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McGladrey & Pullen will pick up two more percentage points in the profits of RSM McGladrey, but it also agreed to start paying for more of the expenses as a result of the new operating agreement between the two firms. The results were spelled out this week by C.E. Andrews, president of RSM McGladrey, during the third quarter Webcast of the unit's parent H&R Block, who said most of the terms go into effect on May 1.
Before last fall, McGladrey & Pullen Partners received 65 percent of the RSM McGladrey net income. However. after M&P served notice it was ending the relationship, the two parties agreed on a new contract that gives M&P 67 percent.
Andrews said under the old agreement, "RSM has contributed to business building expensrues, marketing growth and international. They have done solely out of RSM’s 35 percent share." Under the new term, the two parties share in these expenditures proportionately.
A new incentive plan is under construction, which Andrews termed "more long-term wealth-building situations for the partners and managing directions than we had in the past." The expenditure would be about $10 million a year, which he said was not a major incremental increase, and places the prior stock program. The major goal of the incentive program is retaining talent.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
McGladrey & Pullen
