Local CPA firms Grimaldi & Associates CPAs and Nelkin, Griesel and Graves CPAs have merged their practices to form Grimaldi & Nelkin CPAs.
Grimaldi & Associates, a $2 million, six-partner firm, specializes in accounting, tax, financial planning and litigation support for individuals and businesses with from $5 million to $20 million in revenue. Nelkin Griesel & Graves, which provides accounting and tax services to similar-sized clients, has a staff of eight, including three partners, and revenues of about $800,000. The combined firm, which has already added two more employees to boost its total staff to 29, serves more than 2,000 clients.
Both firms felt they'd be able to better serve their clients as part of a larger firm, according to William T. Kriesel, the president of the combined entity. Kriesel also noted that the union will help resolve succession issues.
"It's gotten harder for smaller firms to accomplish what needs to be accomplished with the specialization that's critical today," said Kriesel. "Getting together gives us a better size."
"We bring to the table some specialties that their clients will benefit from, and they bring an increased client base, as well as years of experience and skills that are invaluable to any organization," Kriesel said on the combination.
In addition, Kriesel, former partner-in-charge of Grimaldi & Associates' tax department, noted that Ray Grimaldi and Bob Nelkin, the presidents of the two predecessor firms, both in their mid-sixties, were looking at ways to transition their firms to new management over the next three to five years. "Being part of a larger organization makes that more feasible," said Kriesel. Grimaldi and Nelkin are both members of the new firm's management committee. The two had worked together for a short time years ago.
Kriesel said that the firms will remain in their separate offices for now, but will combine under one roof by the end of the year.
