Grassi Establishes ESOP and New Business Structure to Secure a Strong Future

Grassi, one of the nation’s leading providers of advisory, tax, and accounting services, has announced several strategic changes to its ownership and operating structure, all focused on ensuring the firm’s independence and strength.

Grassi announced a major change to its ownership structure with the establishment of its employee stock ownership plan, or ESOP. “This is an extraordinary milestone for our firm and every team member who will now have ownership in it over time,” said Louis C. Grassi, chief executive officer and managing partner. “Each team member has helped build our firm, and they should all have the chance to be as invested in it as our partners are.”

The firm’s stock will be owned exclusively by equity partners and all Grassi U.S. employees. Unlike many other ESOPs, Grassi’s is privately funded. No outside investors or private equity firms are involved in the plan. “We are dedicated to thriving together, fiercely independent, and work only for our clients and each other,” Grassi said. “We have a long history of redefining how things get done to be uniquely effective, and that includes how we are structuring and funding our ESOP.”

The firm also announced it will shift to an alternative practice structure, with Grassi Advisory Group performing all advisory and tax services, and Grassi CPAs handling all audit and attest work. “This strategic change in our structure provides access to a wider range of services, greater resources and more flexibility,” said Grassi. “Among other benefits, this opens the pathway for non-CPAs to become partners in the firm,” he said.

Grassi is one of the largest advisory and public accounting firms in the nation, with extraordinary levels of client satisfaction that best the industry. It is also consistently listed as one of the best places to work, across several major rankings. “Our team members have built this firm and our reputation by giving our clients exceptional quality, service and care,” Grassi said. “Keeping our firm strong and in the hands of our team members is one way we can thank them and show them we care for them, their future, and their well-being.”

Grassi, as CEO and Managing Partner, and the firm’s entire management team will remain in place under this new ownership and operating structure.