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Tag: YHB

Virginia 500 Spotlight: THOMAS L. MILBURN

THREE WORDS TO DESCRIBE ME: Innovative. Compassionate. Driven.

HOW I CHOSE MY CAREER: I initially majored in English [because I was] interested in storytelling and communication. I even spent some time in seminary, where I developed a strong sense of purpose and leadership. Ultimately, I realized that I could combine my analytical skills and desire to help others by transitioning into accounting. Joining YHB provided the perfect platform to make a meaningful impact in the financial sector while leveraging my diverse background.

WHAT I DO FOR FUN: I love exploring new destinations with my family, whether it’s camping under the stars or discovering hidden gems in a bustling city. Running marathons keeps me energized and competitive, while a relaxing round of golf helps me unwind. I have a group of friends from college that still try to get together every few years and play at pretty amazing locations like Ireland.

ADVICE FOR NEW COLLEGE GRADUATES: Embrace the journey ahead with curiosity and an open heart. Remember, it’s not just about the destination but the experiences and lessons learned along the way. Stay resilient in the face of challenges, and don’t be afraid to take risks and step out of your comfort zone. Always lead with empathy and integrity, and never underestimate the power of kindness. As Ted Lasso says, “Be curious, not judgmental.”

DID YOU KNOW? In July, YHB’s Fredericksburg team moved to Maple Grove Drive, two miles from its previous office. The new digs offer the space to comfortably accommodate about 25 team members with room for future expansion. 

Professional Services 2023: C. SCOTT MOULDEN

Although Moulden’s term as head of accounting firm Yount, Hyde & Barbour ends in October, he will continue in various leadership roles, the firm announced in February. Principal Tom Milburn will follow Moulden as CEO.

During his five-year tenure, Moulden oversaw the acquisition of five accounting firms, growing YHB’s headcount from 170 to more than 300 employees, with an expansion into Maryland. Moulden’s career began at the 76-year-old YHB in 1988 after he graduated from Virginia Tech. He specializes in employee benefit plans, audit practices, and quality control policies and procedures. YHB employs 240 people in Virginia and reported revenue of $49 million for fiscal 2022.

Moulden serves as treasurer on the board for Our Health, a Winchester nonprofit.

WHAT I’VE LEARNED: The importance of work-life integration, rather than separation. It is through this integration that I have found increased fulfillment, productivity and overall well-being, leading to a more successful and purpose-driven life.

WHAT I’D CHANGE ABOUT VIRGINIA: One area that could be changed to strengthen the connection between education and business in Virginia is by fostering greater collaboration and partnerships between educational institutions and local businesses.

YHB chooses next CEO

Winchester-based accounting and consulting firm Yount, Hyde & Barbour Principal Tom Milburn will become the firm’s CEO on Oct. 1, succeeding CEO Scott Moulden. YHB announced Milburn’s election by its board on Tuesday.

“As part of our new strategic plan, the YHB board recognized that there is value to identifying the next CEO ahead of the end of my term,” Moulden said in a statement. “This would provide time for necessary client transitions, overlap in key projects, involvement in the updated strategic plan and to pursue executive leadership training.”

Each YHB CEO serves a five-year term. Moulden’s term ends in September, and he will continue working in various leadership roles at YHB. Under Moulden’s leadership, YHB acquired five accounting firms, grew its headcount from 170 to more than 300, expanded into Maryland and developed a C-suite.

Milburn joined YHB in 1997. He has served on the firm’s diversity council, innovation committee, human resources committee and board of directors. Milburn holds a bachelor’s degree in liberal arts and sciences and a master’s degree in accounting from Virginia Tech.

“Scott and our team of talented professionals have put YHB on solid footing to become a major regional powerhouse in the accounting world,” Milburn said in a statement. “I look forward to strengthening connections and communication with our community of clients and colleagues as YHB keeps innovating and growing.”

YHB also announced the appointments of three department leaders:

  • Elaine Cain, tax department
  • Matthew Smith, audit department
  • Dorrie Franzello-Kurtz, client accounting and advisory services

Established in 1947, YHB offers accounting, auditing, tax, wealth management and risk advisory services. As of Jan. 1, 2022, YHB was the 11th largest accounting firm in Virginia by number of CPAs in the state. Its fiscal year 2022 revenue was $48.84 million.

YHB to acquire Md. accounting firm

Winchester-based accounting and consulting firm Yount, Hyde and Barbour (YHB) will acquire Maryland-based firm Glass Jacobson PA on July 1.

Financial details of the transaction were not disclosed in Wednesday’s announcement.

“We are excited to welcome the Glass Jacobson team to the YHB family,” YHB Managing Partner Scott Moulden said in a statement. “We expect their team’s capabilities will enhance our already rapidly expanding reach into the Maryland/D.C. market. YHB and the Glass Jacobson team share the same values of empowering clients and communities with world-class service.”

Established in 1962, Glass Jacobson offers tax, audit and consulting services in the Baltimore and greater Washington, D.C., area. YHB and Glass Jacobson Investment Advisors LLC will form a joint venture to provide wealth management.

“Together, we will be able to provide greater resources to our clients and communities,” Edward J. Jacobson, managing director and firm president of Glass Jacobson, said in a statement. “Our mission to empower the future is steadfast when joining YHB. We will be providing the same excellent solutions that our clients have become accustomed to, with the addition of new and exciting advancements.”

Glass Jacobson’s six principals and 54 other staff members will join YHB, bringing the firm’s total to almost 300 employees. The new employees will continue to work out of Glass Jacobson’s offices in Rockville, Maryland, and Owings Mills, Maryland, which will give YHB 11 offices total.

Established in 1947, YHB offers accounting, auditing, tax, wealth management and risk advisory services. YHB ranked No. 6 on Accounting Today’s 2022 Regional Leaders list for the Top Firms in the Capital Region, with $37.95 million in annual revenue.