Lockitch Clements & Rice PS to Join With Top-20 LarsonAllen
SEATTLE—June 13, 2011—Seattle accounting firm Lockitch Clements & Rice PS (LCR) intends to join with Minneapolis-based LarsonAllen LLP (LarsonAllen), effective August 1, 2011, according to LCR shareholders Bruce Restad and Ken Clenin.
LarsonAllen recently arrived in the Pacific Northwest by way of regional CPA firm LeMaster Daniels, which it folded in last November (2010). LarsonAllen had clients in the Seattle area and solidified its presence here with the addition of LeMaster Daniels’ local office, as well as its 11 others throughout Washington and Idaho.
“LCR was searching for a good partner to blend our practice into, and LeMaster Daniels had been on our radar. When they joined with LarsonAllen, it seemed like a great opportunity to hitch our firm’s plans onto that transaction as well,” says Restad. “It turns out they were interested in us, too.”
Restad notes that the LarsonAllen name and reputation were familiar to and respected by both him and Clenin, who had each met principals with national exposure from the firm. “Knowing their capabilities and level of influence across the country made this opportunity all the more appealing.”
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“We wanted to be certain our clients and our people are well taken care of down the line, and tying our practice into LarsonAllen’s helps secure that overarching priority.”
—Ken Clenin
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"There are many succession plan options available for businesses like ours, but we’ve known for some time that our best bet was an upward combination,” says Clenin. “We wanted to be certain our clients and our people are well taken care of down the line, and tying our practice into LarsonAllen’s helps secure that overarching priority.”
LCR’s practice has focused primarily on audit services for multi-employer collectively bargained benefit plans, as well as nonprofit and labor organizations. “We deliver these services very well, and so does LarsonAllen. Together, we’ll have an even stronger specialty audit backbone,” says Restad. “And even better, we’ll now be able to accept requests for these services from entities in places beyond the Pacific Northwest, which we previously couldn’t accommodate.”
Clenin adds that LarsonAllen’s full menu of accounting, tax, and advisory services, as well as its industry specialization, will also enhance LCR’s current offerings. He notes that LCR’s staff of 17, including nine CPAs, will benefit significantly from wider career pursuits within the firm. “We’re excited to exchange ideas and expertise with LarsonAllen’s people,” he says. “We’ll learn a lot from each other, which will ultimately translate into deeper, more insightful consultation with our clients. Everybody wins.”
LCR, which incorporated in 1973, will move its office into LarsonAllen’s current Seattle area location. “We believe this move will facilitate a speedier integration of our teams and cultures so we can capitalize on the benefits of this transaction and deliver them directly to our clients,” says Clenin.
LarsonAllen is a national top-20 CPA firm with more than 300 principals, approximately 1,800 people, and a strong, growing presence across the country. It has developed specialized industry services in health care, nonprofit and government, manufacturing and distribution, banking and credit unions, construction, real estate, dealerships, and agriculture, among others.
“Folding LCR into the LarsonAllen brand is a great step in growing our presence in the Pacific Northwest,” says Jeff Kvilhaug, executive principal with LarsonAllen. “LCR’s experience working with labor unions, in particular, is highly sought throughout this greater region, and we can both build on that sturdy foundation. Both our firms’ clients and people have a lot to gain by this deal, and we’re ready to make good on these opportunities.”
About LarsonAllen
LarsonAllen LLP (LarsonAllen) is a professional service firm that provides audit, accounting, tax, consulting, and advisory services to organizations and individuals managing business ventures and finance. Founded in 1953, LarsonAllen’s certified public accountants, consultants, and advisors are dedicated to providing quality results to clients. LarsonAllen has approximately 1,800 people and $280 million in annual revenues. Offices are located in Arizona, Florida, Idaho, Illinois, Massachusetts, Minnesota, Missouri, North Carolina, Pennsylvania, Texas, Washington, Washington DC, and Wisconsin. LarsonAllen is an independent member of Nexia International, a top 10 worldwide organization providing global connections.
Media Contact: Susanna Weise | 509-624-4315, sweise@larsonallen.com