New York-based IPA 100 firm Grassi & Co. (FY22 net revenue of $116.2 million) is establishing a new privately funded employee stock ownership program (ESOP) for its equity partners and U.S. employees.
“Our team members have built this firm and our reputation by giving our clients exceptional quality, service and care,” says CEO and MP Louis Grassi, who, along with the firm’s entire management team, will remain in place under the new ownership structure. “Keeping our firm strong and in the hands of our team members is one way we can thank them and show them we care for them, their future and their well-being.”
The firm also announced that it will shift to an alternative practice structure, with Grassi Advisory Group performing all advisory and tax services, and Grassi CPAs handling all audit and attest work.
“This strategic change in our structure provides access to a wider range of services, greater resources and more flexibility,” adds Grassi. “Among other benefits, this opens the pathway for non-CPAs to become partners in the firm.”