August 21, 2018

McGladrey CEO: ‘Nah, bro. We’re cool right where we are.’

You need to go over to WSJ to read all about how BDO is aggressively gobbling up firms in order to get that much closer to the Big 4's backside. Here's a nibble:

BDO, one of the midtier accounting firms below the Big Four, has been aggressively trying to grow faster under Chief Executive Wayne Berson, and it believes a flurry of acquisitions is the best way to do it. BDO has acquired seven firms since Mr. Berson became CEO in November 2012—more than any other major accounting firm over the same period.

More deals may be on the horizon. From BDO's perspective, the strategy is helping the firm thrive in a competitive market. The deals helped BDO add more clients than any other accounting firm last year, recently compiled figures show.

Read the whole thing, seriously.

But this is the best part of the entire article:

Joe Adams, McGladrey's CEO, said that while he is aware of BDO's push, "we're really taking care of ourselves. Our intention is to build on our lead position in the middle market."

That's shorthand for "Nah, bro. We're cool right where we are." Let's all remember that Joe Adams "grew up" a middle market employee, so middle market is what he knows and middle market is where he wants to be. There's nothing wrong with that. Nothing wrong with that at all.

Related articles

Jeremy Newman Just Wants to Be Clear, We are NOT Declaring Victory Over Banco Espirito…YET

BDO_International.pngAfter throwing an all night rager last week when BDO International Global Coordination skated on the $521M verdict, Jeremy Newman, BDO Boss, wants everybody to chill.

Newman said he had always been confident that BDO International’s arms-length approach would be proved but added: ‘There is still the risk of a further appeal, as well as the appeal by the US firm.’

See? Staying cool. Not out of the woods yet. But when we beat those bastards on appeal, then we are getting down.

Newman stays cool after BDO victory
[Accountancy Age]

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]