Luke Ebersold was recently announced as managing partner of the accounting firm Blum, Shapiro & Co. P.C.’s Rhode Island office in Cranston. He succeeds Greg Cabral, who is transitioning to retirement after several years at the helm of the firm’s Rhode Island office. The firm also has offices in Massachusetts and Connecticut.
Previously, Ebersold was the industry leader for the firm’s Construction and Real Estate Group out of Connecticut. He has been with the firm for more than 20 years, providing services to a range of privately held businesses with a focus on those in the manufacturing and construction sectors. He also has experience performing compliance and consulting services for general contractors and subcontractors.
Ebersold holds a bachelor’s degree in accounting from the University of Connecticut.
PBN: As the firm’s managing partner in Rhode Island, what are your duties?
EBERSOLD: As managing partner, I will be responsible for overseeing the operations of our Rhode Island office and working with our partners and senior staff to develop and execute a strategic plan that will help our firm continue to grow its presence in Rhode Island. I am honored to step into this role and take the reins from Greg Cabral. Under Greg’s leadership, blumshapiro has established itself as one of Rhode Island’s most trusted and most successful business advisory firms.
Plus, by investing in initiatives [such as] our internal Giving Committee and $eeds for $uccess Financial Literacy Program, we’ve doubled down on our commitment to finding ways to give back to the local community. My goal as managing partner is to build on Greg’s many successes and help our firm continue to innovate our capabilities and business offerings to better serve the needs of our clients.
PBN: What were your duties as industry leader of the firm’s Construction and Real Estate Group?
EBERSOLD: As the industry leader for the firm’s Construction and Real Estate Group and growth partner of the Connecticut office, I was tasked with developing business relationships across New England and leading strategic sales and marketing efforts for the construction/real estate group. I also served as relationship partner for a number of other industries, including manufacturing, distribution, retail, service and hospitality.
In addition to my day-to-day role, I also served as a member of the firm’s Executive and Management committees – internal boards consisting of the firm’s CEO and industry leaders responsible for the long-term strategic planning and decision-making. I look forward to continuing to serve on these committees in my new role as Rhode Island managing partner.
PBN: What value do you think smaller accounting firms offer to clients compared to the big national firms?
EBERSOLD: I can’t speak for any other accounting firm, but, at blumshapiro, we take pride in our ability to offer each and every one of our clients a high-touch, personalized level of service catered specifically to their unique needs. We have a deep and diverse team of financial professionals with seasoned expertise across a wide range of industries, and we are each committed to diving deep into our clients’ individual business plans in order to help them make informed, strategic decisions that advance their goals.
PBN: Which services constitute the largest sources of income for the firm?
EBERSOLD: We are a full-service financial advisory firm, and we have intentionally built a very diverse portfolio of clients, service offerings and income streams. Auditing, accounting, and tax planning services will always be important pieces of our business, but we are also seeing steady growth in services such as data and analytics, compliance and risk management, business valuation, and outsourced services for finance, human resources, cybersecurity and technology.
PBN: Which services hold the greatest opportunities for future growth?
EBERSOLD: We see tremendous opportunity in our outsourced-services offerings, especially in Rhode Island, where more than 90% of the state’s operating businesses are classified as small businesses. Many companies simply don’t have the bandwidth or experience to properly manage their back-office operations. By outsourcing tasks [such as] accounting and bookkeeping, human resources, cybersecurity, or technology, small businesses can significantly decrease overhead costs, avoid long-term compliance issues, and, perhaps most importantly, gain the freedom to focus on what they do best.
As the business climate gets more and more competitive, we anticipate a spike in the demand for outsourced services – and we certainly believe blumshapiro has the necessary resources in place to help meet that demand for businesses here in Rhode Island.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.