2012 - INSIDE Public Accounting

SEPTEMBER 2012 – NOT FOR REPRINT OR PUBLICATION
INSIDE PUBLIC ACCOUNTING / 1
September 2012
Vol. 26, No. 9
IPA SPECIAL REPORT
SPECIAL EDITION
THE 2012 BEST OF THE BEST
THE BEST OF THE BEST
Overview
The Highs And Lows
The Fastest-Growing
The List Of The Best
Of The Best Firms
4
of the Best Firms issue. This year, IPA recognizes the 50 best-performing firms
FIRMS OF DISTINCTION
6
REGIONAL RANKINGS
7
PROFITABILITY INDICATORS
8
in the country. All firms named a Best of the Best earned similar scores, and
some even tied, for a spot on the list. The scoring system removes imbalances
– such as firm size – that can skew comparisons among participants in the
Annual IPA Survey and Analysis of Firms.
TRACK RECORD
2
3
3
10
SPECIAL REPORT
Excerpted in part from Vol. 26, No. 9 issue.
INSIDE Public Accounting (IPA) is pleased to present the 19th annual Best
“The road to excellence is always under construction.” – Unknown
12
THE IPA 200
Best of the Best firms demonstrate long-term consistency and exceptional
The Fastest-Growing
13
The Complete Listing Of
The IPA 200 Firms
14
Regional Statistics
Regional Rankings
18
19
COMING IN OCTOBER
THE IPA ALL-STAR FIRMS
THE MOST RECOMMENDED
CONSULTANTS
THE MOST ADMIRED PEERS
THE TOP FASTEST-GROWING FIRMS
INSIDE PUBLIC ACCOUNTING
A publication of
The Platt Group
insidepublicaccounting.com
performance, regardless of outside factors. Many have been here before. Of
the 50 firms highlighted this year, 29 were among the Best of the Best last
year, and 22 were on the list in 2010. In any economy – up or down – clues
for what to do, where to focus and how to practice can be found in the Best
of the Best.
As a group, the top-scoring firms eclipse all non-national firms in many key
metrics of success. Top-line growth in revenue (excluding mergers) was up
7.0% for the group, proving that organic growth is still possible in this
environment. Firmwide net income grew at a rate of 9.6%, a clear indication
that bright opportunities await.
With a few exceptions, many Best of the Best MPs
have indicated that the economy in their
marketplaces has been rather static. What sets
them apart, though, is their laser like focus on
growth. Whether it is developing industry niches,
spending more time with clients, identifying
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.
SEPTEMBER 2012 – NOT FOR REPRINT OR PUBLICATION
INSIDE PUBLIC ACCOUNTING / 2
superstars in other firms to recruit, rededicating resources toward business development, or
identifying possible merger candidates, these firms have not allowed the gloomy business
environment to hold them back. IPA
What Are The Commonalities Among The IPA Best Of The Best?
One attribute shared by a large percentage of these firms is an unwillingness to compromise
on fees, and an insistence on basing pay on value. Fee pressures around the country are
strong and firms in some competitive markets are cutting fees by 30% to 50%. In some
markets, larger firms are swooping in on middle-tier clients and “placing bets” on the
possibility that some will go public, by proposing audit fees at a significant discount. IPA
spoke with several Best of the Best MPs, who told their clients, “We won’t match that fee,
and you wouldn’t want us to,” and were quick to walk away from a price war.
What a partner does with his or her time is also a telltale
sign of success. Among the highest-scoring Best of the
Best, a full 87.3% of all charge hours are being delivered
by non-partner professional staff (compared to 80% among
all participating non-national firms). These partners are
focusing on business development initiatives – the two
largest initiatives being “hitting the streets” looking for
opportunities, and mentoring staff to do the same while
improving internal efficiencies.
As you will see on the following pages, Best of the Best firms come in all sizes and are
geographically dispersed. Regardless of the market, benchmarking against this group will
provide improvement targets that could transform your firm into one of the best in the
country. IPA
COULD YOUR FIRM BE AN IPA BEST OF THE BEST OR AN IPA 200 FIRM?
Not if you don’t participate in the Annual IPA Survey and Analysis of Firms, scheduled for launch in early 2013.
Contact our office at [email protected] or (317) 733-1920 if you’d like to participate in 2013.
INSIDE PUBLIC ACCOUNTING - (ISSN 0897-3482) The Competitive Advantage For Accounting Firms since 1987. INSIDE Public
Accounting (IPA) is the profession’s authoritative independent newsletter for analyzing news, trends, best-practice strategies and
insider information. Copyright ©2012 The Platt Consulting Group, LLC. All Rights Reserved. It is a violation of federal copyright law
to reproduce all or any part of this publication or its contents by any means without written consent. INSIDE Public Accounting is
published monthly by The Platt Group. Principals: Kelly Platt and Michael Platt. Editor: Christina Camara. Send address changes to
The Platt Group, 4000 W. 106th St., Suite 125-197, Carmel, IN 46032, or email changes to [email protected]. Subscription
Pricing: $419. Contact our office regarding firmwide discounts and/or firmwide license. Past issue copies: Subscribers $35; nonsubscribers $75. For reprints of articles and content contact our office.
Phone: (317) 733-1920
Fax: (317) 663-1030
Web: www.insidepublicaccounting.com
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.
SEPTEMBER 2012 – NOT FOR REPRINT OR PUBLICATION
INSIDE PUBLIC ACCOUNTING / 3
2012 BEST OF THE BEST FIRMS
LISTED IN ALPHABETICAL ORDER
NET REVENUE
PARTNERS/
STAFF
Alexander Paul
$36,740,269
33 / 190
Andy Armanino
$84,024,577
37 / 283
Aronson LLC* / Rockville, Md.
Jeffery P. Capron
$52,200,000
31 / 201
Bennett Thrasher PC / Atlanta
Michael Dukes
$26,126,300
22 / 137
Richard A. Berkowitz
$32,020,621
18 / 152
BKD LLP / Springfield, Mo.
Theodore D. Dickman
$401,796,000
244 / 1,847
Blackman Kallick LLP / Chicago
Steven Schneider
$52,005,382
30 / 225
Bland & Associates PC / Omaha
Jason L. Tonjes
$5,297,797
3 / 36
Bowman & Company LLP / Stockton, Calif.
Daryl Petrick
$6,698,062
7 / 31
Braver PC / Needham, Mass.
Dennis S. Pellecchia
$24,467,272
24 / 102
DiCicco, Gulman & Company LLP / Woburn, Mass.
Leonard N. DiCicco Jr.
$15,846,733
12 / 81
Doeren Mayhew / Troy, Mich.
Mark A. Crawford
$42,050,000
36 / 206
Ehrhardt Keefe Steiner & Hottman PC / Denver
Bob Hottman
$58,473,228
45 / 353
Feeley & Driscoll PC / Boston
Thomas M. Feeley
$23,507,209
12 / 104
Frank, Rimerman + Co. LLP / Palo Alto, Calif.
Bryan C. Polster
$50,825,189
18 / 231
Frazier & Deeter LLC / Atlanta
Seth McDaniel
$37,287,000
25 / 143
Frost PLLC / Little Rock, Ark.
Doug Richardson
$22,317,577
9 / 126
GBH CPAs PC / Houston
Jeff Houston
$4,116,514
4 / 22
GBQ Holdings LLC / Columbus, Ohio
Darci L. Congrove
$19,527,032
13 / 100
Gelman, Rosenberg & Freedman PC / Bethesda, Md.
David F. Graling
$18,666,791
13 / 91
Gramkow Carnevale Seifert & Co. LLC / Oradell, N.J.
Ted Carnevale
$7,571,190
5 / 27
Louis Grassi
$36,948,112
19 / 161
Leon Janks
$19,840,000
14 / 78
Charles Greer / Kevin Walker
$14,616,065
10 / 75
Stephen H. Wasserman
$26,345,994
8 / 129
FIRM / HEADQUARTERS
CHIEF EXECUTIVE
Alpern Rosenthal / Pittsburgh
Armanino McKenna LLP* / San Ramon, Calif.
Berkowitz Pollack Brant Advisors and
Accountants LLP1
Grassi & Co.* / Jericho, N.Y.
Green Hasson Janks LLP
/ Los Angeles
Greer & Walker LLP / Charlotte, N.C.
Gursey | Schneider LLP
/ Los Angeles
/ Miami
*IPA 100 Fastest-Growing Firm. Best of the Best Fastest-Growing Firm. IPA 200 Fastest-Growing Firm.
1
Changed name from Berkowitz Dick Pollack & Brant.
Copyright 2012 The Platt Group / INSIDE Public Accounting / www.insidepublicaccounting.com
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.
SEPTEMBER 2012 – NOT FOR REPRINT OR PUBLICATION
INSIDE PUBLIC ACCOUNTING / 4
2012 BEST OF THE BEST FIRMS
LISTED IN ALPHABETICAL ORDER
NET REVENUE
PARTNERS/
STAFF
Brian Mandell-Rice
$45,796,366
31 / 225
Holthouse Carlin & Van Trigt LLP / Los Angeles
Philip J. Holthouse
$67,109,352
27 / 273
J.H. Cohn LLP / Roseland, N.J.
Thomas J. Marino
$252,049,000
171 / 1,043
Katz, Sapper & Miller / Indianapolis
David Resnick
$46,712,400
33 / 234
Lane Gorman Trubitt PLLC / Dallas
Bob Knight
$15,591,395
17 / 87
Lattimore Black Morgan & Cain / Brentwood, Tenn.
David Morgan
$60,917,231
49 / 290
MBAF2
Antonio L. Argiz
$80,200,000
45 / 391
McPhillips, Roberts & Deans PLC / Norfolk, Va.
Edward J. Amorosso
$11,279,848
11 / 56
Mikunda, Cottrell & Co. Inc. / Anchorage, Alaska
James C. Hasle
$15,252,620
9 / 95
Miller Grossbard & Associates PC / Houston
Russell J. Miller
$5,374,085
2 / 25
Nigro Karlin Segal & Feldstein LLP / Los Angeles
Mickey Segal
$41,092,057
20 / 259
Michael J. Novogradac
$72,060,204
26 / 466
Kevin J. Keane
$72,500,000
63 / 395
RBZ LLP / Los Angeles
David Roberts
$23,600,000
14 / 108
Reznick Group PC / Bethesda, Md.
Kenneth E. Baggett
$215,202,000
109 / 1,136
Rothstein Kass* / Roseland, N.J.
Howard Altman / Steven Kass
$181,565,300
71 / 857
SC&H Group / Sparks, Md.
Ronald M. Causey
$49,623,700
37 / 267
Seiler LLP / Redwood City, Calif.
James G.B. DeMartini III
$32,900,000
17 / 148
Smith & Howard PC / Atlanta
John W. Lucht
$18,236,110
11 / 71
Tanner LLC / Salt Lake City
Jeffrey G. Bickel
$12,336,631
7 / 67
Untracht Early LLC / Florham Park, N.J.
Tracey Early
$16,651,862
10 / 81
Walter & Shuffain PC / Boston
Craig D. Shuffain
$8,945,000
5 / 40
Watkins Meegan LLC / Bethesda, Md.
Michael R. Micholas
$50,200,000
16 / 235
Weaver / Fort Worth, Texas
Tommy D. Lawler
$73,568,220
55 / 425
$37,587,464
24 / 175
FIRM / HEADQUARTERS
CHIEF EXECUTIVE
Hein & Associates LLP / Denver
/ Miami
Novogradac & Company LLP* / San Francisco
O’Connor Davies
LLP3
/ New York
Whitley Penn LLP* / Fort Worth, Texas
Larry G. Autrey
2
*IPA 100 Fastest-Growing Firm. Best of the Best Fastest-Growing Firm. IPA 200 Fastest-Growing Firm.
3
Changed name from Morrison, Brown, Argiz & Farra. Changed name from O’Connor Davies Munns & Dobbins.
Copyright 2012 The Platt Group / INSIDE Public Accounting / www.insidepublicaccounting.com
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.
SEPTEMBER 2012 – NOT FOR REPRINT OR PUBLICATION
INSIDE PUBLIC ACCOUNTING / 5
The IPA Best Of The Best ‘Firms Of Distinction’
We wish to congratulate all the firms named a Best of
the Best this year, but special recognition goes to
Miami-based MBAF. MBAF is marking its 10th
consecutive year as an IPA Best of the Best Firm.
Marking NINE consecutive years is Redwood City,
Calif.-based Seiler LLP. Firms marking SEVEN
consecutive years are Jericho, N.Y.-based Grassi & Co. and Santa Monica, Calif.-based
Holthouse Carlin & Van Trigt.
Many other firms have earned the Best of the Best distinction repeatedly. A few firms named
this year were on the first list in 1994: Alpern Rosenthal, Frost PLLC, Katz, Sapper &
Miller, Hein & Associates and Rothstein Kass. IPA
The Top Scoring IPA Best Of The Best
Based on IPA’s scoring of the Best of the Best, the following firms, listed in order, scored the
highest of all those participating in the 22nd annual IPA Survey and Analysis of Firms. IPA
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.
SEPTEMBER 2012 – BEST OF THE BEST / IPA 200
INSIDE PUBLIC ACCOUNTING / 10
INSIDE Public Accounting
2012 BEST OF THE BEST FIRMS THREE-YEAR TRACK RECORDS
= Best Of The Best
FIRM
Alpern Rosenthal
Armanino McKenna LLP
Aronson LLC
Bennett Thrasher PC
Berkowitz Pollack Brant Advisors and Accountants
BKD LLP
Blackman Kallick LLP
Bland & Associates PC
Bowman & Company LLP
Braver PC
DiCicco, Gulman & Company LLP
Doeren Mayhew
Ehrhardt Keefe Steiner & Hottman PC
Feeley & Driscoll PC
Frank, Rimerman + Co. LLP
Frazier & Deeter LLC
Frost PLLC
GBH CPAs PC
GBQ Holdings LLC
Gelman, Rosenberg & Freedman PC
Gramkow Carnevale Seifert & Co. LLC
Grassi & Co.
Green Hasson Janks LLP
Greer & Walker LLP
Gursey | Schneider LLP
Hein & Associates LLP
Holthouse Carlin & Van Trigt LLP
J.H. Cohn LLP
Katz, Sapper & Miller
Lane Gorman Trubitt PLLC
Lattimore Black Morgan & Cain
MBAF
McPhillips, Roberts & Deans PLC
Mikunda, Cottrell & Co. Inc.
Miller Grossbard & Associates PC
Nigro Karlin Segal & Feldstein LLP
Novogradac & Company LLP
O’Connor Davies LLP
RBZ LLP
Reznick Group PC
Rothstein Kass
SC&H Group
Seiler LLP
Smith & Howard PC
Tanner LLC
Untracht Early LLC
Walter & Shuffain PC
Watkins Meegan LLC
Weaver
Whitley Penn LLP
= IPA 100
= IPA 200
HEADQUARTERS
2012
2011
Pittsburgh
San Ramon, Calif.
Rockville, Md.
Atlanta
Miami
Springfield, Mo.
Chicago
Omaha
Stockton, Calif.
Needham, Mass.
Woburn, Mass.
Troy, Mich.
Denver
Boston
Palo Alto, Calif.
Atlanta
Little Rock, Ark
Houston
Columbus, Ohio
Bethesda, Md.
Oradell, N.J.
Jericho, N.Y.
Los Angeles
Charlotte, N.C.
Los Angeles
Denver
Los Angeles
Roseland, N.J.
Indianapolis
Dallas
Brentwood, Tenn.
Miami
Norfolk, Va.
Anchorage, Alaska
Houston
Los Angeles
San Francisco
New York
Los Angeles
Bethesda, Md.
Roseland, N.J.
Sparks, Md.
Redwood City, Calif.
Atlanta
Salt Lake City
Florham Park, N.J.
Boston
Bethesda, Md.
Fort Worth, Texas
Fort Worth, Texas
2010
2012
100/200
IT IS A VIOLATION OF FEDERAL COPYRIGHT LAW TO REPRODUCE ALL OR PART OF THIS PUBLICATION WITHOUT CONSENT. COPYRIGHT ©2012 THE PLATT GROUP/INSIDE PUBLIC ACCOUNTING. ALL RIGHTS RESERVED.