Glass Jacobson Financial Group has acquired a small accounting firm in Rockville, growing its footprint in Montgomery County.
The acquisition of Friedman and Associates P.C. became effective Friday, bringing Glass Jacobson’s headcount to 70 people. The firm now has 50 accountants and staff at its Owings Mills office and 20 people in Rockville. Glass Jacobson expanded to Montgomery County in 2010 when it acquired a seven-man office in Rockville.
CEO Ed Jacobson said the deal deepens his firm’s expertise in serving nonprofit clients, an area of expertise for Friedman.
“They are strong in an area we were OK at,” Jacobson said.
The acquisition also positions Glass Jacobson to continue growing organically in Rockville and within the nonprofit sector. The firm aims to grow its billings 10 percent this year, and add staff as it finds necessary to avoid diminishing the attention for clients.” We believe that today, you grow or die,” Jacobson said. “We are always looking for ways to grow.”
For Friedman, the deal allows the office to join a bigger firm and allow its owner, Marc Friedman, to avoid having to deal with “administrative headaches.”
“It’s a win-win for both sides,” said Ira Rosenbloom, chief operating executive of consulting firm Optimum Strategies, who helped bring the firms together.
Glass Jacobson was already one of Rosenbloom’s clients, and he met Friedman at a presentation. The parties began talking in May or June, culminating in the deal getting getting finalized recently.
The acquisition is part of a growing trend of combinations that broaden firms’ existing skills, eases administrative challenges and create opportunities for revenue and service enhancements, Rosenbloom said. It also helps Glass Jacobson better compete with other similarly sized firms in Greater Baltimore.
“Each firm competes fiercely,” Rosenbloom said. “The approach to clients makes Glass Jacobson a very compelling option to the nonprofit community, which is in line with the firm’s approach to becoming stronger in a more comfortable way.”
Looking ahead, Jacobson said the firm will focus on growing organically while remaining open to other acquisitions. He said the firm does not plan to open any additional offices right now, though he speculated it could “eventually” open a Northern Virginia office.
Are you an accountant looking to merge with a fast growing firm?
Contact us today, and we would be happy to talk with you!
Did you enjoy this post? Please share it!
Recent Blog Posts
Richard Barsky, CPA Joins Glass Jacobson Financial GroupFebruary 18, 2019
Richard Barsky, CPA has merged his firm Whelan Barsky & Associates with Glass Jacobson, joining the group’s Rockville team as a principal. Richard specializes in ...Read More
Glass Jacobson | Top 150 CPA Firms by Assets Under ManagementDecember 21, 2018
We are excited that Glass Jacobson Financial Group is listed in Accounting Today’s 2018 list of top CPA RIA firms by regulatory assets under management. ...Read More
Glass Jacobson Hires Osikowicz and Deese to Expand Retirement Plan Consulting ServicesSeptember 10, 2018
We are excited to announce the hiring of Richard Osikowicz, AIF® and Byron Deese as part of our plan to expand our retirement plan consulting ...Read More