October 23, 2020

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.

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