BDO has acquired South Florida-based Goldstein Schechter Koch for an undisclosed sum. The deal sees more than 100 professionals and 14 partners transfer to BDO. The acquisition adds two new offices to the firm's US footprint, boosting its Florida presence to eight offices.
Goldstein Schechter Koch (GSK), headquartered in Florida, was founded in 1949. The firm supports South Florida businesses, non-profit organisations and individuals in managing their financial and tax affairs by providing tax minimisation and compliance, assurance, business consulting, and wealth and financial services. The firm has built itself up over three generations to a staff of more than 100 and 14 partners across two offices in the region. Since 2004 the firm has been part of BDO Alliance USA*.
Through the acquisition, BDO US significantly expands its operations in South Florida. GSK’s staff will be retained and will continue to service clients from the Fort Lauderdale and Coral Gables offices. Additionally, GSK Wealth Advisors, a fee-based registered investment advisory firm, will transfer to BDO. Through the acquisition, BDO expands its Florida capabilities to 300 professionals across eight offices.
The Chicago-based firm has been aggressively expanding in the US – completing 19 deals over the past four years to grow the firm’s footprint into 23 new markets and expand its presence in 12 others. The accounting and consulting firm now has 60 offices in the country.
Wayne Berson, CEO of BDO in the US, says, “This combination greatly increases our critical mass in the important South Florida market and adds significant resources to our growing wealth advisory practice."
He adds that he sees the merger as a "natural combination", stating “We began talking to them at the end of last year and discussions picked up steam over the past several months. Through our previous alliance relationship, we have a history of collaboration on client work and business development with GSK. This familiarity will be extremely valuable as we integrate the GSK practice with BDO.”
Sanford Horwitz, CEO of GSK, says, “We have enjoyed working alongside BDO partners and staff for many years as an alliance partner. BDO has a very compatible service philosophy that will make our transition into the firm as seamless as possible."
* A network of more than 400 independent associations of accounting, consulting, tax and other professional services firms that have access to BDO’s wider resources.