LBMC, one of the Southeast’s largest accounting and business consulting firms, has named Jeffery S. Drummonds as its new managing partner. Drummonds succeeded previous co-managing partners Mike Cain and David Morgan on June 1st. Cain and Morgan helped form the then Certified Public Accountant (CPA) firm of LBMC, PC in 1984. Since that time, the firm has grown to approximately 450 employees throughout a family of nine operating companies and expanded east with offices in Chattanooga and Knoxville.
“We’re delighted that Jeff will lead LBMC forward at a time of continued growth and opportunity for our clients and for our firm,” said David Morgan, co-founder of LBMC. “Jeff was the ideal choice because he understands the value of people and relationships, which comes first in our business. He knows attracting great talent to LBMC is imperative to bringing in great clients, and great clients lead to even greater talent. We are delighted to pass the leadership torch to Jeff and look forward to the continued successes of this firm and our clients under his management.”
Drummonds, a CPA, joined LBMC 14 years ago. Prior to being named managing partner, he last served as the partner leading the firm’s tax services. Previous to LBMC, Drummonds was a tax partner with a national accounting firm. He has extensive experience in delivering value-added tax services to clients with an emphasis on the healthcare industry. Over the course of his 29 year career, he has managed tax services for over twenty public companies and has been involved with numerous private equity transactions and SEC filings.
“I can’t thank Mike and David enough, not only for what they have done for LBMC but also for the opportunity to learn from them both personally and professionally,” said Drummonds. “There’s a reason they began with 12 people and an idea that has now grown into a Top 50 national accounting firm and Tennessee’s largest headquartered firm. My hope is to honor Mike and David by continuing to embrace the entrepreneurial spirit they instilled long ago.”
Cain and Morgan will continue to play key roles in the firm with increased opportunity to lend strategic oversight to the family of companies that make LBMC the comprehensive firm it has become today.
“At LBMC we’ve helped many of our clients develop and implement succession plans, and having founded LBMC more than 30 years ago we knew it was time to implement our own,” said Mike Cain, co-founder of LBMC. “We carefully thought out and put a succession strategy in place to be certain LBMC was positioned to continue to service clients and care for its community for generations to come. Under Jeff’s leadership, we believe strongly that LBMC will thrive and continue to attract the best talent and clients throughout the state of Tennessee and across the United States.”