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Weekly UpdatesBKD, LLP IS ONE OF THE 10 largest CPA firms in the United States with a reputation as a steady and focused advisory firm. It has 31 offices in 12 states, with five of those offices in Indiana--Bloomington, Evansville, Fort Wayne, Merrillville and Indianapolis.
BKD also is the largest member firm of Praxity, AISBL, a global alliance of independent firms. It is through this alliance that BKD is able to serve their clients' international activities.
From 1917 to 2001, the Indianapolis office served as the headquarters of the BKD legacy firm, George S. Olive, LLP BKD Indianapolis was established in 2001 when Olive merged with BKD and consists of approximately 230 personnel, including 30 partners, who provide CPA and advisory services to more than 5,500 clients. The other Indiana locations have been added in the past 50 years.
A history of high expectations. BKD has high expectations not only for their people hut for their clients as well, many of which are closely held or family businesses. BKD has stringent quality control processes in place to help ensure strong, long-term relationships.
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"We look carefully when we go through our client acceptance processes because we want to be involved with individuals who have the same values we have," says Robert J. Pruitt, managing partner.
Community involvement is part of the firm's core values. The BKD Foundation collects and disburses partner and employee contributions to not-for-profits. Including the Foundation support, Indiana partners have contributed more than $400,000 annually to Indiana colleges to fund accounting scholarships and to support community not-for-profit organizations.
Since the mid-90s BKD has used an industry-focused model to deliver its services, concentrating on manufacturing and distribution, health care, government and not-for-profits, financial services, construction and real estate and wealth planning services. "We split our teams into these six areas and approached the market in this way. It has paid off tremendously because there are specific accounting needs to know about each of those industries," Pruitt says. "Clients really appreciate working with accounting professionals who understand their world."
BKD's strategy works. The firm received high scores in a formal client survey, which was conducted by a third party and measured responsiveness, technical capability and communication, among other areas.
Other kudos include being the only Top Ten firm to receive no adverse comments by the Public Company Accounting Oversight Board (PCAOB) on audits performed for public companies in 2008. And earlier this year BKD was rated one of the best accounting firms to work for by Accounting Today magazine.
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"Wisdom for your wealth." Created in 1998, BKD Wealth Advisors, LLC is an independent wealth management subsidiary of BKD that manages more than $1.2 billion in assets. The wealth advisory team provides personal wealth planning with a depth of knowledge in financial planning, estate planning, investment management and consulting.
In addition to a comprehensive analysis, clients receive individualized advice. "Instead of looking at matters, such as the dynamics of the current market, at a macro level, we spend the majority of our discussion with clients on the micro level--meaning what affect is it having on our particular client's finances, financial plan and goals," says Nadine S. Givens, Senior Managing Advisor for Wealth Advisors. "It is noteworthy that the investment advice that is provided is independent. There are no BKD investment funds."
Closing the deal. The Transactional Services Practice of BKD assists private equity buyers across the United States who are considering acquiring a company or business. "Eighty percent of what we do relates to due diligence--financial diligence and tax diligence," says Senior Managing Consultant Paula Conroy. "We look at a company's financial statements and their tax situation and make recommendations back to buyers as to whether the pricing is appropriate and what issues might await them once they take control of the company We try to take the surprises out of the equation."
BKD clients get the national firm experience for much more competitive fees and, instead of working solely with an associate, they receive more involvement from senior personnel like Conroy and Partner Samuel Wright.
The Transactional Services Practice is the largest and fastest-growing component of private equity services, but BKD offers other services under its private equity services umbrella. This includes the structuring team, which helps design a means of acquisition that has favorable tax consequences for the buyer.
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BKD's traditional tax professionals also work with portfolio companies on post-transaction issues, such as a unique debt structure or reporting requirements. Finally, BKD's Corporate Finance Practice assists in the acquisition or disposition of portfolio companies. Again, all of these services are found at one firm.
"We ingrain our values in people and attract great people through that process, but we also recognize where we are not the experts," Pruitt says. "We will always go outside the firm to deliver in an area where we don't have that expertise. We put people in position to be very good in a specific area and deliver a high level of technical competence.
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