Last week Weiser announced that it was joining Mazars Worldwide as a member firm, a move that would alleviate their relationship to one of a joint venture to that of a full combination. According to last week's press release the combined firm will employ 12,500 people worldwide after adding the 650 Weiser professionals to its international network.
Earlier in the week, we were fortunate enough to arrange a chat with Doug Phillips, Managing Partner of Weiser, LLP to discuss the new firm, the challenges of a cross-Atlantic combination, personnel and client reaction to the combination and the plans for future.
A Solid Business Case Made for a Global Strategy
Doug told us the that joint venture between Weiser and Mazars that begun in February 2000 has been great success for both firms, particularly in the last two years. "The business case for us here at Weiser and for Mazars came to a point where it was quite logical to elevate the joint venture to the next logical step of growth and maturity," he told us. Doug insisted that this was not a "Resistance is Futile" situation for Weiser, because the firms were in fact combining as opposed to a takeover by Mazars.
According to Doug, the business case for the combination was one of primarily of global strategy. Both firms had experienced significant growth in the last 10 years; their clients' needs became increasingly global in focus. Doug said, "It gives us a distinct competitive advantage in the marketplace. Existing clients will receive a higher quality of service and we will enjoy the advantage of proposing to new clients."
Combining Transatlantic Cultures
With regards to the meshing of the firms' two cultures, Doug said that navigating the tricky waters of an international combination wasn't as challenging as you might expect, " We've 'dated' for 10 years. We know each other's strengths. We know each other's weaknesses. The overarching cultural issue is the quality of service. The firms are identical in that regard."
And to ensure that the Weiser is well represented at the global level, Doug was elected to the group executive board of the firm. This is committee of five that is responsible for running the global organization. "The importance of the combination is recognized by the fact that I took a seat on that board to ensure the effective integration of the cultures of the cross-atlantic combination," Doug said.
Communication with Employees, Clients was Ongoing
Communication about the combination was ongoing at Weiser. "Things were business as usual and the only real change is that firm's brand will change to WeiserMazars," Doug told us. The same approach was taken with Weiser's clients, "the communication process was ongoing. It's been universally well received and applauded as a business step without concerns about what will be impacted because [clients] have the assurance that our people remain in place and our dedication to the quality of service remains unchanged."
With regards to the future, there are no immediate plans for new offices or mergers with other firms but Doug does expect some new non-attest service opportunities for the firm that could result in the hiring of some new experienced professionals not already in-house, "We look forward to increasing the talent pool to provide higher quality sophisticated services to both our current clients and prospective clients."