Westbrook accounting firm makes its fifth acquisition
File/ Jim Neuger
Tabitha Swanson is the founder and owner of the Swanson Group LLC, a full-service tax, accounting and consulting firm based in Westbrook.
The Swanson Group LLC, a Westbrook-based tax, accounting and consulting firm led and owned by Tabitha Swanson, has completed its fifth acquisition in a deal that will add four Portland employees.
Terms of the transaction, for the tax division of Filler and Associates in Portland, were not disclosed in Tuesday's announcement. The additional employees put Swanson's total at 30.
The acquirer claims that it is now the largest 100% female-owned accounting firm in Maine with projected 2023 revenue of more than $4.35 million. The company's employees serve 5,000 Maine businesses and residents.
"When I started out, I wanted to create a supportive and strong accounting team that provides the best service to our Maine clients," Swanson said. "I’m very proud of what we’ve accomplished over the last decade."
In an "On the Record" interview with Mainebiz published in 2018, Swanson said she was attracted to accounting because of her love for puzzles and numbers.
"What keeps me with it is working with clients, especially at the level I'm at now," she said. "I spend most of my time working with clients and resolving their issues, helping them plan forward, and so I really enjoy that aspect of it."
Acquisition-driven growth
The Swanson Group has focused on acquisition-driven growth over the past several years.
In 2015, the company acquired Connolly Financial, of Yarmouth, and Kierstead & Fox, of Westbrook.
That was followed by the 2018 acquisition of Howgate & Harmon, a South Portland-based accountancy firm, and the 2020 acquisition of Westbrook peer, Blake Hurley McCallum & Conley.
In all five acquisitions, the firms’ owners were looking toward retirement. And within each acquisition, all employees retained their jobs and clients maintained their professional relationships.
“The Swanson Group is one of the most unique firms in Greater Portland and one of the few that view accountancy as a service, not a product,” said Gerry Nadeau, principal at Filler & Associates. “The counsel that Tabitha and her team provide clients on strategic financial growth is invaluable to strengthening Maine’s economy."
To recruit and retain staff, the Swanson Group has adjusted its work environment to provide more flexibility and has increased salary and benefits packages. As a team and culture-building activity, TSG recently provided employees and their families an all-expenses-paid trip to Florida's Universal Studios.
Swanson started her firm in 2012 at age 34, and has plans to continue growth through acquisitions.
In 2019, Swanson was inducted into the Women Presidents’ Organization for demonstrating remarkable leadership and growth. And in 2020, she completed a renovation and rehabilitation on one of Westbrook’s historic Main Street buildings to accommodate the new staff.
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