitions.

“He is deeply immersed in the cannabis space and well-known for his prolific tax and business strategies,” says co-MP Dave McManus.

“Cannabis companies are challenged by capital and taxes,” Michaelan says. “We have proven strategies to address both and I’m eager to turn these strategies into competitive advantages for AAFCPAs’ clients.”

MOVE Project Lists Best Public Accounting Firms for Women, Equity Leadership

The Accounting & Financial Women’s Alliance, which sponsors the Accounting MOVE Project, announces its annual survey of leading financial and accounting firms for women.

The 2019 Accounting MOVE Report delves into the perceptions and misperceptions that women and firms have about how and why women pursue partnership and other senior leadership positions. The report also outlines tactics that women, advocates for women and firm leaders can take to ensure that all women CPAs can fully achieve their aspirations for their careers and drive firm growth in the process.

Highlights from the 2019 MOVE Report

  • Peer Power: Women’s peer networks are horizontal and tend to be powerful retention factors. By comparison, men’s peer networks tend to be vertical and transactional. Leading MOVE firms shape women’s initiatives to make the most of how women organically cultivate networks.
  • Piecing the Future: Women plot their expectations based on what they observe and experience. Firms that show women the benefits of partnership and that build confidence and results with early business development seed ambition for partnership.
  • Intervention Builds Retention: Women don’t want to choose between coasting and quitting. Firms strengthen retention by cultivating multiple paths to senior positions, and by working with women before they reach the point of no return.

2019 Accounting MOVE Project Best CPA Firms for Women:

  • Pittsford, N.Y.-based The Bonadio Group (FY18 net revenue of $97.9 million)
  • San Francisco-based BPM LLP (FY18 net revenue of $99.5 million)
  • Creve Coeur, Mo.-based Brown Smith Wallace (FY18 net revenue of $50 million)
  • Clark Nuber (FY17 net revenue of $38.6 million) of Bellevue, Wash.
  • New York-based CohnReznick LLP (FY18 net revenue of $623.7 million)
  • Fargo, N.D.-based Eide Bailly (FY18 net revenue of $299.2 million)
  • Greenville, S.C.-based Elliott Davis (FY19 net revenue of $126.3 million)
  • Lurie LLP (FY17 net revenue of $28 million) of Minneapolis
  • Louisville, Ky.-based MCM CPAs & Advisors (FY18 net revenue of $56.8 million)
  • Seattle-based Moss Adams (FY18 net revenue of $691 million)
  • San Francisco-based Novogradac & Co. (FY18 net revenue of $147.4 million)
  • San Francisco-based OUM & Co. (FY18 net revenue of $19.9 million)
  • Southfield, Mich.-based Plante Moran (FY18 net revenue of $542.1 million)
  • Troy, Mich.-based Rehmann (FY18 net revenue of $143 million)

2019 Accounting MOVE Project Best CPA Firms for Equity Leadership
The Best CPA Firms for Equity Leadership list recognizes firms with at least 33% women partners and principals, as 33% is widely recognized as the tipping point for members of any identity group to have individual impact.

In descending order of percentage of women partners and principals; firms also on the Best CPA Firms for Women indicated with an *.

  • Powell, Ohio-based Kaiser Consulting – 100%
  • Sarasota, Fla.-based Kerkering Barberio & Co. (FY18 net revenue of $16.5 million) – 60%
  • Alexandria, Va.-based KWC CPAs (FY18 net revenue of $14.4 million)
  • RoseRyan of Newark, Calif. – 60%
  • Abbott Stringham & Lynch (FY17 net revenue of $21.8 million) of San Jose, Calif.– 50%
  • Clark Nuber – 50% *
  • Gainesville, Fla.-based James Moore & Co. (FY18 net revenue of $22.3 million) – 50%
  • Bethesda, Md.-based Councilor Buchanan & Mitchell – 47.1%
  • Eugene, Ore.-based Jones & Roth (FY18 net revenue of $15.4 million) – 46.2%
  • Lincoln, Neb.-based HBE – 45.5%
  • San Jose, Calif.-based Johanson & Yau – 42.9%
  • Novogradac – 40.4% *
  • The Bonadio Group – 39% *
  • San Francisco-based Hood & Strong LLP (FY18 net revenue of $16.5 million) – 37.7%
  • MCM CPAs and Advisors – 37.3% *
  • Tucson, Ariz.-based BeachFleischman (FY18 net revenue of $27.9 million) – 37.5%
  • Brown Smith Wallace, St. Louis – 36.6% *
  • Atlanta-based Frazier & Deeter (FY17 net revenue of $83.6 million) – 35.4%
  • Lurie LLP – 33% *
  • OUM & Co. – 33% *

Read the 2018 list.


Michael White

MWA CPA + Business Advisors, with offices in Plano and Fort Worth, Texas, joined Minneapolis-based CliftonLarsonAllen (FY17 net revenue of $866 million) on Nov. 1.

“As problem solvers and business builders, everything we do is designed to strengthen the people and organizations we serve,” says Mike White, MP of MWA. “Joining CLA means we can take this promise to another level. The synergies between MWA and CLA in the health care space, along with our shared focus on the small business owner and entrepreneur, allow us to expand the opportunities we can create for our clients, our people and our community.”

MWA is a team of CPAs, business advisors and accountants that focuses on client service and the delivery of enhanced accounting and advisory services to the community in Dallas-Fort Worth and beyond.

“Culturally and strategically, this is a fantastic fit and a lot of fun,” says Jerry McMillon, managing principal of CLA’s Dallas office. “Our clients count on us to know them, uncover opportunities and bring new ideas that can move them forward faster.”

Allan D. Koltin, CEO of the Koltin Consulting Group, and advisor to both firms says, “CLA is performing nationally at a level that is off the charts compared to their peers. The team’s leadership, innovation and endless passion for delivering a great client experience truly distinguish them in the markets they serve. CLA’s ability to develop talent and future leaders is as good as you will see in the industry today.”

Koltin continues, “MWA is the kind of firm that many regional and national firms wanted on their team, but CLA’s strategy, culture and service offerings made for the perfect alignment. Mike White is a one-of-a-kind leader – he is young, entrepreneurial and has an amazing skill that allows him to relate to people and clients and make a difference in their lives.

More than 40 former MWA team members will continue to serve clients locally and nationally from Plano and Fort Worth, expanding CLA’s Texas team to more than 200 professionals.

DMA Appoints Hutmacher as President and CEO

Dan Hutmacher

Dan Hutmacher

DuCharme McMillen & Associates (DMA), which has four offices in Canada and 17 in the United States, has announced that its board of directors has appointed Dan Hutmacher as president and CEO.

Earlier this year, DMA’s board commissioned a national executive search for a successor to Dave Meinika, the firm’s longtime president and CEO, who stepped down in April due to health reasons. Though no longer an employee of the company, Meinika continues to serve as a member of DMA’s board of directors.

Hutmacher, who had been serving as interim president and CEO since Meinika’s departure, emerged from the search as the clear choice to lead DMA into the future.

Hutmacher joined DMA in 1989 and served in a variety of operational and managerial roles with increasing responsibilities. He most recently served as the company’s COO.

“I’ve been a proud DMA employee-owner for many years, and now I’m honored to lead the company,” Hutmacher says. “Over his many years of service, Dave poured his heart and soul into DMA and, in the process, created a unique and special culture that centers on our employee-owners and on providing great client service experiences. We want to preserve that culture while we continue to evolve as a business in order to meet our clients’ needs.”