PODCAST: The nuts and bolts of a merger

Written on Mar 26, 2020

By Jessica Salerno, OSCPA senior content manager

 

Before a merger is announced, there are key areas both parties need to consider.

“When we've talked to other firms in the past, we always wanted to make sure that their values and our cultures would fit together,” said Dani Gisondo, CPA, office managing partner, assurance at Marcum LLP.

Gisondo and Greg Skoda, CPA, senior partner, assurance, joined the State of Business podcast to discuss how they merged their firm, Skoda Minotti, with Marcum late last year.

Skoda estimates they first met staff from Marcum 20 years ago but came to know each other better six years ago after joining the Leading Edge Alliance, a business association.

As those discussions evolved, Skoda said they realized the opportunities possible from a merger.

“We ultimately came to the conclusion that there were enough things that we did that were strengths of ours that Marcum didn't have,” Skoda said. “And there were enough things that they did that were strengths of theirs that made us better.”

Gisondo said a crucial part of this process was involving people from various niches in the firm to ensure it made sense for all those involved. That made a difference in staff at Skoda Minotti being more comfortable with the idea of merging into Marcum.

“There wasn't any department in our firm or any group of people that wasn't represented and didn't participate in months and months of conversations about this,” Skoda said. “What would it look like, how it would work, how would we roll it out and combine if we were to do this?”

For those wary of change, Gisondo framed the transition like starting a new job, but having everyone starting it together. Learning new computer system, new processes, typical challenges all can be tackled as a team.

“It's opened a lot of doors for people,” Gisondo said. “We know we have a lot of very talented people within our work environment and it's been great because they're able to really utilize their talents and participate on a national level.”

Listen to the podcast here.

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