JUNE 12, 2013 — Eide Bailly is pleased to announce that Lake, Hill & Myers (LHM), a Salt Lake City-based CPA firm, will join Eide Bailly on July 1. This union brings Eide Bailly’s total staff to more than 1,200, including 175 partners. Eide Bailly’s total revenues for fiscal year ended April 30, 2013, were $167 million. LHM will add $3.5 million of revenue to the combined firm.
In November 2012, Ogden-based Schmitt, Griffiths, Smith & Co. joined Eide Bailly. “With the addition of LHM, we will have a stronger presence in the western region of the United States. This is all part of our strategic plan to build out our footprint to the West and to serve mid-market clients,” Dave Stende, managing partner/CEO for Eide Bailly said. Eide Bailly currently has 21 offices in ten states west of the Mississippi River. “As we grow, we are able to add and develop more resources that benefit our clients regardless of location, and Salt Lake City is a great service hub for delivering solutions.” According to Stende, the firm has been very successful because of its small firm/large firm approach to service. “We have a personal, respectful approach to service and, at the same time, we offer ‘big four’ business solutions for our clients.”
Kevin Andersen, Eide Bailly partner, will serve as the partner-in-charge of the firm’s Utah offices. Andersen also serves in this role for the firm’s Boise, Idaho, office. Andersen said clients appreciate the many services the firm has added. “This past year, we added tax specialists, a cost segregation team and buy/sell capabilities. We have also taken a strong leadership role in helping our clients understand Health Care Reform and how to comply with the Jan. 1, 2014 implementation requirement. Our clients appreciate these types of services – and we will continue to look for ways to help our clients,” Andersen said. “As we grow, we look for firms – and individuals – that operate with a similar culture and approach to client service. These are very important to us; Eide Bailly’s culture is the foundation of our continued success.”
Bob Lake, LHM partner, commented that this union is a business decision that will positively impact their stakeholders. “We will be able to help our clients with more of their business needs – like business analytics, business valuations and buy/sell assistance – by utilizing the knowledge and expertise of specialists across Eide Bailly. Even with more resources available, our clients will continue to work with the same LHM professionals and receive the personal service they have come to expect and appreciate.” Lake said being part of a larger firm will also benefit his partners and staff. “They will have access to excellent training. They will also have more opportunities to specialize in an industry or service area, and to grow professionally through a variety of leadership opportunities.”
Stuart Tholen, Eide Bailly partner, who previously served as partner-in-charge of the firm’s Ogden location, has been named practice leader for Eide Bailly’s accounting services/ERP technology solutions practice.
LHM brings 24 individuals to Eide Bailly, including five partners: Kelly Bryson, Ted Hill, Bob Lake, Gary Myers and Jeff Sorensen.
About Eide Bailly LLP
Eide Bailly provides 49,000 clients across the nation with our core services of audit & assurance and tax, as well as expanded services, including accounting services, employee benefits, enterprise risk management, financial services, forensic & valuation, technology consulting, transaction services and wealth management. In addition to the new Salt Lake City location, Eide Bailly has offices in Phoenix, Ariz.; Boulder, Denver, Frisco, Golden, Grand Junction and Vail, Colo.; Boise, Idaho; Dubuque, Iowa; Mankato and Minneapolis, Minn.; Billings, Mont.; Bismarck, Fargo and Williston, N.D.; Norman, Oklahoma City and Tulsa, Okla.; Sioux Falls and Aberdeen, S.D; and Ogden, Utah.
About LHM
Lake, Hill & Myers has been serving clients in the Salt Lake City and surrounding areas since 1989. The firm provides professional accounting, auditing and tax services to all types and sizes of privately held businesses.
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