GBQ Partners Expands Financial Services Capabilities with Acquisition of Lillie & Co. and Lillie Resource Group

Strategic Acquisition Strengthens GBQ’s Expertise in Credit Union Services

Columbus, Ohio-based firm GBQ Partners LLC (FY23 net revenue of $59.6 million) has successfully acquired Lillie & Co. and Lillie Resource Group, effective December 2, 2024. This strategic move enhances GBQ’s already robust credit union and financial services practice, expanding the firm’s expertise and service offerings in key areas like fraud recovery, bond claim recovery, and client educational resources.

Partnership to Foster Growth in the Financial Sector

Scott Runyan, GBQ’s Director of Financial Services, expressed excitement about the acquisition, saying, “We are thrilled to welcome the Lillie & Co. and Lillie Resource Group teams and clients to our GBQ family. Our shared commitment to the industry is reflected in our combined growth in size, scope, and client relationships. Together, we are better positioned to provide comprehensive, best-in-class solutions to empower growth of our clients’ businesses.”

This acquisition also aligns with GBQ’s mission to serve financial institutions by providing tailored solutions that support their growth at every stage, ranging from small credit unions to larger institutions with assets up to $1.7 billion. With this acquisition, GBQ ranks #3 in the nation for national market share among audit firms and maintains the #1 position in Ohio for both credit union client assets and public accounting firms.

Enhancing GBQ’s Expertise and Market Reach

The acquisition of Lillie & Co., founded in 2003 by Steve Lillie, and Lillie Resource Group, which transitioned its compliance services in 2022, adds significant value to GBQ’s already strong offerings. Lillie & Co.’s reputation for delivering assurance and compliance services tailored to credit unions, along with its specialized expertise in the financial sector, will further strengthen GBQ’s comprehensive suite of services. Lillie & Co.’s team of 14 professionals, including Steve Lillie as Founder and President, will join GBQ’s growing ranks.

Steve Lillie expressed that joining GBQ was the next logical step for his firm and clients: “We share the same values and a passion for supporting the credit union industry. This partnership allows us to deliver the same exceptional service while giving our clients access to GBQ’s extensive range of solutions designed to meet their evolving needs.”

Keri Lillie, Partner of Lillie Resource Group, echoed this sentiment, adding, “We look forward to combining our expertise and creating a best-in-class compliance and consulting team with

extensive experience in the financial sector. Together, grounded in mutual principles with a shared approach to client service, we’ll deliver tailored solutions to support financial institutions in confidently navigating complex compliance requirements.”

Positioning for Continued Growth and Success

This acquisition is GBQ’s second significant expansion within the credit union and financial services sector, following the 2011 acquisition of Condit & Associates LLC, another firm specializing in credit unions. The partnership with Lillie & Co. and Lillie Resource Group is expected to strengthen GBQ’s position as a leading provider of services to financial institutions, ensuring the firm is well-equipped to meet the evolving needs of the sector.

A Legacy of Empowering Growth

Founded 71 years ago, GBQ Partners has remained committed to empowering growth across its people, clients, and communities. As a Top 100 tax, accounting, and consulting firm, GBQ continues to prioritize outcomes that impact stakeholders’ lives positively, and this acquisition aligns with its long-standing mission to drive transformative results.

Conclusion: A New Era of Client-Centric Financial Services

The addition of Lillie & Co. and Lillie Resource Group positions GBQ Partners for continued success in the financial services industry. By combining expertise, values, and client-centric services, GBQ is poised to deliver exceptional solutions that help financial institutions navigate the complexities of the sector, ensuring long-term growth and client satisfaction.