First, the news. Ryan has acquired WTP Advisors. We didn't get the scoop on this like we do many acquisitions because apparently no one cares. From the press release:
Ryan, a leading global tax services firm with the largest indirect and property tax practices in North America, today announced that the Firm has signed an agreement to acquire WTP Advisors (WTP), one of the fastest-growing independent tax practices in the industry. Michael Minihan and Ian Boccaccio, co-founders of WTP, will join the Ryan executive leadership team as Principals to support the integration and drive continued growth and international expansion. Ian Boccaccio will also serve as Principal and Practice Leader of Ryan's International Tax practice.
The acquisition will add a team of experienced tax professionals to provide additional knowledge and client support across multiple practice areas, including international tax, credits and incentives, state and local tax, and federal tax. WTP's core capabilities in international tax compliance and tax provision services will drive growth in Ryan's rapidly expanding International Tax practice. It also adds a large complement of respected companies to Ryan's portfolio of clients across the world. Revenue generation and accelerated return on investment will be realized by offering WTP clients additional access to the Firm's integrated, single-source solution of more than 45 global tax practices for improving cash flow and minimizing tax liabilities.
"WTP clients will benefit tremendously from the unparalleled tax knowledge, expertise, and commitment to client service that our newly combined team of tax professionals will provide," said Michael Minihan, Partner and Co-Founder of WTP. "This acquisition will support a new phase of international growth and expansion for Ryan, and the legacy professionals of WTP will play a key role in our future success," said Ian Boccaccio, Partner and Co-Founder of WTP.
Now, you will recall a few months back we told you how WTP decided to offer its employees unlimited vacation. That's right, take as much as you want, we don't care. At the time, WTP emphasized that its culture "is vastly different than most consulting firms: micromanagement is a dirty word. Instead there’s the expectation that every single person in the firm will develop and execute new, innovative ideas to enhance the business." We wonder how an acquisition might change that approach?
Ryan boasts "more than 1,900 professionals and associates serves over 9,000 clients in more than 40 countries." Meanwhile, as of 2012, WTP employed 75 tax and finance professionals. Pending culture shock? You betcha.
You will recall, WTP got its start when four PwC refugees founded it in 2005. The goal was to provide Big 4 level client service without the Big 4 level headaches. They even had the balls to poach PwC talent because who better to do that than the little guy who doesn't even register on Bob Moritz's radar?
What will become of WTP's unique culture when it is gobbled up by the behemoth that is Ryan? Your guess is as good as ours. With Minihan and Boccaccio staying on board, maybe a little of that will rub off on Ryan.
