By Frank Byrt
KPS & Company, LLC of West Hartford, Connecticut, jump-started 2013 by announcing a merger with the accounting and tax practice of Alan M. Gould & Co. of West Palm Beach, Florida, KPS’s first venture outside its home state of Connecticut.
KPS, founded in 1982, now has three offices, including a satellite office in Wallingford, Connecticut, and a post-merger staff of eighteen, including five in Florida.
Alan Gould will serve as a partner in the merged firm's West Palm Beach office conducting operations under the KPS banner. All staff members in the West Palm Beach office will be retained, and Gould’s clients will continue to be served by the same professional they have worked with in the past, KPS said in a press release.
KPS partner Joel Kosovsky, who is a licensed CPA in Connecticut and Florida, told AccountingWEB in an interview that he sees the merger as a growth opportunity, in particular for the cross-selling of his firm’s services beyond its accounting and tax services.
Kosovsky said, “There’s not a lot of growth in this economy, so this represents good organic growth, but we'll also cross-sell our other financial services,” including those of Financial Horizon Financial Advisors LLC and Bentmore Valuation Advisors LLC, a business valuation and merger advisory affiliate.
Partner succession issues at Gould also provided an impetus for KPS to seek a new relationship, Kosovsky said.
While there are always a number of issues that come up after a merger, Kosovsky said the most important is “trying to keep the culture the same and for the staff to continue to deal with the same clients they used to, so [clients] don’t notice any change.”
As for future mergers or acquisitions, Kosovsky said his firm is always on the lookout, and now with a foothold in Florida, the firm will be looking for additional growth there.
“But I think the biggest opportunity is growth through cross-selling our other services. A lot of traditional firms do only A&A and tax, so we’re a little different with our two ancillary services,” he said.