The first Cubs World Series win at Wrigley Field in 71 years wasn't just going to happen. The three CEO's of Grant Thornton since 2001 at the World Series tonight! Go Cubs! pic.twitter.com/jhf2lVgDba — J. Michael McGuire (@mikemcguireCLT) October 31, 2016
Stephen Chipman, erstwhile CEO of Grant Thornton, blogger, romantic, inexperienced Chicagoan, incredibly unprepared Chicagoan, note writer, dynamic perpetual optimist etc. etc. is hanging it up after 34 years at the Purple Rose of Chicago: Grant Thornton LLP announced that Stephen Chipman, senior vice chairman of Grant Thornton LLP, has elected to retire early from […]
A few Accounting News Roundups ago, Colin linked to a story about Grant Thornton's new tax hub in Bangalore. In that article, GT CEO Stephen Chipman enthusiastically declared his own tax return is prepared by Indians in Bangalore, which is fine for him. What Colin didn't highlight was this quote, in which Chipman declares hiring […]
Today: J. Michael McGuire named CEO-elect of Grant Thornton U.S. http://t.co/LEviUIJtDh pic.twitter.com/qfKWTBpp4f — Grant Thornton LLP (@GrantThorntonUS) June 2, 2014 Looks like Grant Thornton opted for something other than a Costanza lookalike for their next CEO. According to a Grant Thornton press release, JMM assumes the role of CEO-elect immediately and will take over for Stephen […]
We need to clarify this situation before people start claiming everyone at GT is going to be fired and replaced with humanoids and/or shapeshifting lizards. As far as we know, that is not happening so just relax. What is happening is Stephen Chipman is aiming to hit the door at the end of 2014. Here […]
The Purple Rose of Chicago turned in a scorecard of $1.274 billion in revenue, up 5 percent, for fiscal 2013. And Stephen Chipman, for one, thinks that's a solid effort: "Attaining record revenues in a still tepid economic environment is a testament to our long-term strategy of focusing on dynamic, mid-sized clients that are poised for […]
Stephen Chipman has bestowed 30 purple roses, saying, "Our partners and principals have demonstrated great value to our dynamic clients and to our firm through their technical expertise and passionate leadership." There's also 20 new managing director,s however they merely, "[help] our partners execute the firm's strategy." Sounds like a slap in the face. I […]
Everyone's favorite tattoo parlor, Grant Thornton, has announced its revenues for the fiscal year ended, July 31, 2012 and things went pret-tay, pret-tay, pret-tay good. The $1.212 billion was so good, in fact, that it was a record for the firm and CEO Stephen Chipman says everything is going to plan: Grant Thornton’s strategy is […]
As we've mentioned on several occasions here, when the media profiles Big 4 bigwigs, the revelations are far less interesting than, say, a movie star-governor. If touchy subjects are addressed, they are glossed over fairly quickly to move on to charity work, perseverance, or family life. It's like a heart-warming after-school special. Grant Thornton CEO […]
The Grant Thornton CEO tells Accounting Today he doesn't have any "inside information"; you're just going to have to trust him. “My sense is that the SEC is getting closer to a position,” he said during an interview with the Accounting Today staff on Tuesday. “I don’t have any inside information. This isn’t based on […]
As we all know, Grant Thornton has upped its game in the past few months. It rolled out a new fancy schmancy ad campaign that explains how not to be a loser and was the surprise top dog in this year’s Vault rankings.
Yesterday, the Purple Rose of Chicago announced that more good times are coming via its new “Growth Platform” that will give all those dynamo clients a spurt. Hey! there’s even a website for the whole thing.
So in case things aren’t clear, growth is winning. And it’s not just for the lucky clients who count GT as their professional services provider. The firm itself is a weed of dynamism, says Stephen Chipman:
Grant Thornton has growth plans of its own. “We want to grow ourselves,” said Chipman. “We’re dynamic and we’re on the move. We want to, over time, raise the bar on the growth agenda and be committed to it for the long haul.” The firm plans to continue with its global expansion plans, especially in emerging markets. “We’ve been very vocal about how the global organization has an ambitious five-year strategy to double our market share, and that’s consistent with our plans here in the United States,” said Chipman. “There will be organic growth, it will be strategic growth. We will invest in new talent and expertise, and it will be M&A growth through mergers and acquisitions.”
Right! Connecticut! What’s more exciting than the Constitution State? Wait, don’t answer that. You’re probably wondering if all this excitement means that GT will go for a sexy new makeover. You know, something less Northwestern and maybe something more…Ohio State, perhaps? Well, as of now, that won’t be necessary:
The new brand positioning will not extend as far as changing the firm’s logo or slogan, at least not yet. “We are not changing our logo,” said Chipman. “You will see the same Grant Thornton logo, but you will see a lot of branded material focused on supporting the growth agenda.” However, Grant Thornton may eventually evolve its strategy to incorporate new taglines or slogans. “As we move forward with this over the next several months, we will certainly be looking for different ways to innovate to present our messaging,” said Chipman.
So it sounds like the team colors will stay the same but could a message focused on “growth” actually involve something that tangibly “grows” like say, “roses”? And by extension, could this mean tangos will make a comeback? God, please make it so.
Accounting Today released its Top 100 Most Influential People in Accounting (free registration required) late yesterday and it seems to be a tad more interesting than in years past. Sure, there are plenty of predictable names and faces in the list but any list that has Dave Albrecht, Paul Caron, and Grover Norquist is okay by me.
That said, it’s still in alphabetical order which may not appropriately present who the influenciest influencers are. I mean does sticking a man with a last name that starts with “N” and ends in “quist” somewhere in the middle of the pack (only a few spots in front of the POTUS) truly show how influential he is? It’s just a question.
ANYWAY, here are some notables that you’ll probably recognize:
Dave Albrecht – Associate Professor at Concordia College, The Summa
C.E. Andrews – President, RSM McGladrey
Paul Caron – TaxProf Blog
Stephen Chipman – CEO, Grant Thornton
James Doty – Chairman, PCAOB
Joe Echevarria – CEO, Deloitte
Michelle Golden – President, Golden Practices
Tom Hood – CEO, Executive Director Maryland Association of CPAs
Hans Hoogervorst – Chairman, IASB
Robert Moritz – Chairman and Senior Partner, PwC
Caleb Newquist – Founding Editor, Going Concern
Grover Norquist – President and Founder, Americans for Tax Reform
Barack Obama – President of the United States
Barry Salzberg – CEO, Deloitte Touche Tohmatsu
Mary Schapiro – Chair, SEC
Doug Shulman – IRS Commissioner
Jim Turley – Global Chairman and CEO, Ernst & Young
John Veihmeyer – Chairman and CEO, KPMG
Jack Weisbaum – CEO, BDO
I cherry-picked this list obviously because it’s a bit of a pain to re-type all of them, so don’t hold that against me. Still how two Swedes and two Barrys got mashed together is kind of odd. And on a more personal note, I’d really feel awful if I was the one who took Dennis Nally’s spot. Go check out the full list and discuss at your leisure.
After yesterday’s news that LECG that was more or less pulling the plug, Grant Thornton finally put out a press release that they were acquiring a “significant portion” of the company’s business.
GT is taking on 270 employees in Atlanta, Chicago, New York, Philadelphia and Portland across all its service groups. Naturally, Stephen Chipman is thrilled to share this dynamic news, “We are pleased to welcome these outstanding individuals to Grant Thornton LLP,” SC said, “I am confident that they will fit in perfectly with our people — intellectually curious, talented individuals who want to make a difference with their clients, in their workplace and in their communities.”
Which was a perfect segue into this:
“As I have stated before, our goal is to be the leading audit, tax and advisory firm serving dynamic organizations in our chosen markets,” continued Chipman. “Dynamic companies are companies that are ambitious and growing, expanding internationally. They are dealing with critical events or transactions and are in need of our value-added, integrated service solutions. We will continue to explore additional strategic mergers and acquisitions as our balance sheet is healthy [Ed. note: care to share?] and we are in a position to attract similar talent.”
In other words, GT is still on the prowl for more people to join their party. Any interested parties need to come with dynamism in boatloads.
Remember those GT/Moss Adams rumors from back in January? At the time, our post sent both firms calling for plumbers but we still mangaged to get a copy of an email from Moss Adams CEO Rick Anderson that denied the rumor in an email to the firm’s partners. Everything has been quiet since then mostly because…well, it’s busy season. Granted, firm leaders like Stephen Chipman and Rick Anderson aren’t thigh-deep in spreadsheets like most of you so the fact it’s entirely plausible that while you’re all distracted, TPTB have been courting each other.
We received this brief note from a tipster yesterday:
Rumor is [Grant Thornton] [is] about to announce big west coast deal.
Our source originally speculated that a tax/valuation/consulting boutique was the target because of an old Andersen connection but then told us that the latest word from the west coast is that Moss Adams is back in the picture. In our original post, we went over the reasons for and against the GranMoss merger and frankly it still could go either way (we’re leaning “no” at this point). That said, Grant Thornton has been on a buying spree, most recently picking up some attest services from the LECG Corp. fire sale, so a merger of some kind wouldn’t be a surprise but WHO?? We’re listening to any and all well-founded or crackpot theories.
Moss Adams has declined to comment on the rumor thus far and Grant Thornton did not return an email requesting comment.
UPDATE: This just in from a Grant Thornton tipster:
While I have no actual basis for substantiating this, we have a Moss Adams wireless signal in our office in the central region. There is no Moss Adams office in our building, or even out state, its been there since about January when the rumors first popped up. I just thought it was interesting. I have no insight into any of this, I’m just a lowly peon staff…
Perhaps there’s an explanation for this but I’m no expert on the wireless signals and whatnot so I’ll leave it to you to reason this out.
This week we learned that Dixon Hughes and Goodman & Co. would be wedded in CPA firm bliss on March 1st. We’ve also seen a couple of smaller mergers announced this week in the tri-state area: Rosen Seymour Shapss Martin & Company LLP and Kahn, Hoffman & Hochman, LLP formed Kahn Hoffman & Hochman and Morrison, Brown, Argiz & Farra, LLC and ERE, LLP.
But e heard a rumor that trumps all of these:
The new rumor is that Grant Thornton and Moss Adams are merging. I have it on good authority (an industry consultant and the MP of a California firm).
Okay, so not exactly rock solid but intriguing enough for us to ask around. So far, Grant Thornton spokeswoman Kristi Grgeta has not returned our emails or voicemails and Moss Adams has declined to comment at this time. We’re poking around with other sources but still waiting to hear back.
So for now, let’s just go with the hypothetical. If GT and Moss were to combine, it would make them the 5th largest firm in the U.S., narrowly edging out McGladrey, with about $1.5 billion in revenues, going by Accounting Today’s most recent figures. Currently they are 6th (GT) and 11th (MA) on the AT100 list and 6th (MA) and 23rd (GT) on Vault’s flagship ranking. Their combined forces would have nearly 800 partners and over 7,100 total employees, if you assume no layoffs.
While all that might serve Stephen Chipman’s desire more dynamic clients (and perhaps more blogging fodder?), it would certainly require a few more hand-written notes. Not only that but GT already has a presence in every major market that Moss Adams does unless they’re looking to mine the Eugene, Oregon market for LOSERS and have reconsidered their divestment in Albuquerque. Also culturally, this seems like a strange fit as GT strikes us as pretty buttoned-down while Moss Adams is more laid back but maybe we’ve got that wrong. You tell us.
Regardless, Grant Thornton has voiced interest in merger possibilities and picked up Huron Consulting’s Disputes & Investigations practice last year, so who knows!? Both firms just closed the books on 2010 and maybe they’re laying some groundwork?
So, what do the GT and MA people make of this? Hell, anyone can chime in, we’re just finding this particular rumor pret-tay interesting. Some things make sense and some don’t, so we’ll leave it to you to hash out. And of course, if any of this sounds familiar because, you know, you heard something in a meeting about this very topic, email us. We’ll update you with anything we hear.
In a national survey of U.S. Chief Financial Officers (CFOs) and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, only 29% plan to increase hiring in the next six months, while 21% plan to decrease hiring.
A vast majority (79%) believe that the U.S. economy will not recover until the second half of 2011 or later, and more than half (59%) are concerned with a double-dip recession.
“These findings are consistent with what we have been hearing from our dynamic-organization clients,” said Grant Thornton LLP CEO Stephen Chipman. “Indecision stemming from a weak economy and the unknown impact of governmental tax policy and new regulation on business and individuals is causing paralysis, particularly as it relates to major business decisions, including expansion, expenditures and hiring.”
In related economic shitshow news, Fannie Mae and Freddie Mac are probably going to need more bailout cash. As you were.
Stephen Chipman also says that he misunderestimated the demand for his time. Who could have known?
• The over/under is $2 billion by 2015. Who has action on this?
• Is everyone clear on the “the dynamic organization space”?
• What do we think of Stephen sans spectacles?
• Merger and acquisition strategy? Who is GT going after? SC keeps it vague, per standard operating procedure. Accordingly, we welcome your rampant speculation.
On Friday we gave you the review of the recent video conference that featured Stephen Chipman discussing Grant Thornton’s new strategy “Unleashing Our Potential” in an accent that may or may not be fake.
Over the weekend we were fortunate enough to have another source at GT send us the following hand-written note that was sent to all employees prior/in coordination with the video:
This more personal form of communication shouldn’t come as a total surprise. Back in the spring, Chip-to-my-Lou sent a message to Grant Thornton partners encouraging to scribble down some warm thoughts for all those nights and weekends in busy season. An email is so cold and sterile and since SC knows what’s good for the goose is good for a British Gentleman, here you have his own very words and thoughts to serve as a reminder that his blog is no substitute for his elegant penmanship.
After being mesmerized by the prose, the next thing that caught us off guard was Steve-o’s call for you to be unleashing your potential hours before you even plop down in the cube farm. This means you should be unleashing your potential while you lie in bed, in the shower and during your god-awful commute. Likewise, you are still unleashing that potential on the god-awful commute back home after your 12-15 hour day or at the local pub (but don’t unleash and drive).
What’s also strange about this note is the plea that you share “Unleashing Your Potential” with your friends and family. Maybe there are a lot of people out there that like discussing innate corporate strategy (and what it really means) with their loved ones but our source was not impressed, “why would my family and friends care about GT’s strategy?”
Forget our source’s sour attitude for a moment. We want to hear from those of you that immediately sat down your significant other to share this news with them. How did they take it? We’re they completely enamored with this new path in GT’s quest to bring back the “Big 5”? Or did they interrupt you saying, “Honey, I want you to listen to what Stephen wrote to me. To us,” to tell you that this letter was the last straw and that your relationship was over?
What about your buddies at the upcoming Fantasy Football draft? Will you be telling them about the new strategy, possibly risking your expulsion from the league? Or at your next girls night? Will this English gentleman (fake accent or not) get you all swooning over purple hues and roses?
Let us know how it goes.
UPDATE: Naturally, a reader noted a misspelled word in Stephen’s letter that we overlooked. As you might suspect we don’t get too hung up on things but the Chief of Staff really should have caught this.