Over the past five years, Bethesda, MD-based accounting and advisory firm Councilor, Buchanan & Mitchell (CBM) has successfully merged in seven practices, skyrocketing the team’s size from just over 40 to 100, and earning a spot for the firm in the Washington Business Journal’s annual list of Top 25 area accounting firms. President and Managing Partner Peter Reilly, who presided over this rapid pace of growth, is scheduled to present on the financial, operational and technological impacts of these mergers at AICPA ENGAGE and the Rainmaker Companies’ 2019 SuperConference.
Reilly will deliver his presentation, “Seven Firms in Five Years – I Have a Feeling We’re Not in Kansas Anymore” on Wednesday, June 12, from 1:55 to 2:45 pm at the MGM Las Vegas (AICPA ENGAGE) and on Tuesday, June 18 from 4:30 to 5:30 pm at the Loews Atlanta Hotel (Rainmaker Companies’ SuperConference).
“Firms cannot operate as they always have without navigating significant situations and challenges when your team size doubles,” says Reilly. “In addition to the impact of these mergers on every aspect of our operations, the makeup of our team has changed tremendously during this time; nearly 50% of our leadership and two-thirds of our overall team are female. We are proud of our 98-year-old history and are even prouder of who we have become. CBM’s future is bright and forward-looking.”
“Seven Firms in Five Years – I Have a Feeling We’re Not in Kansas Anymore” includes an introduction to the firm as it was before the mergers began and how it looks now, as well as a comprehensive overview of the do’s and don’ts of mergers, the benefits of merging several practices into a single firm, the impact on the firm’s marketing strategies and how CBM plans to celebrate its 100th anniversary in 2021.
Reilly has also shaped the narrative from the presentation into an article, which is currently being considered by an industry publication.
“In an era of increased M&A activity,” Reilly continues, “many opportunities exist for firms to make mistakes, leading to unsuccessful mergers. CBM has a proven record of growth through the introduction of new teams, industry niches and service lines. I look forward to sharing best practices with the industry as well as specifics about what we have accomplished in only five years including a new state-of-the-art office with conference space and a deeper footprint throughout the Washington, DC metropolitan market.”
Reilly has also been invited by the Greater Washington Society of CPAs to present “Seven Firms in Five Years” at a dedicated session for GWSCPA members on Tuesday, September 17. He will present at that session with Chairman of the Board Patricia Drolet, who was managing partner of Drolet & Associates, the first of the seven firms CBM merged into its operations in 2014.
Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.