London, United Kingdom, April 16, 2012 --(PR.com
)-- Austin-based PMB Helin Donovan LLP, a member of the Russell Bedford CPA network and one of the largest accounting firms in the Austin, Texas region has merged with Vink Teague & Associates LLLP (VTA). The combined firms are now operating under the PMB Helin Donovan name.
“Dallas has been on our radar screen for quite some time. We put our feet on the ground by opening an office in 2009, but our strategy has always been to cement our footprint by finding ideal companies and aligning forces. As a bunch of CPAs, we go about this as methodically as one would expect,” said Tom Wilkinson, CPA, managing partner for PMB Helin Donovan. “This marks the alignment of two companies that fit well together, complement each other and we look forward to better serving existing and new clients alike.”
The merger also effectively triples the number of accounting and CPA professionals PMB Helin Donovan has in the Dallas market – from seven to over twenty, plus additional support staff. The goal is to grow to the size of 50 employees in the next three to four years, through organic growth and additional mergers.
The merger immediately helped the company land a new audit client – an undisclosed public company – that either firm alone would have been unlikely to land, notes Jeff Jamieson, partner-in-charge of the Dallas office.
“This opens up more avenues for their clients, and immediately increases our presence in the Dallas market so we can both compete for larger companies than we could before,” Jamieson says.
Dallas operations will continue to be led by Jamieson. Meanwhile, Mary Hennington, managing partner of VTA, will become part of PMB Helin Donovan’s firm-wide executive committee. Furthermore, Hennington, James D. Hodges and Kathy Still, all partners with VTA, are being named partners with PMB Helin Donovan.
VTA, founded in 1986, built a strong reputation for outstanding client service, finding a good niche with family and privately held mid-market businesses. Clients include law firms, distribution, service and manufacturing companies, private schools and not-for-profits.
“Even before we were approached by PMB, we were realizing that in order for us to be a viable player in our industry in the future, we would need to align with another firm in some capacity,” Hennington said. “There’s definitely a consolidation trend going on right now within the CPA industry. The mom and pop shops – often launched in the 1970s and 1980s – aren’t able to compete because of the way business itself has changed. Business has become more global, rules have become more tedious requiring more sophisticated software tools in need of constant updating, and clients need more depth than the one person they’ve turned to for 20 years.”
Jamieson notes PMB Helin Donovan has worked hard to craft an attractive financial package for small CPA firms, particularly ones with partners nearing retirement age. The package enables partners that have spent their careers building a firm to have a succession plan that ensures continued, quality service to their clients – while solidifying their financial futures as well. Jamieson says he is in merger talks with other, undisclosed Dallas firms as well.
After a great amount of due diligence in determining the firms were culturally and philosophically a good fit, Hennington says VTA concluded merging would offer better opportunities for them as individuals and to their clients. Each would benefit from a broader range of services, expertise, training and global connections.
Hennington notes PMB Helin Donovan is a PCAOB-registered and inspected firm, meaning the firm meets the highest of audit standards – and can perform work for publicly traded companies, something VTA was unable to do before. PMB Helin Donovan’s strengths are in specialty service niches to start-ups, to middle market companies, and industry niches with publicly-traded and private companies, in the healthcare, life sciences, technology, financial services, real estate, insurance, energy, oil and gas exploration and production industries. Additionally, PMB Helin Donovan services a wide variety of not-for-profits, private schools, and governmental agencies. With clients in more than 30 countries on six different continents, the firm performs work across the globe.
With more than 120 employees in six offices PMB Helin Donovan is now the largest accounting firm headquartered in Austin based on total number of employees.
PMB Helin Donovan has been a member of the Russell Bedford International CPA firm association since 2002.
For further information, contact Tom Wilkinson on +1 512 258 9670. Alternatively, visit the websites at www.pmbhd.com and www.russellbedford.com .
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