June 7, 2021
Two MGI North America region member firms, in the same state, see advantages when combining resources and leveraging each other’s specialist service expertise to help support clients and overcome capacity issues.
Despite their close proximity, rather than viewing each other as competitors, they are starting to see the advantages of working together to help each other and strengthen their position in the local market.
One of the main challenges facing North American firms is finding and retaining staff, which in turn can lead to capacity issues. Both firms recognize that they have similar capabilities and resources and, thanks to the trust established between the firms, are now able to help each other out when necessary.
When Wright Ford Young & Co recently found their team unable to take on a special project due to capacity considerations, they were able to confidently work with O&S on a consultancy basis in relation to the acquisition of a company and purchase price allocation.
“It is great to have a friendly firm to send clients and referrals to when there are capacity issues, not just when it is an industry or service, we do not perform. When referring a client, we each respect any existing work that firm is performing, and we would not go after that work, having that trust is important. Stop seeing other firms as competitors and find ways to work together to better both firms.”
Collaborating to service clients
During discussions, O&S and Wright Ford Young & Co soon discovered that in addition to assisting with capacity issues, they could collaborate in other ways.
Both firms have different areas of specialization and are now able to extend their service offering by cross-transferring their skills. For example, O&S are not-for-profit specialists so now, when Wright Ford Young & Co have enquiries in this area, they are now able to refer them to their colleagues at O&S.
In another case, due to an independence conflict, O&S was unable to perform a client audit, so they confidently referred the work directly to Wright Ford Young & Co.
Investing time in building relationships is vital to experiencing the full benefits of membership to our global accounting network. We’re always delighted to see such successful collaborations between our members’, and we are looking forward to hearing more success stories in the future.
Get in touch
Kim Onisko, Partner
O&S CPAs & Business Advisor
Cyndi LeBerthon, Partner
Wright Ford Young & Co.
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