Global CPA and business advisory firm Grant Thornton haskicked off a sweeping growth initiative that seeks to balloon its annualrevenues to $2 billion by 2015.
Titled "Unleashing Our Potential" the roadmap,which officially launched August 1, includes an aggressive push into selectedmarkets, attracting top-level talent and implementing a strategy of mergers andacquisitions.
"Our vision is to become the leading firm servingdynamic organizations," said chief executive Stephen Chipman in anexclusive interview with Accounting Today and WebCPA. "Our goal is notnecessarily to become the 5th or 6th largest firm but rather, to be the leadingfirm serving dynamic organizations in our chosen markets. We don't believethere is any firm out there that can match our integrated level of service andexpertise."
Chipman included among the "dynamicorganizations" that interest the firm certain high-growth start-ups,companies exploring overseas expansion or involved in emerging markets, andcompanies that are merging and acquiring other companies. He said that GrantThornton, which generated $1.15 billion in revenues in 2009, has identifiedmore than 10,000 potential clients in the dynamic organization space, encompassingmidsized public companies, complex privately held businesses and private equityfunds.
"We're going to increase our focus in suchindustries as consumer and industrial products, technology, especially cleantechnology and non-profits. The Big Four firms have the global and industryexpertise, which we have as well, but they can't match our partner-led servicemodel. That's where we can capture market share from them."
Over the past year, Grant had closed a series of offices,divested a number of service lines and reduced its partner headcount.
"We made some tough calls, no doubt," saidChipman. "But we feel that allowed us to place a more significant focus onwhat we need to do to achieve our growth objectives."
Chipman also revealed that the firm's first M&A deal- an advisory firm - under the new initiative is scheduled to close at the endof September.
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