BSI is pleased to announce that the ownership of the company has been acquired by the principals of Menke & Associates, Inc. effective July 15, 1998. It is contemplated that the two firms will be operated as affiliates under a common holding company. Thus, each firm will retain its separate offices and separate corporate identity.

The purpose of the transaction was to create an exit vehicle for BSI's owners. Mr. Richard M. Acheson, who co-founded the firm over 20 years ago, will remain as President and CEO for at least the next five years.

BSI is very pleased to be affiliated with Menke & Associates, Inc., and we believe that this affiliation will be in the best interests of our clients and customers. Menke & Associates, Inc. is one of the oldest and most active firms in the ESOP industry. While BSI specializes primarily in the administration of ESOPs, Menke & Associates, Inc. specializes primarily in ESOP installation and ESOP investment banking. Menke & Associates, Inc. has a staff of eight ESOP consultants, six of whom have been with the firm for ten or more years. In addition, Menke & Associates, Inc. has a staff of three inhouse lawyers and two investment bankers who provide ESOP advisory and investment banking services. Thus, as an affiliate of Menke & Associates, Inc., BSI will be able to offer its clients a greater access to ESOP consulting and related services.

The combined firm will administer nearly 1,000 plans, have over 75 employees and in excess of $10 million in annual billings. In summary, we believe that the combined resources of the two firms will enable us to provide a greater range of services and a greater depth of backup and support services than ever before.

We look forward to your continued support and confidence in the services that we provide. If you have any questions regarding this announcement, please do not hesitate to call Richard Acheson at 310/207-8776.

Return to What's New...