Merger brings expansion, enhanced capabilities to Rochester’s MMB+CO

MMB + CO’s merger with an Albany area firm last year – its largest to-date – has expanded the Rochester-based firm’s services, added new local positions and enhanced its technical capabilities.

“It’s gone well, and we’ve made investments we probably wouldn’t have made before,” said Mark Kovaleski, MMB’s managing partner. “This deal helped us to think bigger.”

In early 2023, MMB merged with Marvin and Company, a business that focused on core assurance, tax and business advisory services. Marvin and Company’s partners and employees were brought into the MMB team as a result of the deal.

MMB — which was founded in 1975 — has its headquarters in Rochester, plus offices in Canandaigua and Elmira. The merger added offices in Latham, a hamlet in Albany County, and in Queensbury, Warren County.

MMB now has roughly 225 employees, including some 110 in the Rochester office.

The changes from the merger have allowed the company to continue providing local services, as well as access to greater resources and specialized talent, Kovaleski said.

That includes the addition of an international tax services specialist, which is an area that has seen increased demand since the merger, he added.

The deal also helped MMB with its recruiting efforts — which has been an ongoing challenge as baby boomers retire and the number of those entering school for accounting has declined, Kovalski noted.

To address this, the firm has been able to add two full-time recruiters to help find talent, from recent college graduates to experienced professionals looking for new opportunities.

The company has also placed a focus on staff development.

Kevin O’Leary, MMB managing partner who oversees the Latham and Queensbury offices, said the business is also enhancing its capabilities, with the upcoming roll-out of an information technology service line that will help clients become more security-focused and risk averse.

The move will not only help shore up MMB’s back-office operations, he said, but it will also be able to help clients with their cybersecurity needs, such as setting up a risk mitigation platform and undergoing penetration testing.

There has also been a focus on employee satisfaction, O’Leary noted, adding that company leaders took time to make sure the transition was smooth for workers, including the integration of benefits for all employees.

Coming together and creating a larger company has allowed the business to continue to give clients the same quality service they expect and more, Kovaleski said.

The merger made sense, he added, given that both firms provide exceptional client service and have a family-friendly culture in addition to their shared commitment to ethics and integrity.

The deal also brought in employees of all ages, with a wide range of experiences, which adds to the business, he said.

“We now have more experts around the table,” Kovaleski said.

As managing partner of MMB, Kovaleski has continued to focus his attention on overall strategic growth and firmwide operations and could include work on future mergers and acquisitions.

The business has acquired two small local firms over the past year whose owners were retiring, he added.

Future M&A activity is not out of the question — particularly in the region — but Kovaleski said there are no definite plans for such deals now in the works.

“We have a good, strong growth plan in place and aren’t looking to rush into anything,” he said, noting that the business is still undergoing changes since last year’s merger; however he acknowledged that “there are nice opportunities in the future.”

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