Chris Clark, Managing Partner, Forvis Mazars
In an interview with Invest:, Chris Clark, managing partner at Forvis Mazars, detailed the transformative effects of the new global network on the Dallas-Fort Worth accounting scene. Clark also discussed the evolving workplace dynamics, emphasizing the adoption of a hybrid work model and the redesign of office spaces to foster collaboration and flexibility.
What is the impact of Forvis Mazars on the accounting landscape of DFW?
Two years ago, we created Forvis through the merger of BKD and DHG, significantly expanding our footprint so that we now operate from coast to coast. This has led to substantial organic growth, driven by the excitement around our new capabilities. The size of Forvis has attracted interest from larger organizations seeking the services of a national firm. Our growth is now increasingly coming from these larger entities as we move upstream.
Then, in June of 2024, we officially launched our global network with Mazars, becoming Forvis Mazars. The addition of Mazars USA further extends our reach domestically, especially in major markets like Chicago, Dallas, and New York. This expansion is enhancing our capacity and allows us to better serve these markets with additional resources.
What specific market segments are you targeting with the new global network, especially here in Dallas?
Dallas is a robust market with many Fortune 1000 companies, and it continues to attract businesses due to its business-friendly climate and available talent. Our new global network positions us to better serve these organizations, many of which have international needs. This makes Dallas a significant growth area for us, as we can now meet the needs of larger and middle-market companies with international operations, which previously may not have considered us a fit.
What sectors within Dallas-Fort Worth are driving the demand for your services?
We’re observing increased demand across all industries we serve, notably within the private equity space, which is influencing various industries. Broad engagement with private equity groups, combined with expertise in various industries, has expanded our opportunities significantly, especially in our DFW practice unit. Our public sector group, which caters to cities, counties, and municipalities has also seen tremendous growth, due to this group’s deep expertise in financial reporting for governmental entities. Additionally, the technology and services sectors are booming, primarily because Dallas-Fort Worth is a hub for such companies.
Our consulting services are tailored to specific industries. For example, in healthcare, there’s a strong demand for enhancing operational performance and strategic consulting. Another growing area is accounting outsourcing for small or fledgling companies and larger organizations or those with subsidiaries lacking the capacity for comprehensive accounting and financial reporting. Recently, I had a discussion with a client in the alternative energy sector needing support for financial reporting, tax compliance and ERP implementation, reflecting a broader trend in our consulting services. Regarding private equity, there’s a rising need for our consulting services post-acquisition to enhance financial reporting and operational efficiency in portfolio companies. Our consultants are increasingly sought after to support these transformations.
What are your primary objectives in your first year as managing partner?
Firstly, it’s crucial to clarify the identity of Forvis Mazars. We need to ensure the DFW market understands that the people and our commitment to an unmatched client experience remain unchanged. Educating the market about the capabilities of Forvis Mazars is a top priority.
Looking ahead, another key focus is maintaining a positive employee experience, which is vital for attracting future personnel in this competitive business and staffing landscape. Ensuring we have the right team size and skill mix is essential. Additionally, we are committed to community engagement, which was a core aspect of the Forvis culture and that will continue with Forvis Mazars.
How is Forvis Mazars integrating new technologies to create efficiencies or better serve its clients?
Technology integration is critical for our efficiency, especially given the high demand for resources. We’re updating our internal infrastructure to enhance administrative processes. We’re also finalizing a new audit methodology to be launched later this year, incorporating advanced technologies to make our audits more efficient and effective. Additionally, our innovation hub is actively developing tools tailored to our clients’ needs in various service areas. This continuous investment in technology is central to our strategy.
How do you envision the future of office spaces adapting to changes in workplace dynamics?
We’re relocating our Dallas office, which serves our DFW practice unit, encompassing Dallas, Fort Worth, and Waco. Although the new space is the same size as our existing one, it’s designed to better support how people work today. We’ve transitioned from traditional offices and cubicles to more collaborative workspaces and huddle rooms, which foster teamwork and engagement.
We’ve adopted a hybrid work model, requiring employees to be in the office or at a client’s location at least three days a week. This approach balances the flexibility of remote work with the benefits of face-to-face interactions, which is especially important for our younger employees who are just starting their careers. This flexibility allows our staff to adjust their office presence based on personal needs, enhancing both our workplace culture and our client deliverables.
What long-term strategic goals have you set for Forvis Mazars in DFW, and how do they align with global objectives?
As a firm, we aim to engage with larger organizations while maintaining our commitment to smaller, community-based clients who are integral to our identity. As industries consolidate and our firm expands, we’re equipped with more resources, allowing us to serve more complex needs. This doesn’t necessarily mean going global but includes working with U.S.-based firms with international operations. Our goals in Dallas align with Forvis Mazars’ broader objectives to evolve our client base and enhance our service offerings, ensuring we meet the increasingly complex demands of the organizations we serve.
We’re creating a unique structure with Forvis Mazars, a two-firm global network that, while consisting of separate entities, operates in unison to provide a seamless client experience. This model is distinct because, unlike other international firms that operate under a single brand but consist of numerous firms worldwide, our two-firm approach enhances our ability to serve our international clients effectively. Across the industry, we’re seeing significant changes like private equity firms investing in accounting firms and larger firms restructuring to better compete and capitalize on growth opportunities. This new structure not only aims to enhance client service but also enriches our team’s experience, offering them greater opportunities.
