BDO strengthens market position as partners vote ‘yes’

21 June 2019

BDO confirmed today that its Melbourne, Sydney and Brisbane (including Sunshine Coast) partners have voted ‘yes’ to merging their respective firms.

The successful vote signifies strong partner support for BDO’s planned move towards a single national entity, of which this merger is the first phase.

BDO office managing partner in Brisbane and lead for BDO integration, Tony Schiffmann, commented on the positive outcome of the partner vote.

“It’s well known, by both our people and the market, that BDO in Australia’s ambition is to integrate into a single national entity. This strong show of support from partners in our three largest offices (by revenue) is another step closer to us achieving that goal. We’ve been working hard and constantly collaborating behind the scenes to execute this plan, and it is exciting to report that we’ve achieved such a resounding ‘yes’ vote from the partners involved in this first phase,” Mr Schiffmann said. 

“Today’s positive vote result means our Melbourne, Sydney and Brisbane (including Sunshine Coast) offices will come together as a single entity before the end of the year.  The next phase of our national integration plan will focus on discussions to bring BDO’s other Australian offices onto the path for integration.

“Our decision to undertake a phased approach to integration was made to ensure the impact on business as usual has been minimised. Moving towards a single national structure, while at the same time retaining the entrepreneurial freedom we feel is essential at the local level, is a natural step in our firm’s evolution. With Brisbane, Sydney and Melbourne now coming under one business structure, it will enhance our ability to invest, attract new talent, grow in scale and expertise, and be more agile moving forward,” he said.

BDO’s Sydney office managing partner, Grant Saxon, said this first step was a strong platform for the delivery of further speciality services.

“We are experiencing strong demand for BDO’s offering in the local market and nationally, and by combining resources initially down the East Coast, our ability to meet market needs and invest in specialist services and sectors will be enhanced.  We have seen this already in our recent investment in our Financial Services team,” Mr Saxon said.

“The combined east coast firm (of Melbourne, Sydney, Brisbane and the Sunshine Coast) will consists of 126 partners and has revenue of circa $212 million.”

BDO’s Melbourne Office Managing Partner, David Garvey, said the merger agreement was another positive step forward for the firm’s local growth prospects.     

“During the past 12 months BDO in Melbourne has experienced significant growth and we see this merger as a ‘fast tracker’ to further build our market share in Victoria, as we work to continually meet the changing needs of our clients and our marketplace,” Mr Garvey said.

“Today’s vote bolsters BDO’s position as the fastest growing mid-tier firm in Australia and further allows us to streamline our offering, deliver service excellence to our clients, provide opportunities for our people, and drive effective operations to support our growth ambitions”.