CBIZ said it would close its current office in Miami, with a small number of the staff members relocating to CBIZ's office in Boca Raton, Fla. and the remainder joining a separate firm, Cherry Bekaert LLP, in its Miami office.
CBIZ attributed the move to the vagaries of the South Florida market. “The relatively small size of our Miami accounting office did not provide us with sufficient scale to provide our expected array and level of professional services to our clients in the Miami market,” CBIZ chairman and CEO Steven L. Gerard said in a statement. “This transaction will allow us to place our existing staff and clients in offices that are better able to serve their needs while we continue our search for a significant acquisition candidate in the Miami area that will provide us with a sufficient platform to distinguish ourselves from other high quality firms in the market."
Gerard emphasized, however, that his firm plans to remain and grow in the Florida market. “CBIZ is committed to the Florida market and is making significant investments to expand our presence there,” he said. “During 2014, CBIZ has made two strategic acquisitions in Florida, one in Tampa, and another in Delray Beach, in order to extend the breadth and quality of services we provide to our clients. With existing offices in Tampa, Orlando, Boca Raton, and Delray Beach, CBIZ will continue to explore additional acquisition opportunities within the state, including the important Miami market.”
CBIZ recently announced that Gerard will be retiring in March 2016 and will be succeeded by the professional services firm’s current president, Jerome P. Grisko Jr. (see CBIZ Plans Leadership Transition). The publicly traded company operates in an alternative practice structure with the auditing firm Mayer Hoffman McCann, and also has an accounting division in New England known as CBIZ Tofias after acquiring Tofias in 2008.
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