It's like a **'mini-Deloitte'** for small and medium-sized businesses, offering comprehensive financial, HR, IT, and insurance advisory services.

Think of it as **ADP or Paychex** for human resources and payroll, significantly expanded to also provide extensive accounting, tax, and insurance brokerage for businesses.

• Accounting & Tax Services: Provides comprehensive accounting, tax preparation, and consulting services for businesses.
• Financial Advisory Services: Offers financial advisory, business valuation, and general risk management consulting.
• Healthcare Consulting: Delivers strategic consulting services to healthcare organizations, including governmental entities.
• Employee Benefits Consulting: Assists businesses with the design, implementation, and management of employee benefits programs.
• Payroll & Human Capital Management: Manages payroll processes and provides human resources consulting solutions.
• Property & Casualty Insurance: Offers insurance coverage for business property, liability, and other operational risks.
• Retirement & Investment Services: Provides consulting and management for retirement plans and investment strategies.
• Information Technology (IT) Solutions: Delivers managed networking and hardware services to support business IT infrastructure.

CBIZ primarily serves a diverse base of clients across various sectors. While it primarily targets small and medium-sized businesses, its customer base is broad and generally not concentrated in a few publicly named major corporations. Therefore, specific names of major customer companies are not typically disclosed for this type of service provider.

Based on the company description, CBIZ's major customer categories include:

• Small and Medium-Sized Businesses: This is CBIZ's primary customer segment, for which it provides a wide array of financial, insurance, and advisory services.
• Individuals: CBIZ also offers services to individual clients.
• Governmental Entities: The company serves various government bodies.
• Not-for-Profit Enterprises: CBIZ provides services tailored to organizations operating in the not-for-profit sector.

Jerome P. Grisko, Jr.

President & CEO

Jerome P. Grisko, Jr. has served as President of CBIZ since February 2000 and was appointed Chief Executive Officer in March 2016, also becoming a Director in November 2015. He previously held the role of Chief Operating Officer from February 2000 until his CEO appointment. Mr. Grisko joined CBIZ in September 1998 as Vice President, Mergers & Acquisitions, and was promoted to Senior Vice President, Mergers & Acquisitions and Legal Affairs in December 1998. Prior to his tenure at CBIZ, he was a partner at the law firm of Baker & Hostetler LLP from January 1995 to September 1998, where his practice focused on mergers, acquisitions, and general corporate law.

Brad Lakhia

Senior Vice President, Chief Financial Officer

Brad Lakhia is slated to become CBIZ's Senior Vice President and Chief Financial Officer, effective March 17, 2025, succeeding the retiring Ware H. Grove. Before joining CBIZ, Mr. Lakhia served as CFO and Executive Vice President at OPENLANE, Inc., a publicly traded company specializing in digital marketplaces for wholesale used vehicles, from April 2023. Prior to that, he held the position of Vice President of Finance, Americas, at The Goodyear Tire & Rubber Company from November 2019 to April 2023. His previous experience also includes roles as Vice President, Business Planning & Analysis, and Vice President, Treasurer and Credit, at Andeavor (formerly Tesoro Corp.) between 2014 and 2018. Mr. Lakhia also held various accounting, treasury, and divisional finance roles of increasing responsibility at Goodyear from October 1996 to February 2014.

Chris Spurio

President, CBIZ Financial Services

Chris Spurio is the President of CBIZ Financial Services. He began his career at CBIZ in January 1998 and has since held numerous positions within the company.

Michael P. Kouzelos

President, CBIZ Benefits & Insurance Services, Inc.

Michael P. Kouzelos serves as the President of CBIZ Benefits & Insurance Services, Inc. He joined CBIZ in June 1998 and has held various positions during his time with the company.

John Fleischer

Senior Vice President, Chief Information Officer

John Fleischer is the Senior Vice President and Chief Information Officer for CBIZ, Inc. He joined the company in August of 2014.

Key Risks to CBIZ (CBZ)

1. Cybersecurity Risks: CBIZ is exposed to significant cybersecurity threats, with past breaches highlighting vulnerabilities within its systems and those of its third-party vendors. The company's 10-K reports explicitly state that cyberattacks or other security breaches could materially adversely affect its business, financial condition, results of operations, or cash flows.
2. Acquisition and Integration Risks: A core part of CBIZ's growth strategy involves strategic acquisitions, such as the significant acquisition of Marcum LLP. This strategy introduces risks related to the effective integration of acquired companies, including challenges in realizing anticipated benefits, potential underestimation of assumed liabilities, and increased operational complexity. Furthermore, the company's increased leverage post-acquisition may impact its ability to pursue future growth opportunities and manage interest rate fluctuations.
3. Highly Fragmented and Competitive Market / Talent Retention: CBIZ operates in a professional services industry that is highly fragmented and competitive, which can limit its pricing power. The ability to attract and retain executive officers and other key employees is crucial for CBIZ's operations and financial performance, and a failure to do so could have a material adverse effect on its business.

The increasing capabilities and adoption of artificial intelligence and automation software in accounting, tax preparation, payroll, and basic financial and insurance services pose an emerging threat to CBIZ. These technology-driven platforms enable small and medium-sized businesses, a primary client base for CBIZ, to manage more of these functions in-house or through lean, technology-focused providers, potentially reducing their reliance on traditional full-service firms for routine and transactional tasks.

CBIZ, Inc. (symbol: CBZ) operates in several addressable markets across its Financial Services, Benefits and Insurance Services, and National Practices segments. Below are the estimated market sizes for their main products and services, primarily focusing on the U.S. market where data is available.

Financial Services

• Accounting and Tax Services: The market size for Accounting Services in the U.S. was approximately $154.9 billion in 2025 and is projected to reach $157.4 billion in 2026. North America accounted for a 38.0% share of the global accounting services market in 2025, with the U.S. accounting for approximately 70% of that North American market share.
• Financial Advisory Services: The U.S. Financial Advisory Services market size was an estimated USD 28.81 billion in 2025 and is expected to grow to USD 40.08 billion by 2033. Globally, the financial advisory services market was valued at USD 103.01 billion in 2024 and is projected to reach USD 174.33 billion by 2033, with North America dominating the market.
• Business Valuation Services: The market size of Business Valuation Firms in the U.S. is estimated at $3.1 billion in 2026. The global business valuation service market was $8.03 billion in 2025, expected to grow to $8.69 billion in 2026 and $11.75 billion by 2030, with North America being the largest region in 2025.
• Risk and Advisory Services: Specific standalone market size for "risk and advisory" is often embedded within broader financial or management consulting market data. Financial advisory services, as mentioned above, include risk management guidance.
• Government Healthcare Consulting: This is a component of the broader Healthcare Consulting Services market in the U.S., which was valued at USD 9.8 billion. Other sources report the U.S. Healthcare Consulting Services market at $10.1 billion in 2024, projected to reach $18.4 billion in 2026. North America, as a whole, held a 36.3% share of the global healthcare consulting market in 2024.

Benefits and Insurance Services

• Employee Benefits Consulting: The Employee Benefits Consulting Service market in North America was approximately USD 20 billion in 2023 and is projected to grow to around USD 34 billion by 2032. The U.S. Employee Benefits Management market size was USD 14.05 billion in 2024.
• Payroll/Human Capital Management (HCM): The U.S. Payroll Services market is estimated at USD 8.44 billion in 2025, growing to USD 8.91 billion in 2026, and forecast to reach USD 11.61 billion by 2031. The U.S. HR & Payroll Software market was valued at USD 20.9 billion in 2024 and is projected to reach USD 29.2 billion by 2032. The U.S. Human Capital Management market size was USD 6.1 billion in 2024 and is expected to reach USD 9.5 billion by 2033.
• Property and Casualty Insurance: The United States property and casualty insurance market size is estimated at USD 1.10 trillion in 2025 and is projected to reach USD 1.33 trillion by 2030. Another source indicates the U.S. market is projected to reach USD 758.71 billion by 2026.
• Retirement and Investment Services: The U.S. retirement market assets were roughly $36 trillion as of 2024 and are projected to grow to $52 trillion by the end of the decade. Individual Retirement Account (IRA) assets alone reached $13.5 trillion in 2024. The United States Pension Funds Market was valued at USD 6.12 trillion in 2024 and is expected to reach USD 10.24 trillion by 2030.

National Practices

• Information Technology Managed Networking and Hardware (IT Managed Services): The U.S. Managed Services Market size was estimated at USD 79.17 billion in 2023, expected to reach USD 88.13 billion in 2024, and projected to reach USD 183.47 billion by 2030. The U.S. Managed Network Services market generated around USD 21.91 billion in revenue in 2024. The broader U.S. IT Services market size was estimated at USD 441.71 billion in 2024 and is anticipated to reach USD 1,009.99 billion by 2035.
• Healthcare Consulting Services: (See above under Financial Services for details on this market.)

Share Repurchases

• CBIZ has a long-running share repurchase program, with the Board of Directors authorizing the repurchase of up to 5 million shares through March 31, 2027, as of February 2026. This authorization replaced a similar one from February 2025.
• In 2025, CBIZ repurchased 2.5 million shares for $168 million.
• The company's annual share buybacks in 2023 amounted to $65.378 million.

Share Issuance

• The acquisition of Marcum LLP, which closed in November 2024, involved a cash-and-stock transaction valued at approximately $2.3 billion, with approximately half of the consideration paid in shares of CBIZ common stock.
• In the nine months ended September 30, 2021, approximately 66 thousand shares of common stock were issued as payment for contingent consideration related to prior acquisitions.

Outbound Investments

• CBIZ completed its largest acquisition in company history in November 2024 by acquiring the non-attest business of Marcum LLP for approximately $2.3 billion in a cash-and-stock deal. This acquisition is expected to significantly boost CBIZ's combined annual revenue to approximately $2.8 billion.
• CBIZ has a history of strategic acquisitions, with an average of two per year between 2020 and 2025, including CompuData in March 2024.

Capital Expenditures

• CBIZ's estimated capital expenditures for 2025 are projected to be between $20 million and $25 million, with $5 million incurred in the first quarter of 2025.
• Capital expenditures were $23 million in 2023, $13 million in 2024, and $17 million in 2025.
• The company has focused investments on national tax and assurance quality resources, a transformation and innovation team, increased offshore resources in India and the Philippines, and the launch of CBIZ Vertical Vector AI.