FML founding partner Frank Milone was quoted by Hartford Business Journal in an article about the consolidation wave hitting the accounting industry. This piece, which delved into how some small to midsize firms are maintaining their independence among all the M&A activity, was part of a special HBJ issue focused on accounting.
Frank has more than two decades of experience as a founding partner of a rapidly growing accounting firm in Connecticut, so he has a uniquely qualified and experienced viewpoint on what’s currently happening in the state.
The article introduces Frank by mentioning the recent merger of two of Connecticut’s most well-established independent accounting firms: FML and Bregman & Co.
Two years ago, Glastonbury-based CPA firm Fiondella, Milone & LaSaracina (FML) merged with Bregman & Co., which has offices in Stamford and Avon.
Frank Milone, founding partner of FML, said despite the merger trend, his firm is steadfast in its commitment to stay independent.
“There is a value in the marketplace for a Connecticut-based firm with deep capabilities across industries and services,” he said.
The firm’s strategy hinges on offering competitive pricing, high-quality service and direct access to senior talent — a value proposition that resonates with middle-market clients, he said.
However, maintaining independence requires careful planning and investment. Milone emphasizes the importance of growing the firm, promoting partners and seamlessly transitioning books of business.
“You never want to be forced to merge because you don’t have any other options,” he said.
While mergers can provide financial stability and expanded resources, Milone said they are not a one-size-fits-all solution.
“Sometimes, there’s real positive aspects of combining firms into bigger firms,” he said, citing FML’s recent merger. FML now has 122 employees, including 40 CPAs and 18 partners, in offices in Glastonbury, New Haven, Stamford, Avon, Enfield and Stafford Springs.
Read the full article from Hartford Business Journal.
