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Los Angeles Times
10 hours ago
- Business
- Los Angeles Times
Accounting Firm Growth Spurned by Acquisitions, Global Expansion and New Services
For Southern California's many accounting firms, acquisitions have been a means of expansion as the industry consolidates to streamline operations and enhanced technology. Over the past year, a flurry of acquisitions has also been supplemented by new offerings, such as legal services and global expansion with employees in foreign countries that provide services to support U.S. operations. One of the largest mergers of the past year was CBIZ's $2.3-billion acquisition of Marcum LLP, which closed on November 1. The combined firm is expected to have combined annualized revenue of approximately $2.8 billion. Smaller firms have also been the targets of acquisition as aging partners seek exit plans and firms utilize artificial intelligence and offshore resources to optimize operations. It's a trend that mirrors the wider business climate, according to Aldrich CPAs + Advisors. The firm conducted a survey of more than 100 owners and executives at private companies in California, Oregon and Washington and found that 61% received at least one unsolicited offer to be purchased within the past 12 months, and nearly a quarter of those surveyed received three or more unsolicited offers. Competition to acquire accounting firms has been fierce, but local firms have been able to execute mergers despite interest from national firms. In October, GHJ Accounting, Tax and Advisory Firm acquired Los Angeles-based GGF, which provides audit, tax and consulting services to entrepreneurial businesses and individuals. 'We are proud to integrate GGF into the GHJ family to strengthen our ability to deliver exceptional value to our clients. Their strong client relationships and tailored approach make them a perfect strategic fit for our firm,' said Tom Barry, GHJ managing partner, in a statement. Firms are also expanding by adding new services beyond traditional audit and tax advisory. Two firms quickly took advantage of an Arizona Supreme Court ruling in 2021 that allowed nonlawyers to have an economic interest in law firms under the state's Alternative Business Structure program. The Arizona Supreme Court granted a special license to Big Four firm KPMG to operate a law firm in February. In addition to KPMG, Aprio acquired Radix Law, a Scottsdale-based firm, and launched Aprio Legal in February under the alternative business structure. However, a state law proposed in California may limit the impact of the Arizona ruling. Assembly Bill 931 would prohibit California attorneys from sharing legal fees with out-of-state firms operating under alternative business structures such as those that exist in Arizona and Utah, where non-lawyers, including private equity firms and corporations, may invest in or own law firms. Aprio's addition of a law firm complements its nationwide acquisition spree that included Woodland Hills firm Kirsch Kohn & Bridge in November. The Kirsch Kohn & Bridge acquisition added five partners and more than 30 local professionals. Nationally, it has expanded its footprint with firms in Atlanta, Austin, Baltimore, Denver and Chicago. Plus, it added cybersecurity firm Securitybricks. Firms have also expanded their reach globally by opening new offices worldwide to support operations. For example, Weaver credited its West Coast growth partly due to long-term progress reflected by the firm's global footprint and official expansion into India. It opened four new offices since the beginning of 2025 in India: Kochi, Coimbatore and Bengaluru opened in January, while Weaver's Chennai office opened in March. At Long Beach-based Windes, local tax partner Guy Nicio, who serves on the firm's board of directors, leads its growing Philippines team, which provides employee support and client services. HCVT continued to invest in its Armenia operations, reinforcing a commitment to build infrastructure that supports future growth.
Irish Independent
13-05-2025
- Politics
- Irish Independent
Kerry Covid-19 memorial ruled out because ‘a tree was planted' in 2021
A solitary tree as a marker to the victims was deemed sufficient by council management when Sinn Féin Councillor Tom Barry tabled a motion suggesting that a monument be considered at the recent Listowel Municipal District meeting. Cllr Barry spoke of being approached by a woman in Listowel who made a 'compelling argument' as to why some token to the suffering and trauma needs to be acknowledged. 'The more she spoke about this the more it merited consideration,' Cllr Barry said. 'People just want to remember and the ways it affected them, even younger kids and their ability to socialise and their communities. There are still people who are isolating themselves during Covid, and who still haven't really come back. I know people like this,' he said. Cllr Barry stated that such a memorial is not solely for the people who died, but also for those who still carry the pain and loss of losing loved ones. 'People lost loved ones. Not only that, many of them couldn't even call to the hospital to see them – and watching loved ones from outside windows who couldn't comfort them,' he said. "There was funerals they couldn't go to. There was over 9 million people killed worldwide from it. There was 9,000 died in Ireland, and 233 people died in Kerry,' Cllr Barry added. 'This [monument] would also be for those who didn't get a proper chance to remember loved ones. I think the [Listowel] town park would be an ideal location for it. We have the Holocaust Memorial down there and the Garden of Europe. This is something that really should be considered,' Cllr Barry said. In reply, Kerry County Council management said a tree was planted outside County Buildings in Tralee in June 2021 by the then Cathaoirleach Patrick Connor Scarteen in memory of those who passed away during the Covid-19 pandemic. Fianna Fáil Councillor Jimmy Moloney seconded Cllr Barry's motion.
Yahoo
11-03-2025
- Business
- Yahoo
Sirius XM Crashes 8.6% as Ad Sales Collapse--Layoffs And Subscriber Losses Shake Investors
Sirius XM (NASDAQ:SIRI) just took an 8.6% hit at 1pm today, after CFO Tom Barry waved a red flag at Deutsche Bank's media conference. He pointed to a recent pullback in ad spending, specifically in consumer packaged goods and retail, with softness spreading into other sectors. Right now, we're a little concerned, Barry admitted, signaling potential trouble ahead for the company's ad sales. Given that advertising brought in $1.8 billion last yearroughly 20% of SiriusXM's revenuethis dip isn't just a blip. It's a warning sign. Warning! GuruFocus has detected 3 Warning Signs with SIRI. The company is already in cost-cutting mode, rolling out another round of layoffs, primarily in product and tech. No headcount numbers were disclosed, but it follows the 100 job cuts from January, reinforcing that SiriusXM is still in restructuring mode post-spinoff from Liberty Media. Meanwhile, subscriber numbers aren't looking great either. Despite 33 million paying customers, the company lost a net 296,000 subscribers in 2024. And that $9.99/month streaming app they pushed? That initiative quietly took a backseat after failing to gain traction. With everything in flux, SiriusXM just brought in Scott Walker as its new chief advertising revenue officer, stepping in for John Trimble, who's exiting after 16 years. Walker's got his work cut out for himad sales are shaky, and SiriusXM is pivoting back to its in-car audience instead of chasing streaming dreams. The question now is whether he can stabilize the ad business and find new growth levers before the market loses patience. This article first appeared on GuruFocus. Sign in to access your portfolio
