The announcement of the CBIZ and Marcum LLP megamerger is indeed groundbreaking and signifies a major shift in the accounting industry. From my perspective, such deals often highlight a strong desire for recognition and significance among leaders. The question “What’s in it for me?” frequently comes to mind, as these mergers sometimes seem to cater more to the ambitions of leaders than to the people they serve.
Many associates join firms like CBIZ and Marcum to be part of something unique, and as mergers bring these firms closer to the Big 4, maintaining a focus on people and ensuring psychological safety during the turbulence becomes increasingly challenging. These deals can instill fear and uncertainty among associates on both sides. Effective change management is crucial, and the transition and integration aspects become even more important to ensure a smooth process.
I wish nothing but the best for the associates at CBIZ and Marcum as they navigate this significant transition. They all have incredible opportunities ahead. I pray for blessings of courage, transparent leadership, and patience for all the leaders responsible for integrating these two culturally different firms.
Only time will tell if this merger is beneficial for these firms. Often these types of transactions lead to a mass exodus or significant unwanted turnover. The ROI for the shareholders should be independently evaluated from the ROI for the people in these firms, as those two aren’t necessarily aligned.
Fasten your seatbelts.
CBIZ to acquire Marcum LLP in megamerger
This deal is groundbreaking and puts a big exclamation mark on whether or not non-CPA firm ownership can work in the accounting profession. Not only will this create the seventh largest CPA and advisory firm in the country, it will also increase the number of PE firms and related investment groups entering the accounting profession. The accounting profession has been around for 137 years, but it's never had a day like today!
W/Jerry Grisko Jr., Jeffrey Weiner, Chris Spurio, CPA, CGMA, Accounting Today
https://lnkd.in/g8iXghT6
Partner at Crowe UK
2moWell done team!