MJB Wood Group
Client: MJB Wood Group
Line of Business: Wood Products Manufacturer
Services: Audit, Tax and International Services
Client Contact: Charles "Pete" Little, Chief Financial Officer and Corporate Secretary
Firm looks to Weaver for greater value and quality
Headquartered in Irving, Texas, MJB Wood Group Inc. (www.mjbwood.com) manufactures and distributes a variety of wood products—both domestic and imported—to industrial manufacturers throughout North America, Mexico, Asia and Europe. The $237 million privately held company has been a leader in the wood products industry since 1959. Offerings include panels; cabinet, fixture and furniture components; door and window components; millwork and specialty items.
The combination of significant revenues and an international market base had previously drawn the company to select a large, international accounting firm to provide tax, audit and advisory services.
“While we had thought about moving our business to a regional firm, we had some concerns that perhaps their international tax expertise would not be as strong as that of a national firm,” explains Charles “Pete” Little, Chief Financial Officer and Corporate Secretary of MJB Wood Group.
However, in early 2008, after Little and his team became concerned with fees growing despite no changes in scope and service levels. In addition, turnover of the tax team of the previous firm was causing more work among the MJB accounting team to coordinate services.
Subsequently, MJB Wood Group decided to make a change.
“Ultimately, there really wasn’t a compelling reason for us to have a national accounting firm,” Little adds. “Often, companies want a Big Four firm to please investors or if they’re planning a transaction. In our case, we wanted to see if there was an opportunity to not sacrifice quality but get a more effective price for the same services.”
Little had met Mark Walker, CPA, partner and director of Weaver’s inventory-based business services in the Firm’s Tax and Strategic Business Services group a few years before when the Firm had made a presentation to MJB Wood Group. When Little began investigating regional accounting firms, he consulted both formal surveys and informally polled his network of C-level executives. “Weaver’s name kept coming up as a very well-respected regional firm,” he says.
In April 2008, Weaver was engaged by MJB Wood Group to provide both tax and audit services. Although not quite two years into the relationship, Little and his team have been extremely satisfied with their experience.
“Responsiveness from Weaver is very timely and they plan their audits very well,” he reports. “They spend more time understanding our business than previous firms have, and we’re seeing good continuity among the staff assigned to our account.”
Little has also been delighted with the work done by Weaver’s international tax practice under the direction of Mary Thomas, CPA, International Tax Partner. “Any concerns we had about the strength of a regional firm’s international tax expertise have been eliminated,” he says. “Their international tax practice is equal to, or better than, what we were experiencing before. Mary is as strong as any international tax person I’ve ever dealt with, in terms of expertise, service and knowledge, particularly of the countries we’re dealing with.”
Further, adds Little, the Weaver team has taken a more personal approach, working to develop relationships with him and his staff. “They’ve taken the time, not just know our business, but to get to know us personally. They’re definitely focused on customer service and on paying attention to details.”
“The Firm itself actively works to develop expertise and experience in the same industries that we are in,” he notes. “From an industry perspective, we’re getting not just a partner who has the experience, but also, the staff and managers work on similar types of accounts and understand our business better.”
Additionally, Little serves on Weaver’s Manufacturing and Distribution Advisory Board, a group comprised of CFOs and controllers from several of the Firm’s manufacturing clients. Beyond advising the Firm about the issues faced by this industry—including safety and environmental regulation compliance, quality control concerns and technological innovations—participants also discuss the factors affecting their individual businesses and brainstorm strategic solutions.
“Participating in the advisory board has been very valuable to me,” says Little. “To hear different perspectives from other, similarly-sized companies in manufacturing and distribution and discuss developments in their industries is an opportunity I wouldn’t otherwise have, since I typically deal with CFOs and other peers in the wood products industry.”
And as to the better value Little was hoping to find by switching to a regional tax and audit provider?
“Weaver has definitely lived up to that expectation,” he concludes. “When you’re picking an accounting firm, you’re generally not looking for the cheapest one. When we made our selection, there were less expensive firms available, but we felt that Weaver’s reputation for quality was very high and their fees were competitive. We’re very pleased with the level of service, knowledge base and the whole value proposition that they bring to the table.”
Charles "Pete" Little
Chief Financial Officer and Corporate Secretary
MJB Wood Group
www.mjbwood.com
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