By Jason Bramwell
Accounting and business consulting firms Sax Macy Fromm & Co. PC (SMF)
, based in Clifton, New Jersey, and Bollam, Sheedy, Torani, & Co. LLP (BST)
, headquartered in Albany, New York, will merge, effective January 1, 2014.
Both companies will combine to form a new firm, SaxBST
, which is expected to generate more than $45 million in combined annual billings. SaxBST will maintain offices in Clifton, New Jersey as well as in Albany, New York City, and Mineola, New York.
The merger made a great deal of sense for both practices, SMF Managing Partner Robert Paz said in a written statement.
"Both firms' approach to servicing clients and helping them realize their dreams are perfectly aligned," he said. "Creating one firm allows us to provide an even deeper level of expertise and a better focus on each client's unique challenges. Each firm features some service offering that the other does not, further contributing to the synergy of this merger."
BST Managing Partner Stephen Ferraro said SMF shares many of the same values that drive BST's business, including a commitment to highly personalized client service, deep industry expertise, and a dedication to employees and the communities both firms serve.
"People and relationships are the DNA of our new union. We are driven to see our clients succeed by providing solutions that exceed expectations and assure their success," he said in a written statement. "Combining these two well-respected firms creates a positive-thinking and future-oriented organization with a superior industry reputation."
The new firm's industry segments and niches will include the following:
- Commercial real estate
- Employee benefits
- Financial services
- Labor unions
- Manufacturing and distribution
- Medical and professional services
Once the merger is complete, SaxBST's multidisciplinary accounting, tax, and financial consulting services will continue to meet the needs of privately held companies, family-owned businesses, not-for-profit entities, and high-net-worth individuals throughout the New York tristate area.