Two consultants to the profession have launched a consulting firm that will help accountants with succession planning and mergers and acquisitions.
Joel Sinkin and Terrence Putney have formed Blacklake Transition Solutions, which will cater exclusively to public accounting firms. The company, which will have headquarters in New York and Kansas City, will offer services such as counseling for accounting and tax practices that are buying, selling or merging with other firms; valuation of accounting firms and deal structure alternatives; internal and external succession planning; documentation review and preparation; consulting on issues including partnership agreements, transitional strategies, due diligence, tax ramifications and liability issues; and litigation support, expert testimony and arbitration.
Sinkin, president of J. Sinkin Consulting Group Ltd. and co-author of Guide to Buying and Merging CPA Firms, has been involved in closing more than 650 accounting firm transactions.
Putney served for six years as a managing director with RSM McGladrey, and previously held several executive positions with its corporate parent. He has structured and negotiated transactions resulting in the acquisition of firms that ranged in size from $200,000 to $30 million.
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