NORTH BAY – The accounting firm Uboldi, Heinke & Velladao LLP is expanding its practice from Napa and Marin counties into Sonoma County with the acquisition of North Bay Tax & Financial Services located in Petaluma.
Tom Velladao, managing partner of the firm, said the addition of North Bay Tax will give the clients of both companies more to work with.
Mr. Velladao is an attorney, and Chuck Wolfe, the sole proprietor of North Bay Tax, does financial planning.
“Chuck is going to stay on and work with us and maintain his money management practice separately,” said Mr. Velladao.
“We want to parlay on the goodwill that Chuck has built with his existing client base,” Mr. Velladao said.
Mr. Wolfe said he put his company on the market through a brokerage, and that the Napa-based firm approached almost immediately.
“My business was doing well,” he said. “We are keeping the location in Petaluma so clients will walk in and have the same experience they always had, they just will have more services available. We are retaining all our employees.”
Uboldi, Heinke & Velladao LLP is a full-service accounting firm that has been in business for more than 25 years.
There are 10 employees including four CPAs, three staff accountants and three support personnel.
North Bay Tax has four employees. With this acquisition, revenues will increase roughly 10 percent, said Mr. Velladao.
“I live in Petaluma and have several employees in Rohnert Park, and I wanted to try to accommodate them more so they get what they need to stay with the firm long term,” he said. “In addition to Chuck coming on at Uboldi, he will continue to provide financial services under a different business name, and there will be some interplay there if a client comes in and needs that kind of support.”
The 3,000-square-foot Petaluma office will end up having six people on any given day.
Mr. Wolfe started the business in 1995. He is an enrolled agent.
The acquisition will complete the first of the year, and Mr. Wolfe said he has committed to being there for five years.
“I will phase out of the larger firm but still have my financial services business,” he said. “I think it is a good match.”