Accounting firm Burr Pilger Mayer has introduced an employee stock ownership plan that it is offering to all of its 325 employees.
Under the qualified retirement plan, employees will receive shares of common stock in BPM, offering them a vested interest in the firm's success. The ESOP not only provides a new benefit for employees, but also ensures that a solid succession plan is in place for those moving up the ladder to partner, as well as those partners approaching retirement.
The announcement coincides with BPM's 22nd anniversary and reflects its commitment to attracting and retaining employees to continue the firm's annual 20 percent year-over-year growth.
"To my knowledge, BPM is the first CPA firm of our size to offer an ESOP," said managing partner Stephen D. Mayer in a statement. "Our partners are 100 percent behind sharing ownership."
BPM has been recognized as one of the Best Places to Work in the San Francisco Bay Area three years in a row by the San Francisco Business Times. The firm will be opening its fifth office on Oct. 1 in Novato, Calif., completing its strategy of "ringing the bay."
In 2009, the firm will be eyeing Sacramento to further its expansion throughout Northern California. The firm ranked No. 53 in Accounting Today's 2008 list of the Top 100 Firms, with $48.5 million in revenue.
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