Salt Lake City (July 16, 2004) -- Local firms Stagg & Associates and Karren Hendrix & Associates will merge their practices, effective Aug. 1.
The combined entity will operate as Karren, Hendrix, Stagg, Allen & Co., with six shareholders, 29 employees and revenue of about $3 million. All 11 Stagg & Associates employees will move into the Karren Hendrix office at the end of this month. Danny Hendrix will continue as managing partner of the firm.
Stagg & Associates, with revenue of about $1.3 million, specializes in serving the health care industry and in providing eldercare services. Karren Hendrix, a $1.7 million firm, provides audit, tax, accounting, litigation support and valuation services, and specializes in serving the construction and real estate development industries.
"We're not large enough on our own to take some jobs that are available to us. We've had to contract with other CPA firms to help us. This merger will open up new markets and new opportunities for us," said R. Ted Stagg, Stagg & Associates owner, who will be a salaried employee in the combined firm. "It's also about succession. I'm 63 ... with the merger, I will stay three or four years. After that I can stay on longer if I want to and be involved as much as I want to."
"I've known [Karren Hendrix] for a long time, and I have great respect for them. They have strengths in areas we needed help in -- particularly in the audit area," Stagg added. "They specialize in the construction and real estate developer areas and they have a huge tax practice. We're primarily health care and have a fast-growing eldercare services practice. We thought the two firms would fit nicely and expand the services we provide to clients and the industries we're involved in."
-- Melissa Klein Aguilar
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