Girl is 27 today so leave her some bday wishes in the comments.
It must be an extra special day since the RSM McGladrey and McGladrey & Pullen kissed and made up last month.
Plus, since the marketing campaign has been such an unmitigated success it might be nice for the reconciled firm to throw a little extra scratch her way. Happy Birthday NG.
Tag: RSM McGladrey
Web CPA: McGladrey & Pullen Partners Vote to Go Back to H&R Block, RSM McGladrey
Well, sons and daughter of McGladrey, the reconciliation is done. Your feuding parental firms will be engaging in some awkward corporate make-up sex:
An arbitration ruling, which was handed down Nov. 24, favors H&R Block and RSM, enforcing the restrictive labor covenants involving employees of the two firms.
About 650 McGladrey partners began meeting in Orlando, Fla., on Wednesday and voted Thursday to approve the agreement after the M&P board, including managing partner Dave Scudder, had earlier approved the deal.
The whole thing has been pretty ugly as far as we can tell and according to Allan Koltin, CEO of PDI Global, a consultancy firm that advised both firms, M&P didn’t have any choice but to go back:
The enforcement of some of the terms of the original agreement by the arbitrator seems to have forced M&P’s hand. “Once the arbitration ruling came out and McGladrey & Pullen found they were prohibited from providing tax services for a couple of years, that was the end right there,” said Koltin. “There was no way they could be independent as an audit-only firm and compete effectively without also providing tax services.”
The original non-solicitation agreement said that M&P could not provide services such as tax preparation for between 18 and 24 months if it terminated the agreement, effectively limiting the firm to audit services. “Once they saw the writing on the wall, it became obvious that the two sides were going to come together,” said Koltin.
So this appears to be awkward. Did M&P think this through or even read the non-solicitation agreement before they told H&RB/RSM to drop dead? Did they legitimately think they could get by just offering the audit services for two years?
While we were rooting for the firms to make nice, there may be some of you that are less enthusiastic about the House of McGladrey being all under one roof again. We’d like to hear from the troops on the ground about this whole thing. Feel free to get in touch or just put it out there in the comments.
McGladrey & Pullen Partners Vote to Reconcile with Block [Web CPA]
UPDATE: The full press release can be seen here.
Are RSM McGladrey and McGladrey & Pullen Getting Back Together?
Maybe! For those of you looking for any ray of hope of RSM McGladrey and McGladrey & Pullen making nice, consider this your sign.
H&R Block, the parent company of RSM, announced yesterday that they, “[expect] a dispute regarding a subsidiary’s deal with an accounting firm to provide consulting to midsized businesses will be settled soon.”
Block CEO Russ Symth also told us yesterday that while nothing is official he’s pret-tay, pret-tay, prety-tay optimistic that the two firms will be able to kiss and make up:
“We are very optimistic that this is going to be settled within a few weeks,” Block CEO Russ Smyth told investors during a meeting after Block released its second-quarter financial results earlier Tuesday.
He warned, however, that while it appeared the matter would have a good outcome, “We are not across the finish line yet.”
We’ll go on record that we’re rooting for the firms to get back together. Reconciliation makes for a heartwarming story during the holiday season. Especially since we’ve learned that not even an insanely rich celebrity athlete and a Swedish model don’t seem meant to be.
Prior to any official reconciliation between the firms, several questions are worth mentioning: 1) What’s Natalie’s opinion? 2) Is RSM buying M&P a huge rock, a house in Sweden, or performing some other demonstration of materialistic love as part of the reconciliation? 3) How will the make-up sex work? Will M&P even go there? D) See #1.
If you’ve got thoughts on any of these questions or if the RSM/M&P troops have feel like talking about their firms’ chances of making it work, discuss in the comments.
H&R Block Subsidiary Nears Settlement With Auditor [AP via ABC News]
Prior GC Coverage of RSM McGladrey/McGladrey & Pullen Drama:
RSM/McGladrey & Pullen: ‘Breaking Up is Like Pushing Over a Coke Machine’
McGladrey & Pullen Might Want to Think This Whole Divorce Thing Over
H&R Block is Not Letting McGladrey & Pullen Leave Until They Talk About This
McGladrey & Pullen Doesn’t Love H&R Block Anymore
RSM McGladrey Fails to Mention Natalie Gulbis Once in Interview
Which is shameful since everyone is aware that it would be the most effective way to recruit people to their firm. Nevertheless, FINS has a nice chat with the firm’s HR chief Kimpa Moss who speaks about the firm’s current-non-Natalie recruiting process, their use of social networking, etc. etc.
According to the interview, RSM just welcomed 400 newbies this fall and is always on the look out for experienced servants of the capital markets.
She did, however, manage to dodge the layoff question:
[FINS Reporter Kyle] Stock: Did RSM downsize during the crisis?
Moss: We really match our client service work force to the demand in the marketplace, but we don’t really comment in specifics on the changes in our work force from year to year
Layoffs are simply none of your beeswax, thankyouverymuch. Accordingly, we invite the members of the RSM/M&P fam to expand on Ms. Moss’ particular account of the layoff situation. Don’t make us prod.
We also found the following exchange especially interesting (our emphasis):
Stock: Did RSM see the global financial crisis as an opportunity to grab market share?
Moss: We track closely with our clients, so as they feel the impact, we feel the impact. But it does open up the question: ‘Are there more sectors we should be focusing on?’ And on the talent side, due to circumstances at other firms, there are a lot of people who we were able to approach. We’ve definitely done a lot of experienced hiring in the past year.
Now maybe we’re taking the above statement wildly out of context but what could Ms. Moss possibly be suggesting? Circumstances like, the banishment of Google Talk, the shameful denial of live streaming music, or bonuses in the form of tighty-whities? If we’re way off base here, feel free to comment with your own interpretation.
Annnnd speaking of undies, we’re more than a little disappointed that FINS passed up on the opportunity to inquire about the potential marketing rivalry that RSM that has on its hands. For now we’ll assume that RSM is counting on PwC’s continued dismissal of advertising genius and the RSM will enjoy it’s success of effective advertising (despite not mentioning it at all).
RSM McGladrey’s Kimpa Moss: A Nonstop Talent Hunt [FINS]
Gold Star of the Day: RSM McGladrey
Not for being stellar bean counters though. No, RSM’s gold star is due to some brilliant minds in the marketing department that decided that an ad campaign featuring Natalie Gulbis might be a good idea.
“The power of being understood” rolled out in today’s print version of the Wall St. Journal and will be followed by “a series of online, print and radio executions” according to the firm’s press release.
All we can say is, “What the hell took you so long?” We’ll give RSM credit for coming to their senses.
Natalie is Understood [RSM McGladrey]
New McGladrey Directors to Check Out Natalie Gulbis?
Maybe! RSM McGladrey/McGladrey & Pullen announced new directors in their Charlotte office today which is obviously exciting for them. We also think it’s nice that the press release still has both names of the firm together.
That gets us to wondering if M&P is heeding our advice? Regardless of that whole situation, it’s nice to see them come together for the sake of the new directors. Sort of like when bitterly divorced parents show up at their son or daughter’s graduation. Very touching.
Along with these promotions, the national finals for the McGladrey Team Championship start on Sunday at Pinehurst and you-know-who is going to be there.
Obviously we’re very curious as to whether these new directors will be in attendance to get a look at Natalie’s swing. Two McGladrey directors are actually playing in the tournament, so unless NG has a clause in her contract that says she doesn’t have to golf with accountants, there’s an outside shot one of those lucky ducks might end up in her group.
So if you’re in the area, it might be worth checking out since A) Obvious answer; and B) the silent auction has some cool stuff if you’re willing to drop some coin. Oh, and it benefits the Special Olympics, so that’s good too.
This is it! [RSM McGladrey Golf Blog]
RSM/McGladrey & Pullen: ‘Breaking Up is Like Pushing Over a Coke Machine’
At least that’s one expert’s opinion. Allan Koltin, CEO of PDI Global, Inc., based in Chicago, thinks RSM McGladrey and McGladrey & Pullen will eventually be getting back together.
“I think what you’re seeing now is just the flexing of some muscles,” [said Koltin.] “What (RSM’s termination notice) does is reinforce what [RSM Parent, H&R] Block said before, which is that, if need be, they will go to the mat with them on this one.”
That’s a fine assessment but we all know what this is really about. The Gulbis factor. RSM/Block can go on and on about ‘administrative services’ and whatever hell else they think that’s in M&P’s ‘best interest’ but we understand the unmentionable factor here.
Sooner, rather than later, M&P had better come to their senses in this whole mess and realize that being associated with Natalie Gulbis is by far the best thing any accounting firm has been able to pull off since…yeah, pretty much anything.
McGladrey, RSM move to reconciliation [KCBJ (Subscription Required)]
McGladrey & Pullen Might Want to Think This Whole Divorce Thing Over
The accounting firm soap opera between McGladrey & Pullen and RSM McGladrey continues as RSM has filed notice terminating the two firms’ agreement and, under no circumstances, will they allow M&P to come crawling back to them without RSM’s involvement.
This was all included in a filing with the SEC, made by H&R Block, who is obviously the pimp in this whole love triangle.
Personally, M&P should probably consider going back to RSM’s sorry ass just to take advantage of the Natalie Gulbis exposure.
Judging by the firm’s response to our earlier mistake, they won’t be listening to us. Poor thing is caught in middle of this whole mess. Natalie, if you ever need to talk, don’t hesitate.
RSM McGladrey wants say in any reconciliation with McGladrey & Pullen [KCBJ]
Firms Sponsoring Golfers – An Analysis
Accounting firms don’t do much advertising. It’s got something to do with ethics and since the CPA exam is ancient history for some we can’t talk specifics.
Firms do like to sponsor stuff related to golf. Tournaments, players, etc. One recipient of accounting firm cash has been widely followed here but now we recently discovered another firm sponsoree that, we feel, may rouse as loyal of a following as Phil.
This is Natalie Gulbis who is sponsored by RSM McGladrey.
Natalie works with RSM in partnering with the Special Olympics Golf Program and will be a contributor to RSM’s new golf blog.
We’re not really into golf so we can’t really debate who has a better game or who garners better exposure for their sponsor so, after the jump, we’ve presented a more superficial analysis:
We admit that we know nothing about promotion or advertising but if you’ve got opinions on which firm seems to have found the better golfer to sponsor, discuss in the comments.