Money Odds & Ends

Virchow Krause plans name change
Milwaukee accounting firm Virchow, Krause & Company LLP is seeking regulatory approval to change its name to Baker Tilly LLP.

The change reflects Virchow Krause’s partners plans to become a branded affiliate of Baker Tilly International, the eight-largest worldwide accounting and business services network. Virchow Krause, an independent member of Baker Tilly International since 1999, is the largest independent U.S. member firm in the Baker Tilly network.

Virchow Krause will maintain its independent member status and will not assume any management responsibilities within the network as a result of the name change. Virchow Krause is not merging with Baker Tilly, nor is it being acquired.

In making the announcement, Geoff Barnes, chief executive officer and president of Baker Tilly International, said, "The independent members of Baker Tilly International desire to develop the brand worldwide, and as the largest U.S. member firm, Virchow Krause became the logical choice to carry the brand in the U.S.  Discussions ensued and Virchow Krause was extremely interested in pursuing this opportunity."

Tim Christen, Virchow Krause CEO, said, "The world is becoming smaller and many of our current clients, and the new clients we’re engaging, are involved in international commerce. Representing the Baker Tilly global brand in the U.S. will strengthen our ability to provide clients with seamless resources and benefits as they develop business abroad."

According to Christen, consideration of a name change is part of Virchow Krause’s long-term global branding strategy.

"The firm has extensive international capabilities in-house, but the common international brand will greatly reduce the confusion that often occurs when collaborating with other independent member firms throughout the world to serve client needs," Christen said.

Virchow Krause Wisconsin managing partner Kevin Heppner said, "Doing business internationally is the future – now. More and more, our clients, and companies throughout our geographic market, are increasing their investments in foreign markets."

Virchow & Krause has 220 total staff members in its Milwaukee office and 1,300 employees overall in its offices in Detroit, Chicago, Minneapolis, and throughout Wisconsin. The company said the name change will have no impact on any of its existing office locations.

Legion Insurance to close Milwaukee office
Philadelphia-based Legion Insurance Company recently informed the Wisconsin Department of Workforce Development that it will lay off more than 40 employees when it closes its Milwaukee office within a year.

The work done in the company’s Milwaukee office, located at 111 E. Kilbourn Ave., will be transfered to the firm’s headquarters in Philadelphia, Pa., beginning this month.

"The schedule (of layoffs) is subject to change based on the speed with which the functions transition," said a company spokesman in a statement issued to the Department of Workforce Development.

Kolb & Co. now offers benefit services
Kolb & Co., a Brookfield-based business advisor and CPA firm, recently expanded Kolb & Co. Retirement Plan Services LLC to include benefit plan services. The expanded service line will allow Kolb & Co. to assist companies and groups with cafeteria plans such as flexible spending accounts, transportation programs and health reimbursement arrangements.

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Metavante collects almost 5 tons of food
Metavante Corp.’s Milwaukee and Madison offices recently collected more than 4.9 tons of food for the Hunger Task Force of Milwaukee and the Society of St. Vincent de Paul Inc. The drive, held from July 21 to Aug. 1, also raised $2,300 in cash donations, which were donated to Milwaukee and Madison area food pantries, soup kitchens and homeless shelters.

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