Tax and accounting firm Davis & Bellomo has acquired the accounting practice of Gordon Gilpin, CPA, of Leawood, Kan.
Gilpin launched his private practice as a sole practitioner in 1987, following positions in both public accounting firms and private industry. During his career, he provided accounting and tax advice to closely held businesses in the construction, service, manufacturing, retail and nonprofit industries. While in private industry, Gilpin served as the chief financial officer of a multi-location contractor. In addition to this role, he was responsible for mergers and acquisitions.
Gilpin interviewed 12 firms before selecting Davis & Bellomo. I woke up one morning and said, Im 68, and I want to retire at 70, but I dont want to abandon my clients and I need to do some planning, he said. The first step was to look around and find a successor firm, and thats how I got used to the idea of edging myself out.
He eventually talked with Davis & Bellomo shareholders Kelly Davis and Matt Bellomo and they soon struck a deal. The acquisition took effect on Aug. 9.
It lasted from beginning to end about six weeks, and we had a deal in short order, said Bellomo. Hes been in the business a long, long time, and it adds to our portfolio of expertise. This is the first acquisition for the Overland Park, Kan.-based firm, but Bellomo hopes to do more in the future. His firm currently has two partners and four staff members handling tax, accounting and consulting services.
Gilpin has so far received positive feedback from his clients. I think they will be very successful with converting my clients over to them, he said. It will be an easy transition. My largest client said, Thanks for doing the homework. I had a few who said, Yeah we were wondering if you were thinking of retiring.
Gilpin has begun working from the firms Overland Park offices as a consultant. It provides me with an income and allows me to spend my time doing transition work and discussing with my clients facets of the transition and easing them into it, he said. Matt and Kelly do things so similar to the way Im used to doing them. I think this will be a smooth move.
