“We are quickly closing in on becoming a €100 million firm”

Tom O’Brien, Managing Partner at Forvis Mazars Ireland, talks to Barry McCall about his plans and priorities for the growing firm

On 1 June this year, international audit, tax and advisory firm Mazars and Forvis, the eighth largest public accounting firm in the United States, formally joined forces to create a new global network positioning both firms for continued growth.

Looking back on the development, Forvis Mazars Ireland Managing Partner Tom O’Brien says it was a natural progression for Mazars. “Obviously Mazars was largely a European Group,” he explains. 

“The American issue had been an important strategic question for us for some time. As we grew – and given the size and nature of some of the mandates Mazars were winning – the need for a stronger presence in the US became more pronounced. We had offices in New York and in other cities on the eastern seaboard, but we wanted to expand to have a coast-to-coast presence with a full-service offer for clients.”

The question was whether to do that organically or through acquisition and it was answered by the conversation with Forvis. “Forvis was the eighth largest accountancy firm in the US and was of similar size to Mazars,” O’Brien notes. 

“It also had a similar offering and capability and approach to client engagement. There was an alignment of views and clear synergies to be had. We saw it as a good fit straight away. It was a win-win for both organisations. Mazars would get a US coast-to-coast presence while Forvis would get a significant presence across Europe.”

The deal was not a merger, O’Brien emphasises. “The two firms have retained their independent ownership but operate under the same brand with a common approach to client service, quality standards and work methodologies. Everything is the same in terms of the client experience. This has created a new global top 10 network, the first new entrant into those rankings for a very long time.”

He is enthused by the potential of the new network, both for Forvis Mazars Ireland and its clients. 

“It is a very exciting time. For our clients with a presence in the US or ambitions to expand into that market, we have a really strong presence there now as well as access to all of the expertise and sectoral specialisms they had come to expect from Mazars here in Europe,” O’Brien says. 

“From an Irish perspective, our expectation is that the network will open the door for FDI business and underpin our growth plans for the future.”

James Byrne & Company merger

Closer to home, Forvis Mazars’ recent merger with James Byrne & Company in Cork marked another important milestone for the firm. 

“However hard it was to break into the US, it was even harder to break into Cork,” O’Brien notes with some humour. 

“It was always our ambition to be a truly national firm, and you can’t claim to be that without a significant presence in the country’s second largest city.”

Once again it was a question of whether this aim would be achieved through organic growth or partnering with another firm. 

“When we first met Fiona and John Byrne, we came to the view that partnering was the way to go. When they say that people do business with people, it really is true. Straight away we could see the alignment of culture and values with both sides sharing a common approach to professional practice and client service. It is a really good fit.”

Further growth plans

O’Brien’s growth ambitions do not end with the merger. “We have a full-service capability in the Cork office with 30 staff at present. We aim to grow this to 60 very, very quickly. With our offices in Galway, Limerick, Cork and Dublin, we really are a national firm now.”

Mergers and acquisitions (M&A) have long been part of the Forvis Mazars’s growth strategy. “We’ve never been afraid of it,” O’Brien says. 

“More recently, we have been very active in hiring teams where they can add to our existing service offering to clients. We have been quite nimble and open to a variety of options when it comes to growing the practice.”

This growth strategy will continue. “I have been with the firm for 20 years and it’s been a very exciting time. We have a very young partner group with an average age in the mid-40s. They are a very ambitious and energetic bunch, and they certainly keep you on your toes. We have achieved high double-digit growth over the last number of years. 

“When I became Managing Partner in 2022, I set a target of growing the firm to 750 people and a turnover of €75 million by 2025. We were at €55 million in revenues at the time. 

“This year we will exceed the target when we breach €80 million for the first time, and we are now quickly closing in on becoming a €100 million firm. We have grown to 920 staff around the country and are on target to reach 1,000 next year.”

This growth is coming from all areas of the firm, but O’Brien highlights recent successes in winning audit business with blue-chip clients, including Bank of America and Wells Fargo among others. 

“These types of clients were the traditional preserve of the Big Four, but, as clients see what we can do, they have invited us to pitch for that work. We are very much playing in that sphere now. The market was crying out for alternatives to the traditional large firms, and we are providing that much needed competition.”

The Forvis Mazars M&A team has also been involved in several significant transactions this year. “That space is very interesting and has been very strong for us,” O’Brien says. 

“In May, we held the inaugural Mazars Irish Private Equity Awards. It was the first event of its kind for the private equity and corporate finance sector in Ireland. We had 500 people in the room and could have had double that, such was the response. That is an indication of our standing and profile in the market.”

O’Brien attributes this standing to the firm’s unwavering focus on the client experience. “We strive to ensure it is superior to anything else in the market while delivering the levels of technical excellence our clients have come to expect,” he says.

“We are also focused on doing the little things right – things like responsiveness to calls and queries, proactive client engagement, meeting deadlines and a partner-led approach to all client engagements. They all matter. The challenge for us now is to continue to grow our team and invest in technology and emerging business lines to respond to changing client needs.”

Economic outlook

Looking to the wider economy, O’Brien sees some challenges ahead for Ireland, particularly in the battle for foreign direct investment (FDI). 

“When we look back at the various issues that have hit Ireland over recent years, the domestic economy has proven to be remarkably resilient. The FDI sector is strong, but there are certainly headwinds on the horizon,” he says.

“The Apple case sets a precedent on competition and state aid rules and there is strong and growing lobbying in the EU from some of the larger member states for an easing of state aid rules across sectors like technology, chips and semiconductors, which will potentially make it more difficult for countries like Ireland to attract that business.

“Domestically, everyone knows we have infrastructure, housing and public services issues. When it comes to deciding what to do with the €14 billion Apple windfall, there is an argument that we should listen to the FDI community to address some of its pain points in areas like housing for staff and transport and other obstacles to growth. This perhaps would be a good starting point in deciding what to do with the Apple money.”