Accounting Firm Eyes Worcester Expansion
After expanding its operations in Rhode Island via merger, Connecticut accounting firm BlumShapiro plans to strengthen its foothold throughout New England, focusing next on more offices in Massachusetts, including Worcester.
"Our objective is to be the largest accounting and tax advisory firm in New England," said Thomas DeVitto, chief marketing officer for BlumShapiro, based in West Hartford. "It has been that way for quite some time."
On Jan. 1, BlumShapiro finalized its merger with Providence accounting firm Sullivan & Co., bringing the firm's total number of employees to 340. The merger gave BlumShapiro its first presence in Rhode Island and put the company among the Top 50 largest accounting firms in the nation.
"That has long been a goal of ours," DeVitto said. "Being in the Top 50 enables us to bring the expertise and size needed to service mid-sized firms and still operate as a local firm."
BlumShapiro also has offices in Shelton, Conn., as well as in Boston and Rockland.
Massachusetts will be a key market for BlumShapiro moving forward, DeVitto said. Not just the Greater Boston area but outlying areas such as Worcester and Springfield.
The Worcester and Springfield areas offer a lot of opportunity for business growth, DeVitto said, and having an overall stronger foothold in Massachusetts will keep the firm robust throughout New England.
The need for BlumShapiro and other accounting firms to expand is part of a larger industry survival trend that has been going on for the last several years, said Art Renner, executive director for the Connecticut Society of CPAs.
After years of larger and national firms ignoring New England, they started to cross the border from New York and build up their local presence by setting up offices and acquiring smaller regional firms, Renner said. This leaves the New England firms to either be acquired by those national firms or strengthen their New England footprint.
As the largest firm in New England, BlumShapiro needs to keep up with the acquisitions to stay ahead of the curve, Renner said.
"Extending now in Rhode Island is just another sign of the larger firms expanding their geographical footprint," Renner said. "I would expect to see all these firms continue to be on the lookout for new partners."
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