A new consulting division at The Bonadio Group plans to deepen the firm’s work with the construction industry even further. The Rochester–based accounting firm already has more than 200 construction clients across the state. Its new Bonadio Construction Consultants Division (BCC) is aiming to serve those clients as well as other contractors and construction-related businesses […]
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A new consulting division at The Bonadio Group plans to deepen the firm’s work with the construction industry even further.
The Rochester–based accounting firm already has more than 200 construction clients across the state. Its new Bonadio Construction Consultants Division (BCC) is aiming to serve those clients as well as other contractors and construction-related businesses throughout the Northeast.
The division will provide management consulting services including strategic planning, succession planning, profit improvement analysis, and more.
“There has always been a need for this,” says Gordon Robbie, managing partner of Bonadio’s Albany office and leader of BCC’s management team. “Up until now, it’s pretty much been only the largest contractors in the country who have had access to this kind of expertise.”
Economic realities facing the industry have helped drive the need for consulting services, Robbie says. Revenues for the construction industry have declined 30 percent over the last five years, according to Bonadio.
The firm’s 2012 State of the Construction Industry survey found 75 percent of contractors reporting bid success rates less than half of what they saw in 2008.
Bonadio’s construction clients range from small family businesses to companies with $1 billion in annual revenue.
“We see the need in almost every one of those companies,” Robbie says. “We know there are many others who have the same equivalent needs.
“We have 250 contractor clients across the state. We see the world of pain they’re in.”
In addition, construction firms are often run and owned by those approaching retirement age. They need help planning their exits, Robbie says.
The economy makes those plans even more urgent for some, he adds.
“The issue of succession planning in these companies is more relevant today than ever because of the economic pressures,” he says.
The new division separates itself from generic management consultants with its deep industry experience, says Tom Bonadio, Bonadio Group CEO and managing partner.
Robbie has been a consultant to the construction industry for more than 40 years. Thomas Eckert and Anthony Breu are the division’s other senior consultants.
Eckert is the former president and CEO of MLB Construction Services and Breu was previously CFO of Turner Construction. Breu, Eckert, and Robbie are all based in The Bonadio Group’s Albany office, but the division is targeting firms throughout the Northeast.
The Bonadio Group plans to add more full-time staff to the division as business expands.
“The construction industry is a different world,” Bonadio says. “You cannot bring in someone who’s good at manufacturing and distribution and have them understand all the aspects of the construction industry.”
The division could even serve construction industry clients of other accounting firms, Bonadio says.
The Bonadio Group has 350 employees statewide with offices in Rochester, Syracuse, Buffalo, Albany, Geneva, Perry, and New York City.
Bonadio employs 55 people in Syracuse. Revenue totaled more than $46 million for the firm’s 2012 fiscal year, which ended in April. The Bonadio Group first entered the Syracuse market in 2007 with the acquisition of Loguidice & Kamide, CPAs PLLC.
It acquired the Syracuse operations of Philadelphia–based ParenteBeard in 2011.
Contact Tampone at ktampone@cnybj.com