LBMC, an accounting, business advisory, and professional services firm, has announced the launch of a growth and innovation practice.
Launched as a part of the group’s consulting arm, the new division will focus on providing middle market companies with a competitive advantage through a “design thinking” approach.
Todd McCullough has been appointed as managing director of the practice, providing over 30 years of experience working with over 100 of the Fortune 500 companies to the role.
Most recently, McCullough has acted as co-leader of Doblin, an acquisition of Deloitte when it entered the market.
McCullough said that he was “thrilled to be partnering” with the group, which he has “admired and worked with over the years”.
He added: “Today, these design thinking methods provide enormous potential for growth in both the product and services-based sectors, especially in middle market organizations.
“Companies that implement this design methodology nearly double their revenue growth and dramatically increase shareholder returns compared to their industry counterparts, according to the McKinsey design Index.”
The new LBMC team will support firms in addressing challenges such as missing growth goals, adapting to industry disruption, and new product development by offering a range of services, including growth audits, M&A road mapping, and change management.
Jeff Drummonds, CEO at the company, said: “The launch of LBMC’s growth and innovation practice aligns with the increased demand we are seeing from middle market companies, particularly those at a crossroads when it comes to what’s next.
“Adding this new service line to LBMC’s suite of consulting service offerings complements our private equity and M&A practices and allows us to be on the cutting edge of providing nuanced solutions to this rapidly growing segment.”