Three Key Elements Driving Success and What’s Next for the Firm of the Future
LBMC Celebrates 40 Years of Transformative Growth, Career Development, and Community Impact
LBMC Celebrates 40 Years of Transformative Growth, Career Development, and Community Impact
Nashville, Tenn., Sept. 12, 2024 – In the summer of 1984, a small group of 12 visionaries set out to build something different in the business world—a firm where clients were partners, innovation was driven by need, and a human-centric culture nurtured growth and expertise. LBMC, a top accounting and business consulting firm in the nation, was born from this vision, and 40 years later, it stands as a testament to the power of unwavering dedication to clients, talent and community.
“From the beginning, our mission was never to be the biggest, but to be the best. To build a firm that not only excels in accounting and business consulting but deeply understands and adapts to the unique needs of our clients,” said David Morgan, Co-founder of LBMC. “Our growth and the success of our clients are a testament to our relentless pursuit of excellence and our commitment to building lasting relationships.”
Today, LBMC has grown into a nationally recognized business consulting firm with over 11,000 clients known for its expertise in audit and accounting, tax and business consulting, human resources, technology, and wealth advisory services. This remarkable journey is a story of listening to clients, evolving to meet their needs, and fostering an environment where team members thrive and communities flourish.
“Our 40th anniversary is due to the trust and loyalty of our clients, the dedication of our team members, and the ongoing support of our communities,” said Jim Meade, CEO and Managing Shareholder. As only the second CEO outside of the founders in LBMC’s 40-year history, Meade’s leadership marks a significant evolution for the firm. “LBMC’s biggest referral source is our clients, and we are so proud of that. It means we are focusing on the right things. As we embark on the next chapter of our journey, LBMC remains committed to staying ahead of the curve and leading the way as the Firm of the Future.”
Evolution to a Family of Companies
Over the past four decades, LBMC has made significant strides in the accounting and business consulting industry. Founded as a traditional accounting firm, LBMC evolved as clients’ needs evolved. Today, LBMC encompasses seven specialty companies, each offering unique niche services—a key differentiator in this industry.
LBMC Co-founder Mike Cain adds, “Part of what contributed to our growth was simply articulating a core purpose and core values: extraordinary competence, absolute integrity, high expectations and accountability, continuous learning and innovation, and respect and concern for our people, clients, and community. We had some great conversations. We listened to what was keeping them up at night and brought in solutions in the form of niche companies that had the same priorities as we did.”
Today the LBMC Family of Companies includes LBMC PC, LBMC Employment Partners, LBMC Investment Advisors, LBMC Physician Business Solutions, LBMC Procurement Solutions, LBMC Staffing Solutions, LBMC Technology Solutions and LBMC W Squared.
Culture Prioritizing Building Experts and Careers
Decades before the words company and culture came together in our vocabulary, LBMC’s founders were ready to explore a new and different approach.
At the heart of LBMC’s success is its commitment to cultivating a reputation as a leader in developing industry experts and advancing careers. In an era where Gartner says 87% of organizations see talent development as a critical priority, as a four-year running national Certified Great Place to Work, LBMC stands out for its ability to not only attract top talent, but also to nurture and retain it.
This reputation is not just a matter of internal pride; it’s a strategic advantage that resonates throughout the industry and the markets we serve. LBMC’s dedication to the personal and professional development of its team members is a cornerstone of its longevity. Through continuous learning opportunities, robust mentorship programs, and a culture that values innovation and collaboration, LBMC has created an environment where experts grow and careers thrive.
This focus on talent development ensures that clients benefit from working with a team that is not only highly skilled but also deeply invested in their success, further solidifying LBMC’s standing as a trusted partner.
“Working at LBMC has been a transformative experience,” said Courtney Bach, LBMC Shareholder, Board Member, Audit Leader, and former TSCPA Nashville Chapter President. “The opportunities for growth here are unparalleled. The mentorship and support received throughout my entire career by so many within LBMC has enabled me to become an expert in my field and a leader in the firm, while also being present with my family.”
Community Commitment: The Heart of LBMC Employee-Led Initiatives, Lending Hands and Gifts
At the heart of LBMC’s identity is a deep-rooted commitment to making a positive impact on the communities it serves. This commitment is embodied in the LBMC Cares Foundation, launched in 2022 and driven by the passion and dedication of LBMC employees. The foundation’s initiatives, ranging from youth services to educational programs to health and wellness projects, reflect a broad and impactful reach, all fueled by the collective efforts of LBMC team members. LBMC Cares is more than just a philanthropic endeavor—it’s a testament to the belief in lending hands and gifts to those in need, empowering and uplifting communities through meaningful, employee-led outreach.
“We believe in giving back to the communities that have supported us throughout our journey,” said Brian Tate, Shareholder and Board Chair, LBMC Cares Foundation. “The LBMC Cares Foundation is our way of ensuring that our success translates into meaningful contributions to society.”
What’s Next
“As LBMC proudly marks its 40th anniversary, we look ahead with a clear and ambitious vision for continued growth and innovation,” said Meade. “This year, our focus is on strategic acquisitions and related activities that align with market demands, as demonstrated by last year’s acquisition of Strothman and Co. in Louisville. This strategic move not only expanded our healthcare and manufacturing expertise but also brought in top-tier Client Accounting Services (CAS) specialists and deepened the bench in the tax and audit space.”
Technology adoption and innovation remain a cornerstone of LBMC’s future, driving internal efficiencies, talent development, and client experiences. Leadership understands that the firm of the future must be built on a foundation of cutting-edge solutions that meet the ever-changing needs of the market. To this end, LBMC has embraced Gen AI at work, brought on a top Data Strategist, and launched an AI platform for internal and client use.
In addition, the firm is focusing on talent acquisitions including a Digital Health AI Strategist, an enhanced Revenue Cycle Management Team and specialists in Valuation and Family Law Support Services.
LBMC remains steadfast in its commitment to prioritizing people by embracing young innovators who will drive the firm’s growth forward. Strategic leadership development and transition has been deployed in key firm roles to ensure younger emerging leaders work side by side with senior leadership preparing for the future, starting today.
Celebrating its 40th anniversary, LBMC is more focused than ever on its future. “We are doubling down on our commitment to community and client support,” said Meade. “Staying true to our North Star, we proactively identify trends and craft solutions for our clients, often before they even recognize the need. This forward-thinking approach has been our winning recipe for the past 40 years, and we believe the best is yet to come.”
For more information about LBMC and its services, please visit lbmc.com.
