News from your accounting association
Gray Strategic Partners: Enhancing Middle-Market Investment Banking
January 2025 IN THIS ISSUE:
► Gray Strategic Partners: Enhancing Middle-Market Investment Banking
► Preferred Provider Spotlight - Tri-Merit
► Marketing Roundtable
► Member News
► CPAmerica InsightsGrace Horvath
objectives.
Gray, Gray & Gray, LLP (g3), headquartered in Canton, Mass., has been serving clients for 80 years. Throughout their years of service, their business has continued to grow and adapt to the changing environment and client needs. In addition to their consulting, audit and assurance, and tax services, they also established Gray Private Wealth over two decades ago, and in May 2023, they launched Gray Strategic Partners.
“Gray Strategic Partners was formed out of the growing need from g3 clients and others looking to sell their businesses or those who have partial liquidity events,” said Rusch. “Typically, g3 would have to refer that person out to an investment banking firm, so we said, ‘why don’t we just do that ourselves’ to better serve clients.”
matters are in order. Keeping the clients’ needs at the forefront, they present an unbiased approach that benefits the client most in the long run. They both shared that this sector is all about the relationships being built, because you never know when a business owner could remember your conversation from ten or more years ago.
Gray Strategic Partners is led by managing director, Stephen Rusch, with additional support and leadership by Erik Jensen. Rusch has nearly 30 years of investment banking experience working with public and private companies, family-owned businesses, start-ups and financial-investor-owned businesses of all sizes. Jensen, a former CPA, joined the firm with more than 30 years of experience in investment banking, and has extensive experience across a variety of sectors, including industrial, business services, distribution, and food & beverage.
According to their website, Gray Strategic Partners is a boutique investment banking firm, focused on providing holistic financial advice on mergers & acquisitions (M&A) and raising institutional capital to help their clients achieve their liquidity and growth
Gray Strategic Partners provides investment banking services to lowermiddle-market-level businesses and organizations that need help with raising capital, negotiating the sale of a business, and being an advisor over these complex transactions.
“Our work is very specialized,” said Rusch. “We work on deals of all sizes, but we’re doing a lot of what we call ‘lower middle market assignments,’ which are kind of below the radar of a lot of traditional investment banking firms. A lot of people don’t have the investment banking skills or background and we’re trying to bring that to those companies below the radar.”
“The great part about the lower-middle market is you’re working with folks who need the help of an advisor because they’ve never gone through this before,” said Jensen. “It’s also appealing because you’re working with many entrepreneurs, and they generally bring a lot of energy to the table and put together some pretty interesting businesses.”
Rusch and Jensen are there to help take the business owner through each step of the process, ensuring all necessary
Rusch and Jensen shared that their ideal client at Gray Strategic Partners is a business of a certain size (over about $25 million) to draw the interest of the institutional investor community, is good financial standing, has a strong marketing story to tell and is ready to exit the business. There are many steps to take with these clients and it can often be a long process that may start five-to-ten years before the business owner actually wants to retire.
“Another element has been the internal education process and making sure those within the g3 family of companies have a sense of where we can be most effective in serving clients’ present and future needs,” explained Rusch.
Their goals for the future are clear, continue building the business and growing relationships, and being a safe set of hands that others feel comfortable referring their long-time clients to. They’re also hoping to add to their four-person team as their revenue base grows.
“Many investment banks we’ve worked with have gone up-market, so they don’t know what to do when a $30 or $50 million deal
Interview with Stephen Rusch & Erik Jensen, Gray Strategic Partners
Stephen Rusch
Erik Jensen
Preferred Provider Spotlight
Tri-Merit
Tri-Merit partners with small to mid-sized business owners, CPAs, and CFOs to reduce tax burdens and boost cash flow through specialized tax credits and strategies.
Their services range from uncovering data to support R&D tax credits to maximizing tax savings through cost segregation, energy incentives, and more.
Tri-Merit simplifies the process, allowing business owners to claim benefits with minimal effort. Their expert team ensures that navigating these incentives is straightforward, enabling business owners to focus on growth while Tri-Merit handles the technical tax details.
In addition to their core services, Tri-Merit provides valuable ongoing support. Firm partners and staff receive free CPE training and continuous resources, allowing them to introduce fresh ideas to their clients first. By partnering with Tri-Merit, you gain access to a team of engineers, CPAs, and attorneys, ensuring that both you and your clients receive high-quality work while minimizing audit risk.
Tri-Merit’s Specialty Tax Professionals are the preferred choice for many CPAmerica members who want to help U.S.based taxpayers generate cash for their businesses while reinforcing the CPA’s role as their most trusted advisor.
For more information, visit www.tri-merit.com or email Randy.Crabtree@tri-merit.com
Continued from Investment, on page 1
comes in, and it’s not great client service to say that you can’t help,” said Jensen. “So, in those instances, we can be that safe pair of hands that won’t embarrass you and you’ll feel great referring work to.”
To learn more about Gray Strategic Partners, you can contact Stephen Rusch at SRusch@graystrategicpartners.com, or Erik Jensen at EJensen@graystrategicpartners.com.
Securities Products and Investment Banking Services are offered through BA Securities, LLC. Member FINRA SIPC. Gray Strategic Partners, LLC and BA Securities, LLC are separate, unaffiliated entities.
Personal wealth services are provided by Gray Private Wealth.
What’s Ahead for 2025 - Your CPAmerica Benefits & Resources Sharing Call January 15 | 2-3pm ET
Start your year off right with CPAmerica! Join our 2025 CPAmerica Sharing Call to learn about upcoming events, webinars, Preferred Provider benefits and much more. You’ll hear from the CPAmerica team along with fellow members on these various CPAmerica resources.
Call highlights include: 2025 conferences & meetings, webinars, LMS powered by LCvista, Center of Excellence, Preferred Provider benefits, surveys, Crowe Global and more!
Upcoming Event Dates
Scan this QR code for complete 2025 event information, a full list of events and to complete your registration.
new partners
Cooper NormaN is pleased to announce the addition of two members to their partner group. Both Matthew Barker and Kolten Williams have been named partner. Barker brings over a decade of expertise in accounting and tax strategy to the firm. Specializing in corporate and individual taxation for closely held businesses, Barker has helped clients across a variety of industries to mitigate their tax liabilities and get closer to their financial goals. As a trusted advisor, Barker is committed to delivering tailored solutions that align with his clients’ unique goals. He enjoys working with his Cooper Norman team to foster strong client relationships built on trust and results. For the past several years Williams has worked at Cooper Norman helping taxpayers be strategic and efficient with their taxes. Williams is passionate about providing tax, financial statement, and consulting services to the Agriculture, Medical, and Construction industries. Williams grew up in a farm community in southeast Idaho and has developed a love for agriculture.
Dean Dorton expands into Northwest Florida
DeaN DortoN, a leading full-service accounting and advisory firm, is pleased to announce that Shilts CPA, a renowned forensic accounting and valuation firm based in Jacksonville, Florida, has joined Dean Dorton. This transaction expands Dean Dorton’s ability to offer enhanced expertise to clients in need of specialized forensic accounting and valuation services. “Bringing Josh Shilts and his team into Dean Dorton represents a pivotal step in our strategic growth,” said David Bundy, President and CEO of Dean Dorton. “By adding these resources to our current outstanding group, we can increase service offerings to our clients. We are now positioned to better serve our clients in valuation, financial litigation and fraud detection. We are excited about the opportunities this presents for our clients and our firm.”
This transaction enables Dean Dorton to expand its valuation
and forensic accounting offerings, including Financial Litigation Support, Forensic Data Analysis, Valuation and Expert Witness Services. “We’ve built a strong reputation in forensic accounting and valuation services,” said Josh Shilts, President and Founder of Shilts CPA.” Joining Dean Dorton allows us to extend our reach and leverage greater resources to support our clients. We look forward to growing together.” Shilts will join Dean Dorton as a Director in Valuation and Forensic Services. This is a part of Dean Dorton’s broader vision to meet the growing demand for specialized advisory services in the middle market. As companies face increasing regulatory scrutiny and financial challenges, Dean Dorton’s forensic accounting and valuation services aim to help clients achieve maximum growth while remaining compliant. “Our clients are seeking more specialized services, particularly in valuation and forensic accounting, and this transaction equips us to provide that expertise,” said Bundy. “We look forward to bringing these expanded resources to our clients.”
Widmer Roel hires Erickson as a senior audit manager
Heath Erickson, CPA, has joined WiDmer roel, a Fargo, N.D.-based public accounting and business advisory firm. As a senior audit manager at Widmer Roel, Erickson provides audit, assurance, and consulting services for a wide range of clients. Erickson has nearly 17 years’ experience providing audits, and consulting services to local and state governments. He is the former audit manager at the North Dakota State Auditor’s Office, where he led the team responsible for North Dakota’s local governments. Erickson has been a Certified Public Accountant since 2014. He is member of the American Institute of Certified Public Accountants and the North Dakota Society of Certified Public Accountants.
Insurance Firms, marking its third consecutive year in the top 10 and fifth consecutive year of recognition. Aldrich Wealth, a Registered Investment Advisory firm with over $6.5 billion in assets undermanagement, was ranked eighth among Financial Services companies, marking its fourthconsecutive year on the list. “We are honored that both Aldrich CPAs + Advisors and Aldrich Wealth have been recognized among Oregon’s Most Admired Companies for 2024,” said John Lauseng, CEO + Partner, the Aldrich group of companies. “This award reflects our commitment to elevatingour clients’ success at every stage of their personal and professional life cycles. Along with our #1 ranking in Portland Business Journal’s Oregon’s Best Places to Work, it underscores our dedication to creating an environment where our people thrive and can make an impact on their communities.”
Barnard Vogler & Co. announces three new employees
Aldrich CPAs + Advisors and Aldrich Wealth named in Oregon’s Most Admired Companies for 2024 by Portland Business Journal
The Portland Business Journal held its annual Oregon’s Most Admired Companies awards ceremony to recognizethe top ten companies of each category. alDriCh Cpas + aDvisors, one of the top 70 accounting firms in the U.S., was ranked fifth among Accounting and
BarNarD vogler & Co has announced Nicholas Hamon, Emalee Ingram and Sage Lasser have joined the firm as staff accountants. As a staff accountant, Hamon works on the preparation of income tax returns as well as audit engagements. Hamon graduated from the University of Nevada, Reno, with a Bachelor of Science in business administration, majoring in accounting. Ingram joined Barnard Vogler & Co. in 2023, initially joining as an intern before becoming a staff accountant in 2024. She works in tax returns and nonprofit audits. Ingram earned a Bachelor of Science in business administration with a major in accounting from the University of Nevada, Reno. Lasser joined Barnard Vogler & Co. in 2023, initially joining as an intern before becoming a staff accountant. He works on audit engagements, as well as tax preparation. Lasser earned a Bachelor of Science in accounting from the University of Nevada, Reno in 2023, followed by a Master of Accountancy in 2024.
Matthew Barker
Kolten Williams
Heath Erickson
Nicholas Hamon
Emalee Ingram
Sage Lasser
Josh Shilts
Bold Steps for 2025
Grace Horvath, President & CEO
I feel like I just said “Happy New Year” in 2024 and here we are 2025! It is true how time flies when you’re having fun. We close each year by setting the goals for the new one, our “bold steps,” that I am pleased to share with you. Two of our Five Bold Steps for 2025 are carrying forward from 2023: Engage member firms more deeply beyond the leading partners; and continue to grow membership quality and reach. Those goals remain relevant and timely, and fuel creative ways to make progress. The next three Bold Steps will be challenging and, if successful, highly valuable for member firms. In 2025 we are charged with developing a member firm marketplace, facilitating collaboration on development of solutions, and
Growing membership quality and reach is as constant as breathing for us. We closed 2024 having lost three members to private equity (PE) roll-ups, but we gained three high-quality members in open markets, thus expanding our market coverage. Our pipeline is strong coming into the new year, when you will see another new member announced before the end of this month. Momentum in Project Big Pond is steady, and we expect to see additions in two more open markets with substantial size firms. Of note in our pipeline are referrals that represent our expanding reputation as an alliance of choice.
The quality of our firms shows not only in the cultures and the individuals, but the innovation and entrepreneurial endeavors represented in strong niches and services. There is so much that our firms are doing of which their peers are unaware. We are working on creating a Member Marketplace that facilitates members’
rapidly at a lower cost to each firm. Beginning this month, we will host a roundtable explaining an AI workshop available to all firms to help identify those who would like to explore potential shared solutions. Following tax season, the workshop will take place where we hope to see a group of firms collectively explore shared solutions.
Private equity and M&A activity are nowhere near slowing. Most CPAmerica firms express a strong desire to remain independent yet may have concern over the ability to do so. Additionally, partners have a fiduciary responsibility to understand the financial implications of PE. Among other things, the association will host an ongoing educational series of sharing calls that go beyond PE to increase knowledge on the options in remaining independent such as M&A and ESOPs.
Another area for exploration where we will seek your input is providing a mechanism for firms to consider M&A opportunities within the association. While avoiding being controversial, would it not make sense for firms to have a means to at least consider within if selling is imminent? Further exposure to the firms of CPAConnect may also present opportunities.
Like you, each year we strive to improve the business. We can’t measure improvement through profitability; it’s measured in member retention and more so, by how much you participate, which ultimately reflects your perceived value of membership. Heading into the third year of our three-year strategic plan, we have stayed the course, adjusting as needed, and set our annual goals to ensure that we remain strong and well positioned to support you. We are excited for the year ahead!
