Westbrook accounting startup makes third acquisition, signals more to come
Courtesy / The Swanson Group
Tabitha Swanson is principal at The Swanson Group, a start-up accounting firm based in Westbrook that announced its third acquisition this week and said it plans to make more acquisitions in the near term.
The Swanson Group, a Westbrook-based tax, accounting and consulting group launched by Tabitha Swanson in 2012 at age 34, has made its third acquisition and signalled there are more on the way.
It said Tuesday that it has acquired Howgate & Harmon, a South Portland-based accountancy firm with four full-time employees who will all keep their jobs.
The merger will bring The Swanson Group to 17 employees, with projected annual revenue above $2 million, making it the largest accounting firm in Westbrook according to the announcement.
The move follows acquisitions in 2015 of two other accounting firms, the tax portion of Connolly Financial Services of Yarmouth and Keirstead & Fox of Westbrook.
In all three acquisitions, the sellers were looking toward future retirement. Employees at all three firms kept their jobs after the change in ownership and client relationships were preserved.
The Swanson Group said in Tuesday’s announcement that it plans to make more acquisitions in the “near future” and that it’s rehabbing an aging building on Main Street in Westbrook to accommodate the new staff.
“When I started this firm, I knew that I wanted to create a diverse team and build a strong business,” said principal Tabitha Swanson.“It’s important that our growth mirrors the changing needs of Maine’s small business community — and with the new tax laws, there are more questions than ever.”
Tom Harmon, principal at Howgate & Harmon, praised Swanson for building a “great team of seasoned CPAs and young talent” and said that his firm is “excited to be a part of it.”
The Swanson Group describes itself as a “Next Generation Accounting Firm” that offers clients a service rather than a product.
That service includes an advanced technology platform that allows clients to access a secure, personalized portal to view and print documents, enter data, access client accounting software, or contact The Swanson Group team members directly with questions.
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