CliftonLarsonAllen

CliftonLarsonAllen LLP
Limited Liability Partnership (LLP)
Industry Professional services
Founded 2012; merger of Clifton Gunderson (1960) and LarsonAllen (1953)
Headquarters Minneapolis, Minnesota, United States
Key people
 Denny Schleper, CEO
Services Audit
Accounting
Tax
Consulting
Advisory
Revenue Increase US$598 million (2015)
Number of employees
 3,799 (2015)
Website www.claconnect.com

CliftonLarsonAllen LLP (known as CliftonLarsonAllen or CLA) is a professional services network and the tenth largest[1] accountancy firm in the United States. It was established in 2012 when two top 20 U.S. firms merged: Clifton Gunderson LLP (based in Milwaukee, Wisconsin) and LarsonAllen LLP (based in Minneapolis, Minnesota).[2] CliftonLarsonAllen's headquarters are in Minneapolis, Minnesota.[3] It is a member of the Nexia International accounting network.[4]

History

Clifton Gunderson

Clifton Gunderson was founded in 1960 in Peoria, Illinois, as Clifton, Gunderson, Coker and DeBruyn. The firm's first acquisition occurred in Illinois in 1965. In 1973, its name was shortened to Clifton, Gunderson; it became a limited liability partnership (LLP) in 2001. From 1976 to 1978, Clifton Gunderson added firms in Colorado, Wisconsin and Missouri. From 1982 to 1987, it expanded to Maryland, Arizona, Indiana and Iowa. Expansion continued into Ohio, Texas, and Virginia in the 1990s, and by the end of the decade, Clifton Gunderson had grown to become a well-known regional player in accounting.

In 2009, Kris McMasters became the firm's fourth chief executive, and the accounting profession’s first female CEO among the top 50 firms.[5][6] The year 2010 brought five acquisitions, and by 2011, Clifton Gunderson had expanded into California and Pennsylvania, becoming strongly established in the middle market. It was the 14th largest accounting firm in the US in 2010,[7] and the largest member firm of HLB International until it left that network in 2012 after the merger with LarsonAllen.[4]

LarsonAllen

LarsonAllen was founded by young entrepreneurs Rholan Larson and John Allen who started a small public accounting practice in the suburbs of Minneapolis in 1953. Bob Weishair joined their firm in 1957 to form Larson, Allen, Weishair & Co., LLP.

By 1987, the firm had grown to 165 employees and moved its headquarters to downtown Minneapolis. Gordy Viere was elected CEO in 1989. Under his leadership, the firm began expanding throughout Minnesota, adding offices in St. Cloud, Brainerd, and St. Paul by 1990. In the following decade, locations were opened through a series of acquisitions in Austin, Minnesota (1993); St. Louis, Missouri (1995); Charlotte, North Carolina (1998); and Philadelphia, Pennsylvania (1999).

In the 2000s, LarsonAllen expanded into Arizona, Florida, Idaho, Massachusetts, Texas, Washington DC, and Wisconsin. The firm changed its legal name to LarsonAllen LLP (LarsonAllen) in 2007. In 2010, LarsonAllen moved into the Pacific Northwest, adding locations throughout Washington and Idaho,[8] becoming the 18th largest accounting firm in the United States.[7]

In 2009, LarsonAllen was named a Best Place to Work in Charlotte,[9] Minneapolis, Philadelphia,[10] Phoenix[11] and St. Louis [12] by local business journals, and the firm’s learning and development team was honored by the American Society for Training & Development (ASTD).[13]

CliftonLarsonAllen

Merger discussions between Clifton Gunderson and LarsonAllen commenced in the spring of 2011 and progressed rapidly, so that in the fall of that year they announced plans to merge the two firms. The merger occurred January 2, 2012. The decision to affiliate to Nexia rather than HLB International was taken after the merger.[4][14]

CliftonLarsonAllen emphasizes industry-specific services, as well as a focus on privately held companies and their owners, nonprofits, and governmental entities.[15] Accounting Today reported speculation that the merged firm may expand into public company audits.[14]

Kris McMasters and Gordy Viere became the first co-CEOs of CliftonLarsonAllen LLP,[6] with Viere also serving as the CEO of CliftonLarsonAllen Holdings.[16] McMasters retired April 1, 2013, leaving Viere as sole CEO.[6] Denny Schleper became the CEO of CliftonLarsonAllen in January 2015 after Viere retired. [17]

In September 2013, CliftonLarsenAllen agreed to pay a $35,100,000 settlement on the audit of the City of Dixon. CG had performed the audit for many years but failed to recognize a $54,000,000 fraud.[18] In addition, the firm was fined by the Illinois Department of Financial and Professional Regulation.[19]

Offices and personnel

CliftonLarsonAllen employs more than 4,500 people, including more than 600 principals and 1,550 CPAs, in nearly 100 cities and towns across the United States.

Awards and honors

In August 2012, CEOs Gordy Viere and Kris McMasters were named among the top 100 most influential people in accounting by Accounting Today.[20]

References

  1. ↑ Accounting Today Top 100 Firms 2015, Accounting Today, March 9, 2015. Retrieved March 24, 2015.
  2. ↑ Clifton Gunderson, LarsonAllen to Merge, Create Top 10 Firm, Journal of Accountancy, November 2, 2011. Retrieved July 11, 2012.
  3. ↑ http://www.claconnect.com/AboutUs/
  4. 1 2 3 "Nexia secures CliftonLarsonAllen". International Accounting Bulletin. February 23, 2012. Retrieved July 11, 2012.
  5. ↑ Top Firm Names First Woman CEO, Accounting Today, April 5, 2008.
  6. 1 2 3 Krista McMasters, CliftonLarsonAllen Co-CEO, Announces Retirement, AccountingWeb, March 19, 2013. Retrieved 2013-04-04.
  7. 1 2 "Accounting Today's Top 100 Firms 2011".
  8. ↑ Minneapolis firm acquires LeMaster Daniels, Seattle Business Journal, August 9, 2010.
  9. ↑ Charlotte Business Journal
  10. ↑ Philadelphia Best Places to Work
  11. ↑ Phoenix Business Journal
  12. ↑ St. Louis Best Places to Work
  13. ↑ LarsonAllen awards page
  14. 1 2 Michael Cohn (November 1, 2011). "Clifton Gunderson and LarsonAllen to Merge". Accounting Today. Retrieved July 11, 2012.
  15. ↑ "Entering an era of mergers: Clifton Gunderson example of national trend". Milwaukee Business Journal. December 23, 2011. Retrieved 25 July 2012.
  16. ↑ "Clifton Gunderson, LarsonAllen Complete Merger". Clifton Gunderson. January 3, 2012. Archived from the original on February 2, 2012. Retrieved July 11, 2012.
  17. ↑ CLA’s Viere Passes the Leadership Torch to Schleper Accounting Today, January 2, 2015.
  18. ↑ Jenco, Melissa (September 25, 2013), "Dixon to get $40 million in settlement of embezzlement case", Chicago Tribune, retrieved 24 August 2016
  19. ↑ Illinois Department of Financial and Professional Regulation News, page 2. February 2015.
  20. ↑ "The Top 100 Most Influential People in Accounting". Accounting Today. August 1, 2012. Retrieved September 14, 2012.
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