Accounting
Springline Advisory looks to expand
Springline Advisory, a private equity-funded firm, is growing by bringing in accounting firms.
Trinity Hunt Partners, a Dallas-based private equity firm,
“We’re trying to find pioneering firms that have strong leadership teams, that are already on a growth trajectory and that are likely stymied because they can’t get access to scale quickly enough,” said
He has three more deals that he hopes to close this fall, including one in the Southwest, a smaller firm in the Northwest, and a firm that focuses mostly on business valuation, forensics and litigation support that he sees as a “seedling” for a national practice in that area. Eventually the firms will rebrand.
“We’re on a path of evolution into one firm, but the first step is do no harm,” said Brackney. “Then the next step is an endorsed brand. So that would be the next thing that comes out: Marks Nelson, a Springline company. And then eventually we’ll settle under one banner. We’ll be very careful to make sure that we don’t put the cart before the horse. We want our firms to work together and be part of one firm, but we also want to make sure that we’re careful about the existing brand cachet and those things that come with a legacy brand.”
So far, the reaction from employees has been positive. “Until you rip the cover off something, you’re not really sure what the reaction is going to be,” said Brackney. “With any transformative change, you’re concerned with any fallout from it. For both firms, the general mood was excitement. We actually didn’t have any turnover related specifically to the transaction at all. We’ve actually had incoming experienced hires who understand and want to be part of what we’re doing here. It’s actually been really positive. Both firms were voted Best Place to Work post transaction. That’s happened twice now, so we feel really good about how that transition has occurred.”
One possibility is offshoring. “From a capacity standpoint, one of the things that we’ll offer and are exploring right now is how to have a better way to do offshoring,” said Brackney. “Some of the firms we talked to dabble in it, some of them don’t. We’ll obviously think about technology applications, etc., for capacity. For talent, the idea that you can have a large middle market firm that gives you access to opportunity, and if you started in Kansas City and ended up in Portland, Oregon, and still be under the same tent with the same values, I think that will be a compelling proposition to building what we’re hoping to be, an irresistible firm where you’re a talent magnet. You have to make the grass on your side of the fence really, really green.”
One enticement will be the level of compensation. “We’ve approved a program to make equity available below the level of partner to the level of senior manager, at least to start, and probably will increase on that at some point,” said Brackney. “To me, the combination of those things, with the infusion of private equity to invest in some of those things, will allow us to become more of a talent magnet.”
He hopes to attract pioneering firms. “What we’re looking for are pioneers, people who know that they want to be part of a larger firm and are actively growing that way,” said Brackney.
In some cases, the deals can take about three months, although he acknowledged the importance of due diligence. “Seller experience is really important, and due diligence is due diligence,” said Brackney. “There’s not that many things that you can do to make due diligence feel better than it is. What we try to do is be very transparent. We figure, from the time we’ve got an initial meeting to the time of clinking champagne glasses, it’s 90 days. Now the problem is that you’ve got September 15, October 15 and April 15 that you have to work around. But we have a very clear process. We’ll go from an initial meeting to taking a small amount of financial information and turning around a letter of intent, and then doing a fast follow on that.”
Aprio, a Top 25 Firm based in Atlanta, has acquired JMS Advisory Group, a firm that specializes in unclaimed property compliance and escheat process development, also based in Atlanta
Financial terms of the deal were not disclosed. Aprio ranked No. 24 on Accounting Today’s just released
JMS was founded in 2006 and helps clients mitigate risk and capitalize on opportunities through managed unclaimed property compliance. The team includes attorneys, CPAs, CFEs and others.
JMS has a wide range of clients, including enterprise companies, financial institutions, credit unions, insurance companies, hospitality and health care organizations.
“As Aprio continues its rapid growth, we are committed to expanding our services to meet the evolving needs of our clients,” said Aprio CEO Richard Kopelman in a statement Tuesday. “The addition of JMS gives us the opportunity to continue strengthening our position as a future-focused advisory firm. JMS’s focus on escheat management and asset recovery not only enhances our current capabilities but also allows us to deliver even more impactful solutions to help businesses navigate complex compliance challenges.”
JMS president and CEO James Santivanez is joining Aprio as a partner and provides guidance to clients on unclaimed property and state and local tax issues.
“We created JMS to make an impact nationally in the unclaimed property consulting industry, and I’m proud of our nearly 20-year history of helping clients mitigate risk and capitalize on opportunities resulting from accurate and properly managed unclaimed property compliance,” Santivanez said in a statement. “Joining with Aprio takes us to the next level, allowing us to build upon our success while providing even greater value to our clients. This is an exciting next step in our journey.”
JMS founder and director Sherridan Santivanez is also joining Aprio as a partner. He specializes in representing clients before state enforcement authorities and managing complex audits and voluntary disclosures for some of the world’s largest companies. She provides strategic guidance on audit preparation and navigates interactions with state and third-party auditors.
Aprio received a
The American Institute of CPAs and the National Association of State Boards of Accountancy are asking for comments on their proposal for an additional pathway to CPA licensure through
The AICPA and NASBA proposed the
The UAA changes would:
- Enable states to adopt a third licensure pathway that requires earning a baccalaureate degree with an accounting concentration, completing two years of professional experience as defined by Board rule, and passing the Uniform CPA Examination;
- Shift to an “individual-based” mobility model, which allows CPAs to practice in other states with just one license; and
- Add safe harbor language to ensure CPAs who meet existing licensure requirements preserve practice privileges.
The proposals come as several states are already moving forward with their own changes, including
The updates reflect feedback gathered during a late 2024 exposure draft period and forward-looking solutions being advanced by state CPA societies and boards of accountancy to increase flexibility for licensure candidates while maintaining the integrity of the CPA license.
The AICPA and NASBA are asking for comments on the proposed changes by May 3, 2025. They can be submitted through this
The UAA offers state legislatures and boards of accountancy a national model they can adopt in full or in part to meet the licensure needs of each jurisdiction.
The proposal would maintain the current two pathways to CPA licensure:
- Earning a post baccalaureate degree with an accounting concentration, completing one year of professional experience as defined by Board rule, and passing the CPA exam; and,
- Earning a baccalaureate degree with an accounting concentration, plus an additional 30 semester credit hours , completing one year of professional experience as defined by Board rule, and passing the CPA exam.
Small business employment held steady last month, according to payroll company Paychex, while wage growth continued below 3%
The
“Our employment data continues to show moderate job growth and wage growth below three percent,” said Paychex president and CEO John Gibson in a statement Tuesday. “The consistent long-term trend we’re seeing is a small business labor market that is resilient and stable with little job movement among workers. At the same time, small business owners are optimistic about future business conditions despite uncertainty about how to adapt to a rapidly evolving legislative and regulatory landscape.”
The Midwest remained the top region in the country for the ninth consecutive month with a jobs index level of 100.54. Seven of the 20 states analyzed gained more than one percentage point in February, led by Texas (up 2.11 percentage points).
Phoenix (101.92) increased its rate of small business job growth for the fourth month in a row in February to rank first among the largest U.S. metros.
Construction (3.29%) regained its top spot among industries in terms of hourly earnings growth in February, followed closely by “other services” (3.27%) and manufacturing (3.21%).
The pace of job growth in manufacturing gained 2.39 percentage points to 99.52 in February, the industry’s biggest one-month increase since April 2021.
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