Dixon Hughes PLLC and Goodman & Company LLP this week announced that they will merge their firms and affiliated entities effective March 1. The combined firm will be known as Dixon Hughes Goodman LLP and will be headquartered in Charlotte, North Carolina.
Charles Edgar Sams, Jr., chairman of Dixon Hughes, will continue to serve as chairman of the new company, and Kenneth M. Hughes, CEO of Dixon Hughes, will remain CEO. Thomas H. Wilson, managing partner of Goodman & Company, will become deputy chairman and chief operating officer of the new firm.
"We anticipate a smooth transition for all involved. As with any merger, we have some work ahead of us to compare and implement best practices, integrate our systems, and introduce a new name to the marketplace", Sams told AccountingWEB. "Because our goals and values are so similar, and the strategic benefits of this combination are so strong, we are confident that this will be a positive experience for our people and for clients alike."
There will be no layoffs or office closings as a direct result of the merger, according to Sams.
"Because our geographic footprints complement each other so well, we are not faced with challenges of overlapping offices or related redundancies", Sams said. "Our focus will be on how to best combine our resources for the benefit of our current and future clients."
The merger will create a larger geographic footprint, with more than 1,700 people in 30 offices in 11 states and Washington, D.C. Dixon Hughes Goodman, which will conduct business in all 50 states, will be the largest certified public accounting firm based in the Southern United States, and the 13th largest in the nation, according to the firm.
"This merger is not just about being bigger, it’s about being better – better for our people and for our clients. Our clients will directly benefit from enhanced depth of bench, industry experience, geographic reach, support structures, and additional non-core services that each firm brings to the other", Sams told AccountingWEB. "Our people enjoy the pride in market leadership, and they benefit from greater opportunities to advance and enhance their careers."
The union will bring together complementary strengths that each of the firms possesses in a range of client industries including manufacturing and distribution, health care, construction and real estate, insurance, government, nonprofit, dealerships, financial institutions and government contracting.
"This combination is reflective of our desire to continue to work with high-caliber professionals and a highly respected firm", said Hughes. "We strongly believe in the power of combining these resources and the value it will bring to our clients in terms of providing extensive industry experience and integrity with each interaction."
In addition to providing traditional services in the areas of accounting, auditing, and tax, the firm will offer a complete line of services designed to address client challenges, including transaction advisory services, IT risk services, tax advisory services, fraud and forensics, wealth management, international tax, sales and use tax consulting, business valuation/litigation support, retirement planning services, outsourced accounting, and human resource consulting.
"This is a tailor-made fit that will benefit the firm, our staff, and, most importantly, our clients", said Wilson. "Both organizations will gain increased industry expertise and depth and see new geographic opportunities for growth. Clients will have broadened access to capital networks and industry best practices, while our employees will see more robust training options, increased opportunities for industry specialization, greater mobility between offices, and more challenging client work."
Sams expects future growth will come organically and through strategic mergers. "However, our focus for the foreseeable future will be on the successful integration of Dixon Hughes and Goodman & Company."