Summit CPA Group, a virtual CFO firm, will merge its practice with Anders CPAs + Advisors, a Top 100 St. Louis-based CPA and advisory firm. Co-Founders, Jody Grunden, CPA and Adam Hale, CPA, along with all 60 staff members will join Anders, bringing the firm’s total partners and staff to 335 with revenues of approximately $60 million. The merger is expected to close early in the second quarter of 2022.
The merger brings together two strong and innovative organizations. Founded in 2002, Summit has been the pioneer of remote work in the accounting industry since 2013. By offering virtual CFO services including cash flow management, business tax planning and financial forecasting, Summit has grown fast to $8.5 million, approximately doubling in size every three years since 2010 and has been recognized by Inc. 5000. Anders has also grown rapidly through the addition of Advisory Services, new industry lines, organically and through mergers, doubling to over $51 million since 2013.
“Adding this unique solution to the portfolio of Anders services, including our current outsourced CFO offerings, is important to our vision for growth, and we found a great match with Summit,” said Robert J. Minkler, Jr., CPA/CGMA, Anders managing partner. “Given the current workforce environment, more clients are seeking deeper strategic insight and a higher level of value from their advisor. Summit’s proven track record of delivering high-value CFO services that result in long-term growth will be a strong addition to our firm.”
Summit’s one-of-a-kind service offerings provide virtual CFO solutions as well as strategic advisory services tailored specifically to help CFOs make better business decisions based on better financial data. Summit has extensive experience providing valuable insight into profitability and cash flow for business leaders.
Summit also provides 401(k) audits and recently launched a CPA Firm Augmentation program which provides other CPA firms with a business plan on how to perform virtual CFO services. By merging with Anders, Summit can now offer their clients a full suite of financial services. “We are excited to join Anders and become a part of this forward-thinking and expanding firm,” said Grunden, who currently sits as the chair for the Digital CPA (DCPA) advisory board and is a board member for the Indiana CPA Society (INCPA). “Summit has a strong commitment to utilizing technology to its fullest when serving our clients and Anders shares that vision. Anders and Summit together will be able to combine resources and provide a valuable solution.”
Minkler says the depth of experience Summit brings to Anders “will provide various opportunities for team members and clients. This joining of firms is another step towards building a firm of the future and our cultures are a great fit. I’m excited to combine resources and expertise to provide a broader experience to our clients.”
Grunden, who believes in helping businesses and the accounting industry transform and thrive within a digital environment concluded, “we have been searching for the right firm to join for some time and have found one in Anders. Our values of providing clients with original solutions through the use of technology and educating those around us is in step with the Anders mission, vision and core values. Finding the right culture fit is a large piece to the merger puzzle. We look forward to being a part of the firm’s growth and strategic plan for the future.”
Anthony Zecca, CEO of Growth Path Partners LLC, advised Anders on the transaction. Zecca was instrumental in connecting Anders and Summit, and he will continue to serve as an advisor as the merger solidifies and grows. Zecca is a retired partner of CohnReznick and was managing partner of the firm’s Advisory Group.
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Tags: Advisory, Firm Management, Technology
