News Summary
LBMC has officially acquired Memphis-based Frazee Ivy Davis, marking a significant expansion of its professional services in Tennessee. This acquisition increases LBMC’s presence in the area and enhances its service offerings, resulting in a total of 900 team members and more robust client support. With a focus on healthcare, technology solutions, and more, LBMC aims to strengthen its foothold in Memphis’s vibrant business ecosystem.
Memphis Welcomes New Addition to Professional Services Landscape
Exciting news is making waves in Memphis as LBMC, a leading professional services firm, has officially acquired Memphis-based Frazee Ivy Davis, effective December 2, 2024. This acquisition signifies a strategic move by LBMC to expand its reach across Tennessee, setting the stage for greater growth and enhanced service offerings in the bustling city.
A Game-Changing Move
With this latest acquisition, LBMC is not just adding a big name to its roster; it’s boosting its team of professionals to a total of 35 shareholders. That brings the overall count to an impressive 900 team members, as the firm continues to strengthen its foothold in six locations across the country. Serving more than 11,000 clients nationally, LBMC has made it clear that Memphis is a vital part of its strategy moving forward.
Strengthening Client Relationships
Before this exciting acquisition, LBMC already catered to over 160 clients in the Memphis area. By integrating Frazee Ivy Davis into its operations, LBMC not only enhances its presence but also positions itself as Tennessee’s largest professional services firm and the third-largest in the Southeast. This kind of expansion is designed to ensure that Memphis businesses receive top-tier service in a variety of sectors.
A Legacy of Excellence
Frazee Ivy Davis boasts a strong foundation in audit, tax, and accounting services. Established back in the 1950s by William M. Frazee and restructured in 2006, the firm has carved out a niche in providing customized solutions for industries such as healthcare, manufacturing, logistics, hospitality, and real estate. Given that healthcare alone makes up 40% of LBMC’s business, the integration of Frazee Ivy Davis promises even more robust offerings in this critical sector.
Leveraging Memphis’ Strengths
LBMC is set on leveraging Memphis’ robust logistics hub and vibrant entrepreneurial ecosystem to enhance its service portfolio. This move follows LBMC’s previous expansion into Louisville, Kentucky, illustrating their proactive approach to growth and client satisfaction. Partnering with a firm that has strong local connections offers great potential for future initiatives and client expansion.
Expanding Service Offerings
As industries evolve, so do client needs. LBMC ensures it stays ahead of the curve by providing a range of services that include human resources, technology solutions, staffing, cybersecurity, consulting, business intelligence, wealth advisory, and procurement. Such a diverse array of services offers clients a one-stop solution for their professional needs, making this acquisition a win-win scenario.
Looking Forward
The involvement of Frazee Ivy Davis not only augments LBMC’s business capacity but also opens doors for enhanced client experiences. Both companies see this partnership as an exciting opportunity for future growth, and it’s clear that they’re committed to investing in Memphis’ local economy.
Recognized Excellence
LBMC’s recent accolades, including being named a Top Recommended Firm by USA Today in 2024 and recognized as a Top 40 Firm by Accounting Today, only add to the firm’s reputation as a trusted advisor in the professional services space. With this acquisition, LBMC aims to elevate its service quality even further, making Memphis an increasingly attractive place for businesses in need of professional services.
In Conclusion
As LBMC gears up to integrate Frazee Ivy Davis into its operations, the future looks bright for both the firm and Memphis. Residents and business owners can look forward to enhanced services and a stronger local economy, all thanks to this exciting addition to the city’s professional landscape.
Deeper Dive: News & Info About This Topic
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