According to Accounting Today, 2011 saw more mergers between accounting firms than any year since 1998. And the momentum has continued in 2012. Whether it's about getting bigger to better compete, strengthening a niche, finding qualified staff, solving succession issues, expanding their geographic footprint, or a combination of any of the above factors, CPA firms of all sizes are joining forces.
On April 27, Ric Rosario, CPA, president and CEO of CAMICO, discussed this topic with the NJSCPA Southwest Jersey Chapter on April 27, 2012.
Ric made the point that many of the problems arising from CPA firm mergers and acquisitions can be traced back to insufficient due diligence, critical thinking, foresight and planning. He stressed that partners need to ask questions about firm philosophy/compatibility, history, scope and risk exposures.
To learn more about how to take steps toward a successful merger or acquisition, read Ric’s article “Considering a Merger or Acquisition? Do the Due Diligence”.