Volume 38, Issue 3 | INSIDE Public Accounting Monthly

To Share Financial Data Or Not

A Nuanced Decision

BY: CHRIS CAMARA

When it comes to disclosing financial information, some firm leaders take an open-book approach while others believe the numbers are for partners’ eyes only.

The middle ground involves balancing disclosure to motivate staff while protecting sensitive data.

Randy Nail, MP of Tulsa, Okla.-based IPA 100 firm HoganTaylor (FY22 net revenue of $63.2 million), differentiates between what staff want to know and what they need to know to make them better employees.

“I generally want people to know all that they can know to be successful in what I’ve asked them to do, so if I can share some financial information with them that helps them understand the bigger picture, then why wouldn’t I share that?”

In the annual IPA Firm Administration Survey, we ask if the following financial information is shared — net revenue, firmwide utilization, departmental utilization, realization, net revenue per hour and net income — and with whom.

Responses span a spectrum. Some firms go so far as to keep net revenue private, even though for

With Which Group are Profitability Metrics Shared?

With Which Group are Profitability Metrics Shared?

Source: 2023 IPA Firm Administration Report

many firms, the information is listed on IPA's website for IPA 500 firms.

About 50% of the 249 respondents to the 2023 IPA Firm Administration Survey share it with all staff. “I think many firms feel that the information is proprietary to partners only, and I understand that model, but I think it's old school, to be honest with you,” said consultant Carl George.

COMPENSATION CONSIDERATIONS

While net revenue is the metric most often shared with everyone, net income is the least likely. Only 9% of survey respondents do so, perhaps because net income is considered the most sensitive. In a firm with few partners, staff can quickly estimate who’s making what.

But Nail is open to discussing it. “It’s very sensitive but I like to share it because in addition to that number I try to share broad buckets of benchmarking data,” Nail said. He does not share salary range information for various positions — the range is so broad as to be meaningless, he said — but the firm is clear about the process of determining compensation.

George leans toward openness when it comes to net income. “That's more aspirational, because I think a lot of firms protect the net income number and I understand both sides of that,” George said. “But frankly, I'm from a perspective of give them more rather than less. I think if staff saw the earnings in most firms, they would be wowed by that. And to me, that’s a retention strategy.” George said that in the past some firms have kept net

income private because they feared clients would find out and complain about their rates, “but I don't think that really happens.”

Most firms above $20 million in net revenue use closed compensation systems, so individual partner compensation is kept private. That’s appropriate, consultant Matt Rampe said. “I wouldn’t say open up your QuickBooks file and send everyone the link.”

Like many firms, Hogan Taylor presents high-level information to staff, with PICs explaining the details at the department level. Nail shares utilization and realization figures, but he’s not a big fan of “terms our profession has been in love with for a long time.” He says he wants staff to understand the concepts, but he is focused more on cash metrics, such as net fees, fees per person, collected rates per hour and fees per partner. “We at Hogan Taylor try to de-emphasize value based on an hour worked.” Even though the firm tracks client hours, “it’s not what we talk about.”

THE PLUS SIDE OF TRANSPARENCY

Rampe, of Rosenberg Associates, and George, CEO of Carl George Advisory, see numerous advantages to transparency:

Î Increasing engagement — Staff need to know how they connect to the bigger picture, Rampe says. “People want to help you achieve your goals. People also want to be on a winning team. And I think if we take away the scoreboard people don’t know if we’re winning and they can’t get motivated — even if they really want to help. They don’t know — are we ahead in the game, are we late in the game, do we need to rally, do we need to put our foot on the gas or not?”

Î Setting Expectations — Staff are held accountable for their KPIs but sometimes are not given the information to manage them, George said. Some firms distribute lists of billable hour requirements, noting which staff are over or under their goals. (“I think the optics on that are just awful.”) The idea that peer pressure works to improve performance is misguided and a waste of time, George said. “If this tactic was successful, then why is utilization going down in so many firms? The

key today is individual coaching and supervision, not broad-brush peer pressure.”

Î Developing Trust — “Sometimes the coverup is worse than the crime,” Rampe said. “If leadership is not telling their staff something, the staff might reasonably wonder why not.” Staff should feel that they are trusted enough with financial information to use it well.

Î Keeping Partners on Track — Presenting financial data is one way to keep partners accountable to firm goals. “I think it’s a challenge as a leader to say, where are we going to go and what are the numbers we care about,” Rampe said.

Î Talking About What Matters — Discussing financials also presents an opportunity to tell staff about the non-financial metrics that make a difference, such as retention or culture, Rampe said. “It becomes a way to take a stand on what matters at the firm.”

TEACHING PROFESSIONALS TO BE BUSINESS OWNERS

Nail, George and Rampe believe that disclosing financial information should be part of a larger effort to educate staff about the business of running an accounting firm.

“I think a lot of firms are assuming staff know more than they do, and that's not a slam on staff. They've never had the opportunity to learn the business,” said George, who notes that training should be held at least yearly with growing sophistication as time goes on.

“I want our leaders to be people of good business acumen,” said Nail, “and I want them to understand the economics of our business so that as I ask them to be business advisors to our clients, they at least know how our business works.”

Nail believes that the firm is sharing enough information, but not too much. “We don’t have drama around financial disclosures at Hogan Taylor so we must be striking the right balance somewhere.” 

Carl George

Matt Rampe

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Life in the Fast Lane

It’s Time to Kick It Into High Gear

BY: CHRIS CAMARA

Firms with no intention of selling part of their business to private equity can still compete, asserts consultant Gale Crosley, but it will take a concerted effort to reimagine growth.

The neighborhood is changing, she said. Private equity is flooding accounting firms with money, talent and best practices from the corporate world. “In a nutshell we have to be much more sophisticated about the way that we grow.”

Crosley, president of Crosley+Company, sat down with INSIDE Public Accounting Monthly to discuss what she’s learned over two years of meeting with private equity executives about the dramatically changing business landscape, how it impacts accounting firms, and how to progress within the new world if private equity isn’t in the cards.

A FASTER PACE

First off, firms are going to have to move faster to grow faster, she said. “We haven't been on the shoulder of the road but we've been at a nice, leisurely right-hand-lane pace. They're in the left-hand lane and they're rolling down at 70-80 miles an hour.”

Because private equity firms are so transaction-oriented, decisions are made much more quickly and that means firms must adopt a more strategic approach to growth, driven by a growth leader guiding a team, not just individual rainmakers.

CATCHING ‘A FISH AT A TIME’ NOT GOOD ENOUGH

Crosley advises firms to appoint leaders responsible for growing service lines or industry groups. Based on the corporate model, the role is akin to a division president, with compensation tied to growth and profitability. “That’s not an extracurricular activity anymore with a few rainmakers — that's core curriculum.” She likens the idea to throwing a net to capture an entire market rather than “one fish at a time.”

Guiding the individual growth leaders should be a chief growth officer leading and supporting the growth of the entire firm. “I use the concept of a three-legged stool where strategic growth is the seat of the stool, and that would be your chief growth officer, and they have marketing responsibility, they have sales leadership responsibility, and they have innovation — a.k.a. product management — responsibility.” The marketing function is well built-out in many firms, but not the sales and product management side.

CULL THE BOTTOM, BUT REMEMBER THE TOP

Over the last few years, firms have prioritized culling less profitable,

more troublesome clients without focusing as intently on the top clients. Crosley says she’s not talking about just tactical cross-selling because revenue growth takes a deep understanding of the power and politics within the client organization and it involves completely different skills. She says she’s speaking of cordoning off the clients who represent the majority of revenue and strategically expanding services to that group. “We're going to need that as well because these are the things that private equities are expecting and this is the world they came from.”

DON’T IMMEDIATELY REJECT PE OVERTURES

Crosley said firm leaders have told her they immediately delete email requests from private equity executives, but she suggests interviewing them as there’s much to be learned. Why reinvent the wheel when private equity has already done it? One day, firms may bid an audit for $75,000 only to find that a private equity-backed firm can use deep pockets and technology to bid it for $30,000, “and by the way it’s going to be more efficient and a more pleasant experience and they’re going to have much more than they ever anticipated in terms of extras.”

Firms that want to stay independent have a path forward, Crosley said. “The overarching theme is the neighborhood’s changing. You need to make decisions in your own way and with your own group but don't be sitting there with the banker-breakfastlawyer-lunch mindset anymore — it's not going to fly.” 

Gale Crosley

Beyond Private Equity

Grassi & Co. Chooses Employee-Driven Future with ESOP

BY: CHRIS CAMARA

For Louis Grassi, the question was not why establish a privately funded employee stock ownership plan (ESOP), but why not.

For Grassi, CEO and MP of New York-based IPA 100 firm

Grassi & Co. (FY22 net revenue of $116.2 million), the proof was all around him, in the stories he was hearing from clients. The firm has a significant presence in the space, having served about 35 ESOP companies. One client thanked Grassi and pulled him aside to point to an ESOP balance of $1.8 million.

“I went back to the owners of the firm and I said, ‘You know what? I’d love to hear those stories from our employees. Let’s put that in play and impact everyone’s life who works for us from the janitors up to the partners. Why don’t we reward everyone in this company and allow them to not only have a seat at the table but to be a beneficiary of everything we do collectively?’ ”

Grassi & Co., an IPA Best of the Best firm, last year joined the massive BDO, the Chicago-based IPA 100 firm with FY23 net revenue of $2.8 billion, in announcing the establishment of ESOPs for their U.S. employees. The firm structure is uncommon in the profession, although ESOPs have also been embraced by Indianapolis-based Katz Sapper & Miller (FY22 net revenue of $122.9 million), Bland & Associates of Omaha, Neb. (FY22 net revenue of $13.3 million), and Sparks, Md.-based SC&H (FY22 net revenue of $92.5 million).

Here, Grassi explains the decision-making process and the benefits he is already seeing from taking the ESOP route.

For employees, it doesn’t change their day-to-day work, but it changes their day-to-day attitude, he said. ESOPs are proven to increase employee retention and

engagement, and Grassi is seeing that play out, as all employees (now owners) are rewarded with increased share value if the firm does well.

“If there ever was true alignment between the company itself and all of its team members, this is true alignment. It’s very exciting for them because when they’re working now, they know they’re the direct beneficiary.”

He sees the ESOP not only as a boost for current employees but as a recruitment tool. “That’s the new era we’re entering into where the average worker doesn’t want to sit on the sidelines anymore, they want to stand up and be counted.”

The firm also announced that it will shift to an alternative practice structure, with Grassi Advisory Group performing all advisory and tax services, and Grassi CPAs managing all audit and attest work. That process took more than a year and half, which was longer than it took to establish the ESOP itself, Grassi said.

Taking a private equity investment was naturally considered and Grassi acknowledges it’s a viable alternative for some firms, but under the ESOP arrangement, the future of the firm is solely in the hands of all employees. Plus, Grassi didn’t want his firm traded every four years or so and he didn’t want to go back to loyal clients to explain it. “It just didn’t feel right for us and if it doesn’t feel right, it’s probably not good for the entire organization. We wanted an organization-wide solution.” 

“The average worker doesn’t want to sit on the sidelines anymore, they want to stand up and be counted.”

LOUIS GRASSI, MP GRASSI & CO.

Bill Rates and Net Income per Partner

BY: CHELSEA SUMMERS

The billing rates a firm can command depend on where a firm is located. But even in similarsize markets, the range of equity partner billing rates varies wildly. The table below shows the average billing rates for equity partners in four different market sizes as well as those in the top 25th, middle 50th and lowest 25th percentiles. In the 1- to 2-million population size, the top 75th percentile of equity partner bill rates is a little over $550 while firms in the 25th percentile charge a bit over $300 an hour.

While the actual billing rates depend on the population size of the market, the fact remains that when it comes to net income per partner (NIPP) at the different percentages, those firms that command the highest 25% of billing rates also have the highest NIPP, as there’s a direct correlation between billing rates and the income per partner at the firm.

Find out more information on billing rates and income per partner by purchasing the 2023 IPA Practice Management Report . The 2024 IPA Practice Management Survey is now open for participation. Contact IPA for your access to the survey. 

IPA Profile

Samantha Bowling

Managing Partner

GWCPA

GWCPA

75

What is the single biggest challenge facing your firm now?

We are on a mission to eliminate busy season. We cannot change the deadlines, but we can change how we react to them. The tax return or financial statement is not the value. It is the byproduct of our value. Technology continues to automate what we do, forcing us to elevate our staff to a higher level of service. We are so “busy” doing the work that we are missing the opportunity to truly serve our clients. If our clients’ financial records are current and their tax position is covered then they will not care when their tax returns are filed. This allows us to shift the compliance work outside of the traditional busy season. If we bill based on value and not time, then we can force this profession to stop valuing team members by billable hours and stop underbidding each other for work. Our biggest challenge today is illustrating our value and charging the right fee for that value.

Where do you expect to be focusing most of your attention in the next two to three years?

In 2026, GWCPA will have solidified our position as a trailblazer and role model for small firms. Building on our solid foundation, we have implemented strategic initiatives that have propelled us toward our envisioned

success and transformation. A talent magnet, GWCPA has defined specializations, training and growth pathways for our confident and empowered team, which now includes two new CPAs. Our vision and consistency with our values and brand have led to deeper client relationships and growth in both service lines and revenue. This growth has enabled GWCPA to be even more involved in the community. Finally, our process and technology efficiencies allow more breathing room for our team members who enjoy true work/life integration.

We are launching our new website next month, which automates our client acceptance and onboarding process. This website requires potential clients to watch a video and complete a survey. The survey has automatic green and red flags, and if a potential client receives too many red flags, they will receive a message that we are not the right firm for them.

I became a CPA to help others and that is the answer I hear from many CPAs. The problem is that we do not

What

know how to say NO. We can’t help everyone, and we shouldn’t be helping everyone. GWCPA will be working on specialization and becoming experts in our revenue streams. We are going to focus on moving our clients from compliance-only work to a higher level of advisory services, which includes innovating clients’ internal accounting systems and processes.

What is the biggest and sometimes missed opportunity for the profession?

We have an obligation and responsibility to help our clients innovate. It frustrates me when I hear firms and businesses say that they do not need to change anything because the way they do it is fine. If your clients have not changed a process or technology in the past five to eight years, then I would say everything is broken. We also have an obligation to talk to them about succession planning, which includes investing in innovative processes, technology and people.

was the best advice you received as a young up-and-comer in the profession?

The best advice I have received throughout my career has always come from my husband David and Simon Sinek (through his books). David told me to leave this firm in the 1990s and it was the best thing I ever did because it showed me early on that I could impact change. When they asked me to come back and provided an offer, he made me tear it up and write my own demands. He made me revise those demands four times before he would let me send them to the firm. Sometimes it just takes one person to believe in you to open your eyes to the possibilities.

I really leaned on Simon’s books later in my career, because everything I wanted to do was answered with “we can’t do that” or “that’s never going to work.” My three favorite quotes:

“Innovators are the ones whose dreams are clearer than the reality that tells them they’re crazy.” 1

“Leadership requires two things: a vision of the world that does not exist and the ability to communicate it.”

“A vision is like a dream — it will disappear unless we do something with it.”

What advice would you offer to someone entering the accounting profession today?

Be the voice of change, not the voice of complaint. It is better to listen, learn and truly understand what the problem is, and then offer a solution and volunteer to implement it. I have always said the “P” in CPA stands for patience and perseverance. I would also advise someone entering the profession to inquire about the company’s succession plan, how owners are compensated and how they will be compensated for innovation and non-billable time. If they will not share this information or their answer is that we do not compensate for innovation or nonbillable time, then run as fast as you can. When someone offers you an opportunity to learn and participate in something that will help you grow personally and professionally, always answer YES!

What

motivates you most as a leader?

I am motivated to make things better for the next generation of CPAs. My experience as a woman in this profession in the 1990s motivated me 100%. The fact that I was not equal and was expected to step away from accounts because I was a woman made me angry. The leadership mentality of “paying your dues” and “having to do the same or more than the leadership before you” is ludicrous. This creates a culture of greed, resentment and is one of the problems related to our profession’s pipeline issues.

Where do you see the accounting profession in five years? How do you see it changing/developing and/or how would you like it to change?

I expect continued automation of accounting tasks and elevation of accountants to a higher level of service and client interaction. I see firms that refuse to innovate,

use AI or adopt technology become extinct. If you are relying on your non-innovative company or firm to be your retirement plan by selling it, then I suggest you start innovating now, because there will be no value if you don’t.

I would like for busy season to disappear because we have moved away from compliance-billed hours to value billing. Our clients have a clear understanding of their financial situation in real time and include us in the decision-making. I would like for all accounting swag to be positive messages and for parents to recommend accounting careers as the best choice for their children.

What is a business book you'd recommend to other leaders?

Together is Better by Simon Sinek and Getting Naked: A Business Fable About Shedding the Three Fears That Sabotage Client Loyalty by Patrick Lencioni.

What is your proudest professional achievement?

I have been blessed with many opportunities in my career. However, I believe each of those opportunities were providing me with what I needed to succeed in my overall mission. My proudest professional achievement is the transformation of Garbelman Winslow CPAs to GWCPA. I started this mission almost 25 years ago when I was an accounting manager. The change was gradual and sometimes painful, but always one step forward. The progress our firm has made over the past three years was possible because our team was engaging and could see what was not there. Our external image matches our brand, and we have values to measure everything against. We are positioned to succeed for another 75+ years. I have a legacy that I am proud to leave behind because we did this together. I know the foundation for GWCPA is solid and that our brand/image will continue to evolve, because that is how we built it. I feel like I made my dream come true 

The IPA community wants to get to know you better! If you’d like to share your thoughts and insights in an IPA Profile, let us know at ccamara@ipainsider.com.

Aprio's Bold Move

Firm Defies Private Equity Trends, Eyes $450 Million in Revenue

BY: CHRIS CAMARA

Atlanta-based IPA 100 firm Aprio (FY22 net revenue of $317.3 million), in 2023 alone, acquired nine firms and added 600 staff across 25 offices. And slowing down is not in the plans for 2024. “It’s been a fun ride,” said CEO and MP Richard Kopelman

A bigger firm means more opportunities — for clients who are encountering issues they’ve never seen before; for staff who can expand into new markets and specialties;

and for the business community where Aprio can make an enormous impact, he said.

Growth at the IPA Best of the Best firm was quick but strategic, said Kopelman, who spoke to INSIDE Public Accounting Monthly about the ‘whys’ behind the firm’s eye-popping growth, the practicalities of integrating so many firms, predictions of upcoming trends and his wish for the future.

COMPETING AGAINST THE LARGEST FIRMS

Ranked as the 35th largest U.S. firm in 2022, Aprio jumped to No. 28th in 2023, making it one of IPA’s fastest-growing firms that year with a growth rate of 85.7%. Aprio will no doubt jump up the list this year, as Kopelman predicted the firm could hit $450 million in revenue.

The driver behind the growth is to position Aprio to compete head-to-head with the largest firms in the country, even those partnering with private equity firms that are investing in technology and talent and pushing the big firms to grow even bigger. The largest transaction was announced last month, with No. 10 firm Baker Tilly poised to take an investment from two global private equity firms.

Aprio decided against the private equity route. “We have continued to attract talented groups that have been like-minded about building this business together and navigating the direction of the business as a team,” Kopelman said. “In fact, our board today is almost 50% members that came from merged-in firms over the last three years, which I think says a lot about the transformation of how we are operating the business.”

“If this was a baseball team we’d be batting better than 350 and Aprio would get named to the Hall of Fame.”

RICHARD KOPELMAN, MP APRIO

A DELIBERATE APPROACH TO INTEGRATION

Kopelman said that Aprio looks for firms with similar cultures, but pulling hundreds of staff into the firm over a period of months means cultural alignment isn’t going to take care of itself. “The most important thing is we’re super intentional about it. We have a dedicated integration team that is focused on helping people get acclimated as quickly as possible and become part of what we call One Aprio.”

The firm has hired outside experts to help assimilate various teams into one firm and taps into Aprio’s 31 firm fundamentals, or the actions and behaviors staff are encouraged to use in their day-to-day work, which were developed in conjunction with the name change to Aprio, which was unveiled in 2017 to replace HA&W. A “fundamental of the week” email goes out every Monday and every team meeting starts with a brief discussion on how it’s practiced.

The largest firm to be merged into Aprio in 2023 was Aronson of Rockville, Md., which brought 350 team members, including 42 partners, to the firm. Lexy Kessler, the former Aronson MP-Elect and now Aprio’s

mid-Atlantic regional leader, says integration took place in phases. “Not everything is a light switch on day one, and that does help a lot.”

A key piece of integration is a strong emphasis on DEI issues. Over 10 months, the firm formed five employee resource groups so staff can come together outside their offices, or homes, and create their own communities where they can be their authentic selves, she said.

A WISH LIST

Some of the profession-wide trends Kopelman sees are an increase in private equity investments, continued consolidation, the necessity of major technological advancements, a rise in client accounting service and ESG offerings, and the need for staff to move up the ladder faster.

What he’d like more than anything else, though, is more positive messages about the field to encourage more people to make public accounting their career. He believes accounting outranks any of the benefits of being a doctor, lawyer, architect or engineer. “My prediction, if I could will it to happen, would be that we would be out talking about how wonderful and amazing this profession is and get rid of all the negativity that floats around out there in the ether.”

He jokes that of his three boys, the eldest is a CPA and the youngest is thinking about it. “I’m doing my part.”

The scale of Aprio now allows the firm to make heavy investments in technology, learning and development, business processes and in a broader range of services for clients. “We are very fortunate, and I guess if this was a baseball team we’d be batting better than 350 and Aprio would get named to the Hall of Fame.” 

NET REVENUE

2,171

TOTAL STAFF

200

NUMBER OF PARTNERS

24 U.S. offices and international offices in The Philippines and Colombia

FIRMS in the news

BAKER TILLY SECURES PRIVATE EQUITY INVESTMENT IN LARGEST CPA TRANSACTION TO DATE

Chicago-based Baker Tilly (FY23 net revenue of $1.6 billion) today announced that it will receive a strategic investment from global private equity firms Hellman & Friedman (H&F) and Valeas Capital Partners (Valeas).

The investment, expected to close in early June 2024, recognizes Baker Tilly’s outstanding track record of value creation and marks the largest private equity investment in the U.S. CPA profession to date, the firm announced.

In the past five years, Baker Tilly, ranked by IPA as the 10th largest firm in the country, has doubled its workforce by expanding its footprint nationally and internationally. The significant investment (no terms were disclosed) from H&F and Valeas allows the firm to access additional capital and capabilities to accelerate growth through investments in talent, technology and further strategic acquisitions directed at providing best-in-class client services.

As part of this transaction, the firm will be restructured as two entities: Baker Tilly Advisory Group will provide the firm’s business advisory, tax and other services with Jeff Ferro continuing in his role as CEO. Baker Tilly US, a licensed CPA firm, will provide the firm’s attest services with Jere Shawver, MP of risk and assurance, stepping into the new role of CEO.

CITRIN COOPERMAN INCREASES FLORIDA PRESENCE WITH ACQUISITION OF KEEFE MCCULLOUGH

New York-based IPA 100 firm Citrin Cooperman (FY22 net revenue of $432.4 million) has announced the acquisition of Keefe McCullough & Co. (FY22 net revenue of $13.3 million) of Fort Lauderdale, Fla., a full-service tax, attest and business advisory firm, effective Feb. 1, 2024.

Keefe McCullough & Co. (KMC) will join Citrin Cooperman with 11 partners and more than 75 total employees. KMC’s Fort Lauderdale location will join Citrin Cooperman’s established offices in the Miami metro area. This deal is latest of numerous acquisitions Citrin Cooperman has made since it received private equity funding in 2021 from New Mountain Capital.

MOWERY & SCHOENFELD STRENGTHENS MARKET PRESENCE WITH HOCHFELDER & WEBER MERGER

Lincolnshire, Ill.-based Mowery & Schoenfeld (FY22 net revenue of $27.9 million) announces its merger with Hochfelder & Weber. This strategic move enhances Mowery & Schoenfeld’s position in the market and enriches its service offerings.

Jeffery Mowery, MP at Mowery & Schoenfeld, stated, “This acquisition marks a significant milestone in our growth strategy and underscores our commitment to delivering unparalleled service to our clients.”

Robert D. Olson, MP of Hochfelder & Weber, will join Mowery & Schoenfeld as a partner, further strengthening the firm’s leadership.

BALDWIN & ASSOCIATES JOINS DRAFFIN TUCKER

Albany, Ga.-based Draffin Tucker (FY22 net revenue of $18.1 million) is expanding its footprint through a partnership with Baldwin & Associates of Mount Pleasant, S.C., a well-established firm serving the greater Charleston and coastal South Carolina area since 2003.

Bob Baldwin, who leads Baldwin & Associates alongside partners Alys Anne Dennis and Stephen Moose, stated, “We have decided to join Draffin Tucker because we share the same values of integrity, quality and personal attention to our clients.”

With over 75 years of experience, Draffin Tucker offers a comprehensive range of professional accounting services from its headquarters in Albany, Ga., and an additional office in Atlanta. Jeff Wright , MP of Draffin Tucker, commented, “This combination will enhance the ability of both firms to provide the service, expertise and resources available to our clients.”

PKF O’CONNOR DAVIES WELCOMES SUÁREZBALDOMERO

New York-based IPA 100 firm PKF O’Connor Davies (FY22 net revenue of $335 million) has announced the addition of SuárezBaldomero, effective Jan. 1.

Established in 2011, SuárezBaldomero of Little Falls, N.J., is a tax, accounting and advisory firm with deep expertise in federal, state and local tax compliance; audit representation; and business consulting for both domestic and international clients. Shareholder Belarmino A. Suárez and all the firm’s employees join the staff of PKF O’Connor Davies and remain in their current office.

Clients of SuárezBaldomero are based in a number of countries, including Spain, Mexico, Argentina, Peru, Chile, Venezuela and the United Kingdom. The firm specializes in assisting foreign businesses with structuring their U.S. footprint in an effective and efficient manner while navigating them through the federal, state and local tax system. In addition, the firm provides litigation support, forensic accounting, cash flow management, business valuation, mergers and acquisitions, multi-state sales and use tax compliance, nexus studies and due diligence reviews. 

PEOPLE in the news

LMC Announces New Partner

LMC (FY22 net revenue of $19.2 million) of New York admits Christopher Kotan as a new partner to the firm. Kotan has been an invaluable asset at LMC throughout his tenure, serving as a dedicated and loyal tax professional.

His industry specialties encompass a diverse range of sectors, including wholesale, retail, manufacturing and distribution, real estate, apparel, art and professional services.

As Kotan assumes his new role as partner, LMC is confident that he will continue to excel and lead with integrity. He has shown a steadfast dedication to his clients’ success in their financial goals.

Eide Bailly Announces New Chief Financial Officer

Fargo, N.D.-based IPA top 100 firm Eide Bailly (FY23 net revenue of $616.5 million) announces Albert Kline as new Chief Financial Officer, effective Jan. 22. Kline will be a member of the firm’s executive management team and will lead the firm’s finance and accounting teams.

Kline began his professional career with a Big 4 firm and most recently worked for a $1 billion public executive recruiting and consulting firm.

Kline commented, “I look forward to working closely with the management team, the partners and broader firm administration as we execute against the strategic vision of the firm and continue to grow.”

Jeremy Hauk , MP/CEO of Eide Bailly added, “Albert’s impressive background in financial management and executive leadership will be instrumental as we navigate our next phase of growth. He is a strategic leader who connects well with the culture of our firm. His expertise aligns perfectly with our strategic vision, and we look forward to the valuable contributions he will bring to our organization as CFO.”

Albert Kline

Christopher Kotan

PBO Advisory Group Announces Leadership Changes

PBO Advisory of San Diego introduces its new CEO, Francesca San Diego. San Diego will be focusing on the delivering services and operations in support of key strategic relationships and growing advisory services.

Mike Ford, who founded PBO Advisory in 2011, will continue serving as president and leader of business development and marketing, as well as expanding geographically through strategic partnerships with other service providers.

Jennifer Rebis will assume the role of CFO. With 20 years of progressive accounting experience, she most recently served as a senior finance consultant for many PBO Advisory clients.

PwC Elects Paul Griggs to Lead Firm, Replacing Tim Ryan

More than 4,000 U.S. and Mexico partners and principals of Big 4 firm PwC have elected Paul Griggs to serve as the firm’s next senior partner. His four-year term will begin July 1.

A nearly 30-year PwC veteran, Griggs serves on the U.S. leadership team as vice chair of U.S. markets, overseeing the strategy and execution of the commercial, people, community and quality efforts across 90+ offices. Having served as a lead client partner for some of the firm’s largest clients, he has advised companies through significant global change — including business model reinvention, public offerings, acquisitions and divestitures — driving trust within the capital markets.

Griggs will succeed Tim Ryan, who has served as U.S. senior partner since 2016. Ryan will retire from the firm at the end of his term on June 30, concluding a 35year career at PwC.

Weaver Welcomes Ryan Coleman as Partner

Houston-based IPA 100 firm Weaver (FY23 net revenue of $254.8 million) admitted new partner Ryan Coleman . Coleman joins Weaver as partner with a focus on tax provisions and research and development (R&D). Coleman brings over 20 years of experience, including at two Big 4 firms.

Coleman will be leading R&D tax credit services, supporting clients across industries such as technology, aerospace, manufacturing and more. His proactive approach and deep understanding of tax regulations will enhance client experience and strengthen Weaver’s specialty tax services.

Francesca San Diego

Ryan Coleman

Paul Griggs