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McGladrey Splitting From Block; More news

The alternative service structure that McGladrey & Pullen signed 10 years ago in combining with Kansas City, Mo.-based H&R Block no longer makes sense, the firm’s managing partner says, therefore M&P announced today that it is exercising an option from the original deal that allows it to part ways with HRB. It will take at least seven months for M&P to unwind fully its relationships with HRB and RSM McGladrey.

In a 90-minute conference call with M&P partners earlier today, Dave Scudder, the firm’s MP, was adamant that HRB didn’t follow through on its promises to invest in M&P’s core services. HRB’s business strategy is not ours, he said. The organizations have different goals, and HRB did not consult with M&P before making strategic commitments, he said.

“This is not what we signed up for,” Scudder said, according to an independent third-party source. He thinks the shared service agreement – M&P paying HRB a fee for leased space, back-office services, payroll, etc. – is onerous and that it can get the same services for a lot less money.

M&P was hamstrung by the alternative service structure, Scudder told partners. M&P wasn’t owned by HRB but...

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ACCOUNTING TODAY – SourceMedia is pulling the plug on the Practical Accountant, in the middle of its 42nd year as a monthly publication, andAccounting Technology, which began in 1984 as PCs and other technologies became increasingly important for firms. Theadvertising-supported free-to-subscribers business model was a cash cow until the DotCom bubble burst about 10 years ago and suffered greatly over the past 18 months. Signs of distress came early – Howard Wolosky, the respected P.A. editor, was cut loose – and got worse as the publications shrunk – 32 pages in the final P.A. with only four full-page advertisements. Some content from both publications will be moved into Accounting Today, which also suffers from a shrinking advertising base. There’s no mention of it in Accounting Technology’s final issue but Robert Scott, the long-time editor, won’t make the transition. SourceMedia is searching for a sr. technology editor to...

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ILLINOIS SOCIETY – Sara J. Mikuta (Leaders Bank, Oak Brook) is nominated to succeed Lee A. Gould (Gould & Pakter Associates, Chicago) as chair in 2010. Other members elected to the 2009 board are Charles F.G. Kuyk III (Crowe Horwath and Company, Chicago), secretary; and Robert E. Cameron (Cameron Smith & Company, Springfield ), treasurer. Directors (two-year term ending May 31, 2010) are Brent A. Baccus (Washington Pittman & McKeever, Chicago), Therese M. Bobek (PricewaterhouseCoopers, Chicago), Cara C. Hoffman (Blackman Kallick, Chicago), Daniel F. Rahill...

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