CBIZ explained

CBIZ, Inc.
Former Name:	Stout Environmental, Inc. (1987) International Alliance Services, Inc. (1996) Century Business Services, Inc. (1997)
Type:	Public
Location:	Cleveland, Ohio
Key People:	Jerome Grisko (President and CEO)^[1]
Operating Income:	(2023)
Net Income:	(2023)
Assets:	(2023)
Equity:	(2023)
Num Employees:	6,700 (2023)

CBIZ, Inc. is a national provider of financial, insurance and advisory services headquartered in Cleveland, Ohio. CBIZ is one of the largest accounting, insurance brokerage, financial and advisory services providers in the United States with more than 120 offices and nearly 7,000 employees. It's common stock has been traded on the New York Stock Exchange since 1996, under the symbol "CBZ" since 1997, and is one of the country's 10 largest accounting firms.^[2]

History

In 1987, Stout Environmental, Inc. ("Stout") was formed as a Delaware corporation.^[3] It was acquired by Republic Industries in 1992. In April 1995, Republic Industries spun off the business into an entity known as Republic Environmental Systems, which was merged with Century Surety Company (which was part of Alliance Holding Corporation) into a newly formed entity, International Alliance Services, Inc. (Nasdaq: IASI) in October 1996.^[4] In 1997, IASI sold it's environmental services operations and changed its name to Century Business Services, Inc. (NYSE: CBZ) in December 1997.^[5] In 1998, Century Business acquired Beall Garner Screen & Geare Inc., one of the largest privately owned insurance agencies in the United States (formerly run by U.S. Senator J. Glenn Beall Jr.).^[6] The company changed its name to CBIZ, Inc. in August 2005.^[7]

Since 1998, CBIZ and Mayer Hoffman McCann P.C. have operated an alternative practice structure in which they act as separate, independent legal entities that work together to provide accounting services to clients, sharing a tax and consulting practice, CBIZ MHM LLC, which is a division of CBIZ.

Services and operations

The business is organized into three practice groups:

• Financial Services: comprising core accounting services including traditional accounting, tax compliance, advisory, and specialty services, like transaction and risk advisory services, litigation support, valuation, and federal and state government health care compliance and consulting.
• Benefits and Insurance Services: provides brokerage and consulting expertise for group health benefits and property and casualty insurance in addition to retirement plan advisory and investment services, payroll, human capital management, and other related services.
• National Practices: information technology focusing on managed networking and hardware services and healthcare consulting.

Acquisitions

• 2022: Marks Paneth LLP,^{[8] [9]} Stinnett & Associates, LLC.^[10]
• 2023: Danenhauer and Danenhauer, Inc., Somerset CPAs and Advisors,^[11] Pivot Point Security,^[12] Ickovic and Co. PC,^[13] and American Pension Advisors, Ltd.^[14]
• 2024: Erickson, Brown & Kloster,^[15] CompuData, Inc.^{[16] [17]}

Notable people

• Ed Feighan (former U.S. Representative from Ohio)^{[18] [19]}
• Wayne Huizenga (founded AutoNation and Waste Management Inc.)^[20]
• Michael DeGroote (Canadian businessman)^[20]
• Joel Kramer (former professional basketball player)^[21]

See also

• Mayer Hoffman McCann P.C.

External links

Notes and References

1. Web site: Executive Team . www.cbiz.com . CBIZ Inc. . 15 July 2024.
2. News: Simply Wall St . Earnings Update: Here's Why Analysts Just Lifted Their CBIZ, Inc. (NYSE:CBZ) Price Target To US$78.00 . 15 July 2024 . . 28 April 2024.
3. Web site: INTERNATIONAL ALLIANCE SERVICES, INC. Annual Report for Fiscal Year for 1996 . ir.cbiz.com . . 15 July 2024.
4. News: Jones . Dow . COMPANY NEWS;REPUBLIC ENVIRONMENTAL TO SELL A MAJORITY STAKE . 15 July 2024 . . 21 May 1996.
5. News: Jones . Dow . Century Buying 8 Concerns . 15 July 2024 . . 29 April 1998.
6. News: Press . The Associated . J. Glenn Beall Jr., 78, Former Senator and Insurance Executive, Dies . 15 July 2024 . . 27 March 2006.
7. Web site: Frequently Asked Questions . cbiz.gcs-web.com . CBIZ . 15 July 2024.
8. News: O'Bannon . Isaac M. . CBIZ Acquires Accounting Firm Marks Paneth . 15 July 2024 . . 10 January 2022.
9. News: Glodowski . Amanda . Years-long trend of consolidation reaches city’s largest accounting firms . 15 July 2024 . . September 30, 2022.
10. News: Kobialka . Dan . CBIZ Buys Cybersecurity Services Advisory Firm Stinnett & Associates - . 15 July 2024 . MSSP Alert . 11 July 2022 . en.
11. News: Staff . I. B. J. . Indy accounting firm acquired by two out-of-state players . 15 July 2024 . . February 3, 2023.
12. News: Cbiz Acquires Pivot Point Security . 15 July 2024 . FinSMEs . 5 June 2023.
13. News: CBIZ announces acquisition of Ickovic & Co. PC effective June 1, 2023 . 15 July 2024 . . June 5, 2023.
14. News: Correia . Margarida . CBIZ acquires American Pension Advisors . 15 July 2024 . . July 7, 2023.
15. News: Nobile . Jeremy . CBIZ acquires Colorado firm Erickson, Brown & Kloster . 15 July 2024 . . February 7, 2024.
16. News: CBIZ ACQUIRES COMPUDATA, INC. . 15 July 2024 . www.prnewswire.com . en.
17. News: Nobile . Jeremy . CBIZ rolls up IT services provider CompuData . 15 July 2024 . . March 6, 2024.
18. Book: America's Corporate Finance Directory . 1994 . National Register Pub., a Reed Reference Publishing Company . 559 . 15 July 2024 . en.
19. Web site: Edward Feighan - Advisor at Cannformatics . theorg.com . THE ORG . 15 July 2024 . en.
20. Web site: VITALITY BIOPHARMA ANNOUNCES CORPORATE UPDATES AND COMPLETION OF AN SEC EXAMINATION . rangeimpact.com . Range . 15 July 2024 . en . 11 November 2018.
21. Web site: Joel B. Kramer . cbiz.com . October 31, 2022.