Weiss & Co. adds Weitzman; and BST & Co. merges in O'Connor & O'Connor.
M&A roundup: Weiss and BST expand
November 28, 2022 4:20 PM
Weiss & Co. adds Weitzman
Courtesy of Weiss & Co.
"Dan is a gifted professional whose skill set is uniquely suited to our firm," said Weiss
managing partner Daniel A. Fortman in a statement earlier this month. "When he expressed interest in coming on board, we jumped at the chance."
Financial terms of the deal were not disclosed. Weitzman has nearly four decades of experience in public accounting, operating as an independent practitioner for the past 14 years. He also provides advice to closely held businesses and individuals on various tax matters. He has taught accounting at Roosevelt University and the University of Illinois, and speaks about tax issues to companies and professional groups including Citibank, Chicago Tribune, the Chicago Bar Association, the Illinois CPA Foundation and the Pennsylvania CPA Society.
BST & Co. merges in O’Connor & O’Connor
Courtesy of BST & Co. CPAs LLP
O'Connor & O'Connor CPAs offers accounting, financial and tax services to businesses and nonprofits. The team includes four CPAs and administrative staff and serves small businesses, professional service firms, professional athletes, medical practices, real estate agencies, and individuals among its clients.
BST had net revenues of $16 million in fiscal year 2021, while
O'Connor & O'Connor had net revenues of $1 million that same fiscal year. BST has 120 people, including 21 partners. O'Connor & O'Connor will be adding five people, including two partners, to BST.
O'Connor & O'Connor CPAs was originally established as a part-time practice under the sole leadership of John V. O'Connor Sr., a full-time professor of accounting and taxation at UAlbany and Siena College. After earning his degree from St. Bonaventure University and getting licensed as a CPA, his son John V. O'Connor Jr. joined the firm in 1981. The father- and-son team formed O'Connor & O'Connor CPAs in 1984. O'Connor Jr.'s sister Mary, an alumnus of Bryant College and CPA, came onboard three years later. Prior to the merger with BST, the sibling team of CPAs managed the business.
"BST is thrilled to join forces with O'Connor & O'Connor CPAs, whose culture, clients and reputation are second to none," said BST & Co. managing partner Ron Guzior in a statement. "John and I have known each other professionally and socially for 35 years and we are excited for our firms to come together at this time. We are confident that the many years of expertise the veteran tax specialists from O'Connor & O'Connor bring to our team will benefit our existing clients and enable us to cultivate deeper relationships through expanded solutions for O'Connor & O'Connor clients."
BST & Co. dates back to 1947 and has more than 100 partners and associates.
"We are excited to partner with a firm that shares similar client service focus, demonstrated professionalism, and a common culture," said John O'Connor Jr., in a statement. "BST's expansive resources, such as sophisticated Information Technology, Marketing and Virtual Accounting tools, will give us the edge we need to better compete in today's global marketplace and offer our staff greater opportunities for professional growth."
The partnership with O'Connor & O'Connor marks the second merger for BST in less than two years. Last year, BST created a new wealth management division called Affinity BST Advisors after a merger between BST Wealth Management LLC and the Affinity Group, a wealth management firm.
Later this month, BST plans to move its Albany-based corporate headquarters to 10 British American Boulevard to accommodate its expanded operations in a 25,000-square foot workspace. The team from O'Connor & O'Connor will join BST at the new location in mid-December.
