{"id":21160,"date":"2026-08-23T07:26:06","date_gmt":"2026-08-22T22:26:06","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=21160"},"modified":"2026-10-27T14:18:50","modified_gmt":"2026-10-27T05:18:50","slug":"andersen-2025","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/andersen-2025","title":{"rendered":"They Bought Back the Name of an Accounting Firm That Had Vanished"},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}<\/style>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Andersen Group<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">They Bought Back the Name of an Accounting Firm That Had Vanished<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2065708\/000119312525322948\/d921520d424b4.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Andersen Group Inc. 424B4 (filed 2025-12-17) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In 2002, an accounting firm in the United States closed its doors. Arthur Andersen. In the words of the CEO letter bound into the prospectus, a firm that had been a cornerstone of the Big 5 and was widely seen as the dominant force in the profession &ldquo;shut down under a cloud.&rdquo; One of the partners there, Mark Vorsatz, started a new company with 22 colleagues. They called it WTAS, for Wealth and Tax Advisory Services. Nobody had heard of it.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Twelve years later, in 2014, that company bought the vanished sign back.<br \/>It acquired the rights to the Andersen trademarks in about 200 countries and jurisdictions, and renamed itself Andersen.<br \/>Then, in December 2025, as Andersen Group Inc., it sold shares to the public at <span style=\"white-space:nowrap;\">$16.00 a share<\/span>.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">about 1%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">NEW INVESTORS&#8217; VOTES<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">the voting power public buyers get<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$441.1M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">TAX RECEIVABLE, 15 YRS<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">deferred payments owed to partners<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">2<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">MATERIAL WEAKNESSES<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">identified, and still un-remediated<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\">There is one thing this company has decided from the beginning: <strong style=\"font-weight: 700; color: #000;\">it does no audit work<\/strong>. The business of putting a stamp of approval on financial statements is deliberately left out, because that keeps the firm outside the independence rules audit firms live under, the prospectus explains. The company bought an accounting firm&rsquo;s name, and audit is the one service it will not sell. (This article is a reading of the final prospectus filed on December 17, 2025.)<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">At the same time, the prospectus says this: <strong style=\"font-weight: 700; color: #000;\">two material weaknesses<\/strong> were found in the way the firm keeps its own books, and <strong style=\"font-weight: 700; color: #000;\">neither has been fixed<\/strong>. The money the offering brought the company is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$188.2<\/span> million<\/strong>. Elsewhere in the same document sit three promises to pay current and former partners, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$837.2<\/span> million<\/strong> in all.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the 424B4 says.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (Overview, p.1 onward), Letter from Mark Vorsatz, Our CEO (p.122 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In one line: a firm of accounting and tax professionals that does not audit.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">When most people hear &ldquo;accounting firm,&rdquo; they picture the work of examining a company&rsquo;s financial statements and certifying that they are right. That is auditing. <strong style=\"font-weight: 700; color: #000;\">Andersen does not do it<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What does it do instead? Estate and gift planning for wealthy families, tax filing and tax planning for companies, tax work for investment funds, and valuation, the business of putting a price on a company or an asset. <strong style=\"font-weight: 700; color: #000;\">Those four lines earn almost all of the revenue<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Why not audit? The prospectus puts it this way.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">Since our inception, we have made a deliberate decision not to provide audit or related financial statement attestation services. As a result, we are not limited by the associated regulations that audit firms are subject to in the United States and internationally.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ PROSPECTUS SUMMARY<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A firm that audits is limited by law in what else it can sell to the companies it audits. Section 201 of the <span style=\"white-space:nowrap;\">Sarbanes-Oxley<\/span> Act prohibits an audit firm from providing certain <span style=\"white-space:nowrap;\">non-audit<\/span> services to its audit clients. The first item on the list the prospectus gives is appraisal and valuation services. Andersen, which does not audit, is bound by none of it. This is what the company means by independence.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The history of the name is more tangled than the business itself. The firm was founded in 2002 as Wealth and Tax Advisory Services, Inc. In December 2007 it formed WTAS Holdings LLC, and in 2008 it completed <strong style=\"font-weight: 700; color: #000;\">a management buyout from HSBC<\/strong>, its parent at the time.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Then, in 2014, <strong style=\"font-weight: 700; color: #000;\">it acquired the rights to the Andersen trademarks<\/strong> and changed its name. The prospectus says so plainly, in its corporate information section.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">In 2014, we acquired the rights to the Andersen trademarks and rebranded ourselves as Andersen Tax Holdings LLC and Andersen Tax LLC.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ CORPORATE AND OTHER INFORMATION<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the glossary of defined terms sits this entry: &ldquo;Arthur Andersen&rdquo; refers to the former Arthur Andersen &amp; Co. or Arthur Andersen LLP, as context requires. The company treats the firm that vanished <strong style=\"font-weight: 700; color: #000;\">as one of its own defined terms<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A company that began by deciding not to audit.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What does it compete on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (Our Differentiated Approach, p.3 onward), Business (Intellectual Property, p.138 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Three things it fights with: not auditing, the name, and an alliance of more than 300 firms.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This is not a firm that trades punches with the Big 4 (Deloitte, EY, KPMG, PwC) head on. Those four are the first competitors the prospectus names, and part of what Andersen sells is <strong style=\"font-weight: 700; color: #000;\">what those four cannot sell<\/strong> to the companies they audit.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">It can sell what the law forbids audit firms to sell<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Section 201 of the <span style=\"white-space:nowrap;\">Sarbanes-Oxley<\/span> Act forbids an audit firm to provide to its audit clients is certain <span style=\"white-space:nowrap;\">non-audit<\/span> services, including appraisal and valuation services, financial systems design, and internal audit outsourcing. Valuation is one of Andersen&rsquo;s four pillars. Andersen carries none of that constraint.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So it can offer clients a single door. M&amp;A tax, state and local tax, international tax, tax automation, help with forming funds, valuation. All of it through one relationship.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus writes that the regulation and the conflicts of interest carried by the large firms with audit practices are exactly what keeps clients from reaching the expertise they need. The company has <strong style=\"font-weight: 700; color: #000;\">turned its competitors&rsquo; constraint into its own product<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The name itself has become an asset<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The second pillar is the name it bought back. The company describes its own brand as one of the most globally recognized and respected names within the professional services industry.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It argues the point with numbers too. In 2024, revenue per employee rose <span style=\"white-space:nowrap;\">9%<\/span> year over year to <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">$335,000<\/span><\/strong>, against an industry average of about <span style=\"white-space:nowrap;\">$230,000,<\/span> the company says.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It works in hiring as well. In 2024, more than 9,000 people applied for <strong style=\"font-weight: 700; color: #000;\">about 183 associate and intern positions<\/strong>. They came from 900 universities across 24 countries.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And it was not only &ldquo;Andersen&rdquo; that came back. In 2025 the company launched a name called Andersen Consulting. The CEO letter describes it as an iconic brand, one that Arthur Andersen <strong style=\"font-weight: 700; color: #000;\">spun off in 2001 and that became Accenture<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So the name today&rsquo;s Accenture once carried is being revived by the Andersen side. As of the end of September 2025, more than 130 consulting firms, in 76 countries, with over 35,000 professionals had joined, the CEO letter says.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And the name turns into money directly. This is the part that gets skipped.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">A quiet revenue line: <span style=\"white-space:nowrap;\">2%<\/span> of the increase<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Andersen Global is an association of like firms established in Switzerland in 2013. As of the end of September 2025 it counts more than 300 member and collaborating firms, in over 180 countries, with more than 50,000 people.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The founding member is the operating business, Andersen Tax LLC. <strong style=\"font-weight: 700; color: #000;\">It holds no equity interest at all<\/strong>, neither in the association nor in any member or collaborating firm. What it holds is the trademarks, and a seat on the side that governs. The prospectus writes that the company participates on the association&rsquo;s governing Board, and that CEO Vorsatz himself serves as its Global Chairman.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On that footing, it licenses the marks. The terms are unusual, and the prospectus states them plainly.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;We offer licenses to member firms of Andersen Global to use certain of our registered trademarks in exchange for a license fee of <span style=\"white-space:nowrap;\">2%<\/span> of the increase of the member firm&rsquo;s consolidated net revenue for each calendar year, which is payable annually so long as a firm continues as a member of Andersen Global.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not <span style=\"white-space:nowrap;\">2%<\/span> of revenue. <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">2%<\/span> of the increase in it<\/strong>. If a member firm grows, the take grows; if it stops growing, the take goes toward zero. Andersen Consulting partner firms are held to the same terms.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What it sells is two things: its competitors&rsquo; constraint, and its own name.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 3<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How big is the market?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (Industry Background and Market Opportunity, p.7 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The market is drawn in three tiers, and the outermost one is an order of magnitude larger.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus gives three U.S. market figures, all cited to IBISWorld estimates as of 2024.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The three tiers of the U.S. market the company presents (IBISWorld, 2024)<\/p>\n<style>@media (max-width: 720px) {.s1-stat-grid {grid-template-columns: repeat(2, 1fr) !important; gap: 24px 0 !important;}}<\/style>\n<div style=\"max-width: 720px; margin: 60px auto; padding: 0 20px;\">\n<div class=\"s1-stat-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 40px 0; display: grid; gap: 0; text-align: center; grid-template-columns: repeat(3, 1fr);\">\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$60B<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">TAX ADVISORY<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">the core business<\/div>\n<\/div>\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$44B<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">ADVISORY + VALUATION<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">non-audit financial advisory and valuation<\/div>\n<\/div>\n<div style=\"padding: 0 8px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$392B<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">CONSULTING<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">where Andersen Consulting is heading<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The core business, tax advisory, is <span style=\"white-space:nowrap;\">$60<\/span> billion. Valuation and financial advisory together are <span style=\"white-space:nowrap;\">$44<\/span> billion. And consulting, which the company is entering through Andersen Consulting, is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$392<\/span> billion<\/strong>. That last one is <strong style=\"font-weight: 700; color: #000;\">an order of magnitude apart<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus itself attaches a caution, though: estimates of this kind are uncertain, and the numbers move when the assumptions do. A large market is <strong style=\"font-weight: 700; color: #000;\">no guarantee that the company can take any of it<\/strong>, it also writes.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The demand side is described more concretely. Foreign direct investment inflows have averaged <strong style=\"font-weight: 700; color: #000;\">more than <span style=\"white-space:nowrap;\">$1.5<\/span> trillion a year<\/strong> over the past decade, leaving an ever broader web of <span style=\"white-space:nowrap;\">cross-border<\/span> connections. Governments keep changing tax rules to serve their budgets.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And the people are missing. Citing the Bureau of Labor Statistics, the prospectus writes that <strong style=\"font-weight: 700; color: #000;\">more than 340,000 CPAs left the profession<\/strong> between 2019 and 2023. Tax grows more complex while the number of people who can handle it falls: that is the company&rsquo;s account.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The market is wide. Width is not a guarantee of a share.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 4<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who actually uses it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&#038;A (Clients, p.97 onward), Business (Our Clients, p.133 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The client base is scattered. Not one client group is worth more than <span style=\"white-space:nowrap;\">1%<\/span> of revenue.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There are no famous names on this company&rsquo;s client list. There is no way to line them up.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the nine months to the end of September 2025, it performed <strong style=\"font-weight: 700; color: #000;\">more than 21,000 engagements<\/strong> for <strong style=\"font-weight: 700; color: #000;\">over 11,900<\/strong> &ldquo;client groups.&rdquo; A client group is a unit that counts, for example, the several individuals and trusts belonging to one wealthy family as one.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Concentration is extremely low. In both 2024 and 2023, <strong style=\"font-weight: 700; color: #000;\">not a single client group accounted for more than <span style=\"white-space:nowrap;\">1%<\/span><\/strong> of revenue. The top ten groups combined came to about <span style=\"white-space:nowrap;\">5%<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It also shows in numbers that clients stay. About <span style=\"white-space:nowrap;\">74%<\/span> of 2024 revenue came from client groups that had been with the firm for more than three years.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The deepening is real too. Client groups paying at least <span style=\"white-space:nowrap;\">$250,000<\/span> a year grew from 524 in 2023 to 629 in 2024. Among the ten largest groups, aggregate contribution to revenue has grown <strong style=\"font-weight: 700; color: #000;\">5.3 times<\/strong> since each engagement began.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The client base from three angles<\/p>\n<style>@media (max-width: 720px) {.s1-cards-grid {grid-template-columns: 1fr !important; grid-template-rows: none !important; row-gap: 20px !important;}.s1-card {display: block !important;}}<\/style>\n<div class=\"s1-cards-grid\" style=\"margin: 40px 0; display: grid; gap: 20px;grid-template-columns: repeat(3, 1fr);\">\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Spread<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Client groups<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><strong style=\"font-weight: 700; color: #000;\">over 11,900<\/strong> (end of Sept 2025)<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Clients above 1%<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">0<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Top ten combined<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">about <span style=\"white-space:nowrap;\">5%<\/span> of revenue<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">Losing one client does not shake the finances.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Stickiness<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Clients of more than 3 years<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">74%<\/span><\/strong> of 2024 revenue<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Clients above $250,000 a year<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">524 to 629 (2023 to 2024)<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Growth of the top ten<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><strong style=\"font-weight: 700; color: #000;\">5.3 times<\/strong> since engagement began<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">Going deeper is the main growth engine.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Tilt<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Private client services<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><span style=\"white-space:nowrap;\">51.9%<\/span> of revenue<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Business tax services<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><span style=\"white-space:nowrap;\">34.1%<\/span> of revenue<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">West (of three regions)<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\"><span style=\"white-space:nowrap;\">42.7%<\/span> of revenue<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">Nine months to September 2025. The region is counted by the office the staff working on the engagement belong to. The clients are scattered; the revenue mix is not.<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A scattered client base is a strength and a weakness at once. There is no dependence on any one client. There is also no big account holding things steady. The prospectus writes that its contracts do not obligate clients to keep using the firm, and that clients may terminate <strong style=\"font-weight: 700; color: #000;\">with little or no notice and without penalty<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">No one client matters; every client does.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 5<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How does it make money?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&#038;A (Components of Our Results of Operations, p.103 onward), Business (Our People and Human Capital Resources, p.134 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What it sells is time. So the way the people are stacked is the margin.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Most of the revenue is billed by the hour. Each professional has a rate, hours are recorded, and clients are invoiced. There are <span style=\"white-space:nowrap;\">fixed-fee<\/span> and contingent arrangements too, but they have not been a large share so far.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In a business shaped like that, how much of the senior people&rsquo;s time reaches the client decides the profit. Andersen runs this the other way from the industry.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">As of the end of September 2025 it had <strong style=\"font-weight: 700; color: #000;\">293 <span style=\"white-space:nowrap;\">revenue-generating<\/span> Managing Directors<\/strong> and <strong style=\"font-weight: 700; color: #000;\">1,659 <span style=\"white-space:nowrap;\">revenue-generating<\/span> professionals<\/strong> below them. <strong style=\"font-weight: 700; color: #000;\">About 1 to 5<\/strong>. Each senior person carries few juniors.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Generally the higher that ratio, the more money a firm makes: hang a lot of juniors off a few seniors, and the spread between the billing rates produces profit. Andersen does not do that, and chooses instead to <strong style=\"font-weight: 700; color: #000;\">put its senior people in front of clients directly<\/strong>. The prospectus calls this a &ldquo;<span style=\"white-space:nowrap;\">low-leverage<\/span> operating model.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Of its more than 2,300 employees, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">83%<\/span> are on the <span style=\"white-space:nowrap;\">revenue-generating<\/span> side<\/strong>. Among <span style=\"white-space:nowrap;\">client-facing<\/span> roles at manager level and above, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">87%<\/span> hold credentials<\/strong> such as CPA or a law license, and <span style=\"white-space:nowrap;\">54%<\/span> hold advanced degrees.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The mix of how it earns looks like this.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Service line<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">9M2025<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">9M2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2023<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Service line\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Private Client Services<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">51.9%<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">51.3%<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">49.8%<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">50.2%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Service line\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Business Tax Services<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">34.1%<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">34.5%<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">35.7%<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">35.4%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Service line\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Alternative Investment Funds<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">9.5%<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">9.7%<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">9.5%<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">9.3%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"Service line\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Valuation Services<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">4.5%<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">4.5%<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">5.0%<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">5.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It has barely moved in five years. Individuals and families are half of it, corporate tax a third. The sign changed; the substance of the business has not moved far from the wealthy individuals and corporate tax it started with.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The seasonality is pronounced too. Work bunches up against the U.S. filing deadlines, <strong style=\"font-weight: 700; color: #000;\">before April 15<\/strong> and before the October extension deadline. So revenue leans into the first and third quarters.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Put the senior people in the room. That is the cost, and it is also the product.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 6<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Are the numbers healthy?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">MD&#038;A (Results of Operations, p.104 onward), MD&#038;A (Non-GAAP Financial Measures, p.98 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Three things look odd in the numbers. Take the reveals one at a time.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Start by laying four periods of the income statement side by side.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Item<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">9M2025<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">9M2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2024<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">FY2023<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Revenue<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$668.3M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$589.2M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$731.6M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$639.1M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Cost of services (excluding D&#038;A)<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$467.0M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$343.7M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$461.8M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$399.9M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Sales, general and administrative<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$129.7M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$96.9M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$131.9M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$114.7M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Operating income<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$64.8M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$142.4M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$129.5M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$116.9M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Income tax<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$5.0M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$2.6M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$2.4M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$2.3M<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"Item\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Net income<\/td>\n<td data-label=\"9M2025\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$65.7M<\/span><\/td>\n<td data-label=\"9M2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$144.5M<\/span><\/td>\n<td data-label=\"FY2024\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$134.8M<\/span><\/td>\n<td data-label=\"FY2023\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$118.7M<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Revenue grew, and operating income fell by more than half<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Revenue for the nine months to September 2025 was <span style=\"white-space:nowrap;\">$668.3<\/span> million, <strong style=\"font-weight: 700; color: #000;\">up <span style=\"white-space:nowrap;\">13.4%<\/span><\/strong> from <span style=\"white-space:nowrap;\">$589.2<\/span> million a year earlier.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Operating income, though, fell from <span style=\"white-space:nowrap;\">$142.4<\/span> million to <span style=\"white-space:nowrap;\">$64.8<\/span> million, <strong style=\"font-weight: 700; color: #000;\">down <span style=\"white-space:nowrap;\">54.5%<\/span><\/strong>. The operating margin went from <span style=\"white-space:nowrap;\">24.2%<\/span> to <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">9.7%<\/span><\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Almost all of the difference sits in cost of services. As a share of revenue it jumped 11.6 points, from <span style=\"white-space:nowrap;\">58.3%<\/span> to <span style=\"white-space:nowrap;\">69.9%<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Break it apart. Revenue rose by <span style=\"white-space:nowrap;\">$79.2<\/span> million. Operating expenses rose by <span style=\"white-space:nowrap;\">$156.8<\/span> million. Within that: cost of services up <span style=\"white-space:nowrap;\">$123.4<\/span> million, sales, general and administrative up <span style=\"white-space:nowrap;\">$32.8<\/span> million, depreciation and amortization up <span style=\"white-space:nowrap;\">$0.6<\/span> million.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The reveal: <span style=\"white-space:nowrap;\">$136.5<\/span> million of expense that no cash left for<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the second quarter of 2025, the company granted certain Managing Directors interests called profits interest units. In accounting terms these are <span style=\"white-space:nowrap;\">equity-based<\/span> compensation, and they run through expense.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The amount was <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$136.46<\/span> million<\/strong> over the nine months. Of that, <span style=\"white-space:nowrap;\">$104.5<\/span> million landed in cost of services and <span style=\"white-space:nowrap;\">$32.0<\/span> million in sales, general and administrative.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus describes what came before.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">Except for the grants of profits interest units in 2025, historically we have not incurred <span style=\"white-space:nowrap;\">equity-based<\/span> compensation expense.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ MD&#038;A<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So the main reason profit looks halved is <strong style=\"font-weight: 700; color: #000;\">a <span style=\"white-space:nowrap;\">one-time<\/span> charge that no cash left for<\/strong>. That the &ldquo;one time&rdquo; does not end there becomes clear shortly.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One confusion worth closing here. No cash went out for this expense, but the cash balance itself did fall. Over the nine months of 2025 it went from <span style=\"white-space:nowrap;\">$87.99<\/span> million to <span style=\"white-space:nowrap;\">$67.85<\/span> million, a decrease of <span style=\"white-space:nowrap;\">$20.15<\/span> million. The reason is not expense but distributions: over the same nine months, <span style=\"white-space:nowrap;\">$130.37<\/span> million went out to members.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">GAAP goes down, <span style=\"white-space:nowrap;\">non-GAAP<\/span> goes up<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here is where it turns strange. Net income margin under the accounting rules fell from <span style=\"white-space:nowrap;\">24.5%<\/span> to <span style=\"white-space:nowrap;\">9.8%<\/span>. Over the same period, the adjusted EBITDA margin the company uses rose from <span style=\"white-space:nowrap;\">25.5%<\/span> to <span style=\"white-space:nowrap;\">32.5%<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Adjusted EBITDA takes net income, adds back income tax, interest expense and depreciation and amortization (subtracting interest income), then adds back <span style=\"white-space:nowrap;\">transaction-related<\/span> costs and the <span style=\"white-space:nowrap;\">non-cash<\/span> <span style=\"white-space:nowrap;\">equity-based<\/span> compensation. What is added back is the whole of the difference.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This is not a question of which one is right. The same company over the same period appears to move <strong style=\"font-weight: 700; color: #000;\">in opposite directions depending on the measure<\/strong>. The prospectus itself notes that <span style=\"white-space:nowrap;\">non-GAAP<\/span> figures are supplemental and are not a substitute for GAAP. (Adjusted EBITDA: net income with income tax, interest expense and depreciation and amortization added back and interest income deducted, then <span style=\"white-space:nowrap;\">transaction-related<\/span> costs and <span style=\"white-space:nowrap;\">non-cash<\/span> <span style=\"white-space:nowrap;\">equity-based<\/span> compensation removed as well.)<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Almost no tax is going out<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The other thing that catches the eye is income tax. Against <span style=\"white-space:nowrap;\">pre-tax<\/span> income of <span style=\"white-space:nowrap;\">$137<\/span> million in 2024, income tax was about <span style=\"white-space:nowrap;\">$2.4<\/span> million. The <strong style=\"font-weight: 700; color: #000;\">effective rate<\/strong> was <span style=\"white-space:nowrap;\">7%<\/span> for the nine months of 2025 and <span style=\"white-space:nowrap;\">2%<\/span> a year earlier.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The trick is in the form of the entity. The LLC that carries the business is treated as transparent for tax purposes and is not taxed as a corporation. The tax is paid on the members&rsquo; side, which is to say by the partners individually.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">That changes after listing. Andersen Group Inc., the holding company, is taxed as an ordinary corporation, and on top of that come the payments under the deferred agreement described later.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">And the expenses still to come<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company writes out, itself, the expenses it expects to record ahead. The amounts are large.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The equity compensation and <span style=\"white-space:nowrap;\">one-time<\/span> expenses the prospectus lays out<\/p>\n<ul style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; padding-left: 24px; margin: 0 0 1.5em 0;\">\n<li style=\"margin-bottom: 0.6em;\">RSUs granted in connection with the listing: about <span style=\"white-space:nowrap;\">$87.1<\/span> million in total<\/li>\n<li style=\"margin-bottom: 0.6em;\">Aggregator LTIP Units: about <span style=\"white-space:nowrap;\">$14.1<\/span> million in total, through 2030<\/li>\n<li style=\"margin-bottom: 0.6em;\">Exchange of profits interest units and Management Holdco interests: <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">$721<\/span> million<\/strong> in total, expensed over five years<\/li>\n<li style=\"margin-bottom: 0.6em;\">A <span style=\"white-space:nowrap;\">one-time<\/span> equity restructuring expense in the fourth quarter of 2025: about <span style=\"white-space:nowrap;\">$162.3<\/span> million<\/li>\n<li style=\"margin-bottom: 0.6em;\">The Class X Aggregator Units portion of the same: about <span style=\"white-space:nowrap;\">$30.9<\/span> million<\/li>\n<\/ul>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">$721<\/span> million is roughly the size of 2024 revenue, <span style=\"white-space:nowrap;\">$732<\/span> million. It presses on the income statement every year through 2030.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">All of these are the company&rsquo;s preliminary estimates, and it notes that the final amounts are subject to revision as the transactions are finalized.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">No cash left for this expense. The cash balance still fell.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 7<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who runs it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Letter from Mark Vorsatz, Our CEO (p.122 onward), Management (p.140 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The people running it were in the room the day the sign came down.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Mark Vorsatz is 71. He joined Arthur Andersen in 1979 and was a partner from 1987 to 2002. The CEO letter bound into the prospectus begins on the last of those days.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">My employer of 22 years, Arthur Andersen, where I had been one of the youngest partners in the firm&rsquo;s history and ran its Silicon Valley office, closed its doors.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ LETTER FROM THE CEO<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The letter goes on: &ldquo;I knew intrinsically what made it great. And, beyond the headlines, I knew well its internal shortcomings and why it failed. <strong style=\"font-weight: 700; color: #000;\">Knowing the difference was critical<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">At the time there were no salaries, no pensions, no bonuses or profit sharing. There were growing families, and there were bills.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">I told my wife, &ldquo;Maybe I can go back to United Airlines and load bags on airplanes.&rdquo; She said, not a chance. Go for your dream and build a new company.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ LETTER FROM THE CEO<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><span style=\"white-space:nowrap;\">Twenty-three<\/span> partners started out, primarily in six locations: San Francisco, Los Angeles, New York City, Boston, West Palm Beach, and McLean, Virginia.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In 2006 they opened in Chicago with four people and a small office. &ldquo;I smile when I think of Chicago, the original home of Arthur Andersen,&rdquo; the letter says, and adds that as of the end of September 2025 over 250 professionals work there, out of <strong style=\"font-weight: 700; color: #000;\">a skyscraper designed by the I.M. Pei firm<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The decision to change the name is written down honestly too. Many partners were skeptical, and the reason is stated: &ldquo;Arthur Andersen shut down under a cloud.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The letter continues: &ldquo;And though the United States Supreme Court acquitted the company of any wrongdoing, <strong style=\"font-weight: 700; color: #000;\">there were reputational uncertainties to consider<\/strong>.&rdquo; That is the letter&rsquo;s way of putting it, though, and not a description of the ruling. The 2005 decision vacated the conviction and sent the case back on the ground that the jury instructions had failed to convey the elements of criminal liability properly. It did not find that no wrongdoing had occurred.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company ran two marketing studies, and <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">two-thirds<\/span><\/strong> of the participants were positive about changing WTAS to Andersen. It went public with the name on September 1, 2014. After an appearance on CNBC, <strong style=\"font-weight: 700; color: #000;\">more than 10,000 emails arrived within three days<\/strong>, and the CEO&rsquo;s computer crashed three times.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Before the name change there were 17 offices, 150 partners, and approximately 650 employees. Revenue reached <span style=\"white-space:nowrap;\">$732<\/span> million in 2024, and as of the end of September 2025 the firm had over 2,300 people in 26 locations across the United States.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The board is where the industry&rsquo;s memory is gathered<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The lineup of director nominees and <span style=\"white-space:nowrap;\">non-employee<\/span> directors is unusual. The ages run from 67 to 84. Note that where the prospectus says the firm has no mandatory retirement age, it is speaking about its professionals and Managing Directors; it does not address any retirement provision for the board.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Part of the board<\/p>\n<style>@media (max-width: 720px) {.s1-cards-grid {grid-template-columns: 1fr !important; grid-template-rows: none !important; row-gap: 20px !important;}.s1-card {display: block !important;}}<\/style>\n<div class=\"s1-cards-grid\" style=\"margin: 40px 0; display: grid; gap: 20px;grid-template-columns: repeat(3, 1fr);\">\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Joseph Karczewski (68)<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">At Andersen<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">since 2006<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Before that<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">KPMG tax partner<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Before that<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Arthur Andersen, 1983 to 2002<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">World Wide Partner from 1993.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">John F. Nicolai (76)<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Career<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Ernst &amp; Young, 1974 to 2011<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Role<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Managing Partner, SF office<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Now<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">compensation committee chair<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">Also chaired the University of San Francisco board of trustees.<\/div>\n<\/div>\n<div class=\"s1-card\" style=\"padding: 24px 24px; background: #ffffff; border: 1px solid #e6e6e6; border-top: 3px solid #daa241; min-width: 0; box-sizing: border-box;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 18px; font-weight: 700; line-height: 1.4; color: #1a1a1a; margin: 0 0 14px 0; padding: 0 0 10px 0; border-bottom: 1px solid #e6e6e6;\">Ronald L. Olson (84)<\/div>\n<div class=\"s1-card-data\">\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Day job<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Munger, Tolles &amp; Olson<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Outside board<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">Berkshire Hathaway<\/span><\/div>\n<div style=\"padding: 10px 0; line-height: 1.5;\"><span style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; color: #daa241; font-weight: 700; letter-spacing: 0.22em; display: block; margin-bottom: 4px;\">Period<\/span><span style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 15px; color: #1a1a1a; font-weight: 400; display: block; word-break: normal; overflow-wrap: anywhere; line-height: 1.55;\">1997 to May 2025<\/span><\/div>\n<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.5; letter-spacing: 0; color: #666; margin: 14px 0 0 0; padding: 12px 0 0 0; border-top: 1px solid #f0f0f0; overflow-wrap: break-word; overflow-wrap: anywhere; text-wrap: pretty;\">28 years as a director of Berkshire.<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The audit committee chair is a man who was head of finance at IBM; the lead independent director is a founding partner of Gunderson Dettmer. <strong style=\"font-weight: 700; color: #000;\">The memory of the industry and of the capital markets<\/strong>, seated as it is.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">What the CEO personally received from the name<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In the related party transactions section there is an entry that catches the eye. A royalty agreement.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In June 2023, the company converted the CEO&rsquo;s incentive into the form of an interest. What it does is allocate to the CEO&rsquo;s side a set share of the trademark license fee income that Andersen Tax LLC and others receive.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The marks covered include &ldquo;Andersen,&rdquo; &ldquo;Andersen Global&rdquo; and &ldquo;Andersen Consulting,&rdquo; and also <strong style=\"font-weight: 700; color: #000;\">&ldquo;Arthur Andersen&rdquo; itself and the &ldquo;Door&rdquo; logo<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The allocation came in two steps. All of the first <span style=\"white-space:nowrap;\">$284,101.06<\/span> collected. After that, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">20%<\/span> of the combined Andersen and Andersen Consulting license fee income through 2048<\/strong>, less reasonable expenses.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The amounts actually paid were <span style=\"white-space:nowrap;\">$534,226<\/span> in 2023 and <span style=\"white-space:nowrap;\">$556,895<\/span> in 2024. The CEO&rsquo;s total 2024 compensation of <span style=\"white-space:nowrap;\">$9.59<\/span> million includes this.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus closes the entry with one line: &ldquo;In March 2025, the Royalty Agreement was terminated.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The people who watched the sign come down are the ones selling it.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 8<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who controls it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Organizational Structure (p.65 onward), Principal Stockholders (p.159 onward) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What you can buy is all of the box, and the box owns about a tenth of the business.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The mechanism of this listing is a <span style=\"white-space:nowrap;\">two-tier<\/span> structure. The prospectus calls it an umbrella partnership <span style=\"white-space:nowrap;\">C-corporation<\/span>, a form often used when a partnership goes public.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Take it a tier at a time. On top sits <strong style=\"font-weight: 700; color: #000;\">Andersen Group Inc., the box that sells shares to the market<\/strong>. Below it is AT Umbrella LLC, and below that is the operating business itself, Andersen Tax LLC.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">After the offering, what Andersen Group Inc. holds is <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">11.4%<\/span><\/strong> of AT Umbrella. The remaining <span style=\"white-space:nowrap;\">88.6%<\/span> is held by an LLC called Aggregator, whose owners are the current and former Managing Directors.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two classes of stock sit on top of that. <span style=\"white-space:nowrap;\">Class A<\/span> carries one vote per share and the right to share in any dividend the board declares, though the company writes that it does not currently expect to pay one in the foreseeable future. <span style=\"white-space:nowrap;\">Class B<\/span> carries <strong style=\"font-weight: 700; color: #000;\">ten votes per share and no right to dividends<\/strong> or to any distribution on liquidation; the prospectus calls it <span style=\"white-space:nowrap;\">non-economic<\/span>. All of the <span style=\"white-space:nowrap;\">Class B<\/span> is in Aggregator&rsquo;s hands.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The result looks like this.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The split after the offering (the case in which the underwriters&rsquo; <span style=\"white-space:nowrap;\">over-allotment<\/span> is exercised in full, in the prospectus&rsquo;s own presentation, and the one that actually happened)<\/p>\n<style>@media (max-width: 720px) {.s1-stat-grid {grid-template-columns: repeat(2, 1fr) !important; gap: 24px 0 !important;}}<\/style>\n<div style=\"max-width: 720px; margin: 60px auto; padding: 0 20px;\">\n<div class=\"s1-stat-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 40px 0; display: grid; gap: 0; text-align: center; grid-template-columns: repeat(3, 1fr);\">\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">100%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">ECONOMICS OF THE HOLDCO<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">public holders&rsquo; economics in the listed company<\/div>\n<\/div>\n<div style=\"padding: 0 8px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">11.4%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">HOLDCO&#8217;S SHARE OF THE BUSINESS<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">that listed company&rsquo;s interest in the business<\/div>\n<\/div>\n<div style=\"padding: 0 8px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 5.5vw, 44px); font-weight: 400; line-height: 1; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">1.3%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 11px; letter-spacing: 0.22em; color: #daa241; margin-top: 14px; font-weight: 700;\">VOTES (CLASS A)<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; color: #888; margin-top: 6px; letter-spacing: 0.04em;\">public holders&rsquo; voting power<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">100%<\/span> needs care. What the prospectus calls <span style=\"white-space:nowrap;\">100%<\/span> is the economics of the listed box itself, Andersen Group Inc. It is not <span style=\"white-space:nowrap;\">100%<\/span> of the business.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">That box&rsquo;s interest in AT Umbrella is <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">11.4%<\/span><\/strong>. The remaining <span style=\"white-space:nowrap;\">88.6%<\/span> of income before income taxes is allocated to the partner side, as a <span style=\"white-space:nowrap;\">non-controlling<\/span> interest for accounting purposes. What buyers hold against the profits of the business is squeezed, first of all, down to that tenth.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus attaches a caveat to this ratio: it does not include the economic interests attributable to the CA Notes and the HO Note, which come up later. Include them and the buyers&rsquo; share thins further.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On top of that, they get to touch <span style=\"white-space:nowrap;\">1.3%<\/span> of the decisions. Electing directors, amending the charter, approving major corporate transactions: Aggregator can decide all of it on its own.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">That <span style=\"white-space:nowrap;\">1.3%<\/span> and <span style=\"white-space:nowrap;\">98.7%<\/span> are the figures for the case in which the underwriters&rsquo; <span style=\"white-space:nowrap;\">over-allotment<\/span> is exercised in full. In the same place, the prospectus also gives <span style=\"white-space:nowrap;\">1.1%<\/span> and <span style=\"white-space:nowrap;\">98.9%<\/span> if it is not exercised. That it was in fact exercised is stated in the annual report filed after the listing. Either way, what public holders hold is in the <span style=\"white-space:nowrap;\">1%<\/span> range.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And it is not an individual who moves that <span style=\"white-space:nowrap;\">98.7%<\/span>. The footnote in the prospectus reads: &ldquo;The board of directors of Aggregator has voting power over all issued and outstanding shares of <span style=\"white-space:nowrap;\">Class B<\/span> common stock.&rdquo; <strong style=\"font-weight: 700; color: #000;\">The votes sit in the meeting room of a private partner LLC<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Note that the <span style=\"white-space:nowrap;\">11.4%<\/span> is the figure as of the listing. Class X Umbrella Units can be exchanged for <span style=\"white-space:nowrap;\">Class A<\/span> shares. As partners turn interests into stock, the box&rsquo;s interest rises.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">According to a separate prospectus the company filed on August 20, 2026, after that August offering the box&rsquo;s interest is about <span style=\"white-space:nowrap;\">16.3%<\/span>. The exchanges were completed before the offering, and if the underwriters do not buy additional shares the selling stockholders simply keep the shares they received, so this ratio does not move with additional purchases.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">That does not mean each <span style=\"white-space:nowrap;\">Class A<\/span> share came to hold a thicker claim on the business. Class X Umbrella Units are exchanged for <span style=\"white-space:nowrap;\">Class A<\/span> shares <span style=\"white-space:nowrap;\">one-for-one<\/span> (the company may elect to settle in cash instead), so as exchanges proceed, one share still stands on one unit.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The box&rsquo;s interest rose in August because units moved over to the box side as the partner side turned interests into stock. The total number of AT Umbrella units did not change across it.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The New York Stock Exchange rules call this state a &ldquo;controlled company.&rdquo; A company that qualifies is exempted from requirements such as having a <span style=\"white-space:nowrap;\">majority-independent<\/span> board. The company says it will still have a majority of independent directors and an independent compensation committee, while stating plainly that <strong style=\"font-weight: 700; color: #000;\">it will not have a nominating committee<\/strong>. The CEO&rsquo;s compensation is set by the full board, on the recommendation of the compensation committee.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The partner side is tied down too<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Whether this is a design in which the partners simply win is another matter. Members of Aggregator are bound on selling.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The main restrictions Aggregator members accepted<\/p>\n<ul style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; padding-left: 24px; margin: 0 0 1.5em 0;\">\n<li style=\"margin-bottom: 0.6em;\">Retain beneficial ownership of the interests received as of the listing <strong style=\"font-weight: 700; color: #000;\">for five years<\/strong><\/li>\n<li style=\"margin-bottom: 0.6em;\">While still with the firm, keep at least <span style=\"white-space:nowrap;\">one-third<\/span> of the interests received<\/li>\n<li style=\"margin-bottom: 0.6em;\">Comply with a <span style=\"white-space:nowrap;\">180-day<\/span> <span style=\"white-space:nowrap;\">lock-up<\/span> with the underwriters<\/li>\n<li style=\"margin-bottom: 0.6em;\">Exchange no more than <span style=\"white-space:nowrap;\">20%<\/span> of the granted interests cumulatively, every twelve months<\/li>\n<\/ul>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And how much is vested at the listing is set by years of service.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Years of service<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Vested at the listing<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Less than 2 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">5%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2 to 4 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">10%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">4 to 6 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">20%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">6 to 8 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">30%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">8 to 10 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">40%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"Years of service\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">More than 10 years<\/td>\n<td data-label=\"Vested at the listing\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">50%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even someone who has served more than ten years has half vested at the listing. The rest comes <span style=\"white-space:nowrap;\">20%<\/span> at a time, every twelve months. If they leave at 65 or older, or in the case of death or disability, all of the remainder vests immediately.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One more arrangement, quiet but working. Whether to admit a new Managing Director is <strong style=\"font-weight: 700; color: #000;\">decided by a vote of Aggregator&rsquo;s board<\/strong>, after the listing as before. The door to hiring is not on the listed company&rsquo;s side.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Someday, this structure comes undone<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is not designed to last forever. The day Aggregator&rsquo;s voting power falls below <span style=\"white-space:nowrap;\">50%<\/span> is what the prospectus calls the Triggering Event.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">From that date, each <span style=\"white-space:nowrap;\">Class B<\/span> share automatically carries one vote. The tenfold voting right disappears.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">At the same time, the board moves to a staggered board of three classes. The concentration of votes goes away, and in exchange <strong style=\"font-weight: 700; color: #000;\">the directors turn over more slowly<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">All of the economics is yours; nearly all of the decisions are theirs.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 9<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it afraid of?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Risk Factors (p.22 to 62) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">One line in the list of fears is particular to this company.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The risk factors run 40 pages. Most are of the kind that appear in any prospectus. Growth may not continue. People may not be hired. Acquisitions may not work out.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Four of them show what is particular to this company.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Four that show what is particular to this company<\/p>\n<ul style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; padding-left: 24px; margin: 0 0 1.5em 0;\">\n<li style=\"margin-bottom: 0.6em;\"><strong style=\"font-weight: 700; color: #000;\">Two material weaknesses in internal control exist, and remain <span style=\"white-space:nowrap;\">un-remediated<\/span><\/strong><\/li>\n<li style=\"margin-bottom: 0.6em;\">Employee negligence or misconduct has harmed the business in the past<\/li>\n<li style=\"margin-bottom: 0.6em;\">It cannot guarantee that the parties who assigned the trademarks held valid rights<\/li>\n<li style=\"margin-bottom: 0.6em;\">Its operating history at the current scale is short<\/li>\n<\/ul>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Take the first one further. It is what a company flying an accounting firm&rsquo;s name wrote about the way it keeps its own books.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Two, <span style=\"white-space:nowrap;\">un-remediated<\/span><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In connection with the audits of the 2023 and 2024 financial statements, the company and its auditors identified material weaknesses. A material weakness means a state in which there is a reasonable possibility that a material misstatement of the financial statements will not be prevented or detected on a timely basis.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">There are two of them. One is IT general controls: restricting privileged access, provisioning and removing user accounts, periodic reviews of access rights, authentication settings, change management. The other is <strong style=\"font-weight: 700; color: #000;\">detective controls over the <span style=\"white-space:nowrap;\">period-end<\/span> close<\/strong>, covering the review of journal entries, reconciliations and account analyses, and the evaluation of technical accounting matters.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company gives the reason too. As a private company, it did not have the business processes, systems, personnel and internal controls that a public company needs.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And here is where it stands.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">While management is making improvements to our control environment and business processes to support and scale with our growing operations, the identified material weaknesses remain <span style=\"white-space:nowrap;\">un-remediated<\/span>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ RISK FACTORS<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It also writes that the assessment of the remediation may be completed before December 31, 2025, but could slip into 2026. At the moment of listing, they were not fixed.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Look at this coolly. The company does no audit work, so it is in no position to certify anyone else&rsquo;s books. Even so, the fact that a company flying the Arthur Andersen name <strong style=\"font-weight: 700; color: #000;\">came to market with its own accounting control weaknesses <span style=\"white-space:nowrap;\">un-remediated<\/span><\/strong> stays on the page.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Title to the name it bought<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The third one is distinctive too. Under intellectual property risk, the company writes that it acquired certain trademarks, and then continues.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">cannot guarantee that the assignors of those trademarks had a valid and enforceable right to these trademarks to assign to us<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">ANDERSEN GROUP 424B4 (DEC 2025) \/ RISK FACTORS<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It goes on to say that where its trademarks have been used by licensees, it &ldquo;<strong style=\"font-weight: 700; color: #000;\">may not have exercised sufficient quality control<\/strong>&rdquo; over that use.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The core of this company&rsquo;s product is a name. On that name it has been unable to attach a guarantee on two counts: the seller&rsquo;s rights, and how the mark has been used by those it lent it to. <strong style=\"font-weight: 700; color: #000;\">A risk disclosure about the sign, from the company that bought the sign<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">For the record, the U.S. trademark registrations expire in October 2029 for the &ldquo;Andersen&rdquo; word mark and in <strong style=\"font-weight: 700; color: #000;\">November 2026<\/strong> for the &ldquo;Door&rdquo; logo. Both can be renewed every ten years, and the company states that it intends to renew them.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What it fears is not the competition. It is its own footing.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 10<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What becomes of the money it raises?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the 424B4<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Use of Proceeds (p.74), Dilution (p.79) \u2014 from the 424B4<\/p>\n<\/div>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6; color: #888; letter-spacing: 0.01em; margin: 0 0 1.5em 0; padding: 16px 20px; background: #f5f5f5; border-left: 3px solid #888;\">Note: This analysis draws on the facts in the final Form 424B4 prospectus, which includes the final IPO price and offering terms. Post-listing share-price performance and subsequent operating results fall outside its scope.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">$188.2<\/span> million coming in is far smaller than the promises going out.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The offering was 11,000,000 shares at <span style=\"white-space:nowrap;\">$16.00<\/span> a share. The underwriters held a <span style=\"white-space:nowrap;\">30-day<\/span> option to buy 1,650,000 more. The prospectus gives both cases: net proceeds of about <span style=\"white-space:nowrap;\">$163.7<\/span> million if the option is not exercised, and <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">$188.2<\/span> million<\/strong> if it is exercised in full.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It was exercised in full. The annual report filed after the listing (Form <span style=\"white-space:nowrap;\">10-K<\/span>) states that 12,650,000 shares were issued, and that this includes the underwriters&rsquo; exercise in full of the option for 1,650,000 shares. Net proceeds were <span style=\"white-space:nowrap;\">$188.2<\/span> million. In this article, the figures for proceeds, ownership, voting power and dilution are, unless otherwise noted, the ones from that <span style=\"white-space:nowrap;\">full-exercise<\/span> case. Note that the prospectus&rsquo;s capitalization table and its comparison of amounts paid are both built on the assumption that the option is not exercised.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The use of the money is, first, all of it to buy interests in AT Umbrella. AT Umbrella then puts that money toward about <span style=\"white-space:nowrap;\">$9.6<\/span> million of offering and reorganization expenses, general corporate purposes, and technology, infrastructure, training and acquisitions. There is, however, <strong style=\"font-weight: 700; color: #000;\">no agreement for any material acquisition or investment at present<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The problem is the promises sitting elsewhere in the same document.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Promises to pay current and former partners<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Amount<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Term \/ rate<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Promises to pay current and former partners\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">CA Notes (return of capital accounts)<\/td>\n<td data-label=\"Amount\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$187.8M<\/span><\/td>\n<td data-label=\"Term \/ rate\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2 to 7 years \/ <span style=\"white-space:nowrap;\">6.31%<\/span> to <span style=\"white-space:nowrap;\">7.50%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Promises to pay current and former partners\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Class H (<span style=\"white-space:nowrap;\">post-service<\/span> distributions to retiring and retired partners)<\/td>\n<td data-label=\"Amount\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$208.3M<\/span><\/td>\n<td data-label=\"Term \/ rate\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">up to 7 years<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td data-label=\"Promises to pay current and former partners\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Of the above, the portion funded by the HO Note<\/td>\n<td data-label=\"Amount\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$162.3M<\/span><\/td>\n<td data-label=\"Term \/ rate\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">8 years \/ <span style=\"white-space:nowrap;\">7.63%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td data-label=\"Promises to pay current and former partners\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Tax Receivable Agreement (deferred payment of tax savings)<\/td>\n<td data-label=\"Amount\" style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$441.1M<\/span><\/td>\n<td data-label=\"Term \/ rate\" style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">15 years \/ <span style=\"white-space:nowrap;\">$24.8M<\/span> to <span style=\"white-space:nowrap;\">$44.8M<\/span> a year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">CA Notes are a promise to return the balances of the capital accounts partners had left in the firm. Class H is deferred payment to partners who are retiring or have already retired. The HO Note turns part of that into a note, and is counted within Class H.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The third one, the Tax Receivable Agreement, is the hardest to follow. When partners exchange interests for stock after the listing, the company&rsquo;s tax basis rises and its taxes fall. The agreement <strong style=\"font-weight: 700; color: #000;\">hands <span style=\"white-space:nowrap;\">85%<\/span> of that tax saving to the partner side in cash<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The company estimates about <span style=\"white-space:nowrap;\">$441.1<\/span> million over 15 years, at <span style=\"white-space:nowrap;\">$24.8<\/span> million to <span style=\"white-space:nowrap;\">$44.8<\/span> million a year. The assumptions behind it are heavy, though: a price of <span style=\"white-space:nowrap;\">$16.00<\/span> a share, all exchangeable interests converted into stock as of the offering, and enough taxable income to use the tax benefits up. In the risk factors it writes that, due to the uncertainty of various factors, it cannot reasonably quantify the tax benefits it may realize.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The three that do not overlap (CA Notes, Class H and the Tax Receivable Agreement) add to <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">$837.2<\/span> million<\/strong>. That is <strong style=\"font-weight: 700; color: #000;\">about 4.4 times<\/strong> the proceeds actually received.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The shape of the balance sheet changes too. A company that had no borrowings takes on <span style=\"white-space:nowrap;\">$350.1<\/span> million of notes payable to partners. Cash rises from <span style=\"white-space:nowrap;\">$67.8<\/span> million to <span style=\"white-space:nowrap;\">$153.7<\/span> million. Note that this capitalization table is one the prospectus built on the assumption that the option is not exercised.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">On the books, the backing is negative from the moment you buy<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The dilution figures are distinctive as well. Net tangible book value per share at the end of September 2025 was <strong style=\"font-weight: 700; color: #000;\">negative <span style=\"white-space:nowrap;\">$2.36<\/span><\/strong> on a pro forma basis. After the offering it only reaches negative <span style=\"white-space:nowrap;\">$0.41.<\/span> Note that this table is built assuming that all 98,302,500 Class X Umbrella Units held by the Aggregator side are exchanged <span style=\"white-space:nowrap;\">one-for-one<\/span> into <span style=\"white-space:nowrap;\">Class A<\/span> shares.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">So even after paying <span style=\"white-space:nowrap;\">$16.00,<\/span> the pro forma net tangible book value behind a share <strong style=\"font-weight: 700; color: #000;\">starts at negative <span style=\"white-space:nowrap;\">$0.41<\/span><\/strong>. The prospectus calls that difference of <span style=\"white-space:nowrap;\">$16.41<\/span> immediate dilution. Net tangible book value is an accounting measure; it is not the value of the business, nor what a share would fetch in a liquidation.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus also gave the figures for the case in which the <span style=\"white-space:nowrap;\">over-allotment<\/span> is not exercised: net tangible book value per share of negative <span style=\"white-space:nowrap;\">$0.64,<\/span> and immediate dilution of <span style=\"white-space:nowrap;\">$16.64.<\/span> What actually happened was the exercised case.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The comparison of amounts paid is there too. Existing holders paid about <span style=\"white-space:nowrap;\">$102.2<\/span> million in total for 98,302,500 shares, <strong style=\"font-weight: 700; color: #000;\">a weighted average of <span style=\"white-space:nowrap;\">$1.04<\/span> a share<\/strong>. New investors paid <span style=\"white-space:nowrap;\">$176.0<\/span> million for 11,000,000 shares, at <span style=\"white-space:nowrap;\">$16.00<\/span> each.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">By share count, existing holders are <span style=\"white-space:nowrap;\">90%<\/span>; by amount paid, new investors are <span style=\"white-space:nowrap;\">63%<\/span>. Both the share count and the amounts paid in this table are built on the <span style=\"white-space:nowrap;\">no-exercise<\/span> assumption. The prospectus writes that with full exercise the existing holders&rsquo; share of the count falls to <span style=\"white-space:nowrap;\">89%<\/span>, and that is what happened. In a listing built on a <span style=\"white-space:nowrap;\">two-tier<\/span> structure, the net tangible book value of the upper box starting from a negative number is itself something that can happen.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The money raised goes to the business; the money earned goes first to the partners.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 120px 0 12px 0; text-transform: uppercase;\">In closing<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 20px 0;\">Beyond the ten questions<\/h2>\n<div style=\"width: 140px; height: 4px; background: #daa241; margin: 0 0 40px 0;\"><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Andersen Group is selling is not a tax advisory firm. It is a name rebuilt over twenty years. It began in 2002 as the unknown WTAS, bought the trademarks back in 2014, and listed as &ldquo;Andersen&rdquo; in 2025. Revenue compounded at <span style=\"white-space:nowrap;\">15%<\/span> a year from 2003 to 2024, the client base is scattered across 11,900 groups, and attrition runs below the industry average. The name is working.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But the company that flies it came to market carrying two <span style=\"white-space:nowrap;\">un-remediated<\/span> weaknesses in the way it keeps its own books. IT general controls, and detective controls over the <span style=\"white-space:nowrap;\">period-end<\/span> close. An accounting firm&rsquo;s sign and a failure of accounting control sit inside the same document. The company does no audit work, so this is not a contradiction of its professional role. It stays in the reader&rsquo;s head all the same.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And against the <span style=\"white-space:nowrap;\">$188.2<\/span> million of proceeds stand three promises to current and former partners, <span style=\"white-space:nowrap;\">$837.2<\/span> million in all. Nearly all of the voting power remains in the partners&rsquo; LLC, and it is that LLC&rsquo;s board that moves it. What a new shareholder receives is <span style=\"white-space:nowrap;\">100%<\/span> of the economics of the listed box (whose interest in the business is about <span style=\"white-space:nowrap;\">11.4%<\/span>) and voting power in the <span style=\"white-space:nowrap;\">1%<\/span> range.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A story about taking a name back, and the promises to pay the people who took it back. The two are listing as one set.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-light-shadow\" style=\"display: flex; align-items: stretch;\">\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #c4922e; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.7); font-weight: 700; margin: 0 0 4px 0;\">LIGHT<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">Light<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Revenue CAGR of <span style=\"white-space:nowrap;\">15%<\/span> (2003 to 2024), with 2024 revenue of <span style=\"white-space:nowrap;\">$732<\/span> million<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Client concentration is extremely low, with no client above <span style=\"white-space:nowrap;\">1%<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;No <span style=\"white-space:nowrap;\">broad-based<\/span> layoffs since founding, and attrition below the industry average<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0;\">&bull;&nbsp;Trademark licensing takes <span style=\"white-space:nowrap;\">2%<\/span> of the increase in a member firm&rsquo;s revenue<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; border-left: 0; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #1a1a1a; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.5); font-weight: 700; margin: 0 0 4px 0;\">SHADOW<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">Shadow<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Listed with two material weaknesses in internal control <span style=\"white-space:nowrap;\">un-remediated<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Nine months of 2025: revenue up <span style=\"white-space:nowrap;\">13.4%<\/span>, operating income down <span style=\"white-space:nowrap;\">54.5%<\/span><\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0 0 0.6em 0;\">&bull;&nbsp;Public holders&rsquo; voting power is in the <span style=\"white-space:nowrap;\">1%<\/span> range, and there is no nominating committee<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; word-break:normal; margin:0;\">&bull;&nbsp;Three promises to partners totaling about <span style=\"white-space:nowrap;\">$837.2<\/span> million<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0;\">The prospectus writes of &ldquo;exceptional client service grounded in integrity, transparency, and excellence.&rdquo;<br \/>\nThe market hears &ldquo;a name that once closed its doors has come back as a public company.&rdquo;<br \/>\nAt that intersection, Andersen Group sold stock at <span style=\"white-space:nowrap;\">$16.00<\/span> a share.<br \/>\nWhen the <span style=\"white-space:nowrap;\">un-remediated<\/span> weaknesses will go away, the prospectus says only this much: the assessment may slip into 2026.<\/p>\n<\/div>\n<div style=\"background: #000000; padding: 80px 40px; text-align: center; margin-top: 80px;\">\n<div class=\"s1-article-cta-headline\" style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 400; color: #fafafa; line-height: 1.5; text-wrap: pretty;\">A great company, or a mediocre one?<br \/>That judgment is now in your hands.<\/div>\n<div style=\"width: 240px; height: 4px; background: #daa241; margin: 30px auto 0;\"><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 40px auto 0; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n<p style=\"font-size: 12px; line-height: 1.7; color: #888; letter-spacing: 0.02em; margin: 0;\">Source: All facts are drawn from Andersen Group Inc.&#8217;s 424B4 (accession 0001193125-25-322948, filed 2025-12-17).<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 16px auto; padding: 0 20px;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">\u2190 Back to S-1 Journal<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. Andersen Group They Bought Ba [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24362,"parent":20744,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Andersen Group IPO","_yoast_wpseo_title":"Andersen Group (ANDG) 424B4, Explained: The Partners Who Bought Back a Vanished Name %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"In 2002 the accounting firm Arthur Andersen closed its doors. The firm its former partners founded bought the name back in 2014, and went public in December 2025. It does no audit work. 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