Professional Business Management

What Professional Business Management does

Professional Business Management, Inc. (PBM) is a privately held professional services firm headquartered in Barrington, Illinois, that has delivered accounting, tax, and practice management services to healthcare practice owners since 1932. The firm serves private medical, dental, and veterinary practice owners across the Chicagoland region and in Indiana and Wisconsin, offering seven integrated service lines: healthcare accounting, healthcare practice management, practice operations consulting, tax preparation and planning, payroll processing, retirement plan design and administration, and personal financial planning. The business model is relationship-based rather than transactional, with the firm emphasizing year-round advisory engagement versus tax-season-only interaction, and acquiring clients through direct principal-led sales, professional association referrals (notably the Chicago Dental Society), and content marketing via its blog and PracticeCare podcast.

Technically, PBM operates on an industry-standard SaaS stack rather than proprietary infrastructure. Core systems include QuickBooks Online for accounting and bookkeeping, Intuit Workforce for payroll processing and tax filing, and the NetLink Solution secure client portal for document exchange and client communications. The portal is multi-factor authenticated and serves as the primary operational touchpoint between engagement teams and clients between in-person advisory meetings. No proprietary platform, API, or AI/automation layer is offered to clients; technology functions as delivery infrastructure for a relationship-led advisory practice.

PBM generates revenue through a mix of recurring advisory subscriptions (practice management consulting, accounting, payroll) and project-based professional services fees (tax preparation, retirement plan setup, financial planning). Pricing is not publicly disclosed; engagements are quoted based on practice size and service scope, billed primarily on an annual basis. The firm employs between 1 and 10 people, with four named principals visible on the website (Paul Wadin, Christopher Spoerl, Brian Swire, and Joe Lessard), and relies on professional healthcare associations and word-of-mouth referrals as its primary go-to-market motion. There is no disclosed institutional ownership, external investment, or M&A history; the company operates as an independent corporation under Illinois jurisdiction.

Name

Professional Business Management

Legal name

PBM Inc.

Website

https://pbminc.net

Company type

Private

Founded year

1932

Operating status

Operating

Headcount range

11–50 employees

Short description

Professional Business Management is a privately held, Barrington, Illinois-based accounting and consulting firm founded in 1932 that delivers tax, accounting, payroll, retirement, financial planning, and practice management services exclusively to SMB healthcare practice owners across Illinois, Indiana, and Wisconsin.

Ownership category

akta.pro rank

Headquarters

HQ city

Barrington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Healthcare Practice Management Consulting: Ongoing advisory and consulting services for healthcare practice owners covering operations, financials, and strategic planning. Delivered through year-round client relationships with regular check-ins and reviews.
2. Healthcare Accounting Services: Full-service accounting including bookkeeping, financial statement preparation, and ongoing financial oversight for medical and dental practices.
3. Tax Preparation and Planning: Tax preparation and strategic tax planning services tailored for healthcare practice owners, including federal, state, and multi-state filings for Illinois, Indiana, and Wisconsin practices.
4. Payroll Services: Full-service payroll processing including new hire setup, payroll tax filing, direct deposit, and compliance for Illinois, Indiana, and Wisconsin.
5. Retirement Plan Services: Design and administration of retirement plans for healthcare practices including 401(k), SEP IRA, SIMPLE IRA, and Cash Balance plans.
6. Financial Planning: Personal financial planning services for healthcare professionals including practice transition planning, investment strategy, and wealth management.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Professional Business Management (PBM) provides accounting, tax preparation, practice management consulting, payroll processing, retirement plan administration, and financial planning services exclusively to healthcare practice owners (doctors, dentists, veterinarians) in the Chicagoland region and surrounding states of Illinois, Indiana, and Wisconsin. The firm has operated continuously since 1932 and delivers services through year-round advisory engagements rather than transactional tax-only relationships.

Product overview

Professional Business Management is a service-based firm offering a comprehensive suite of practice management and financial services for healthcare practice owners. Their portfolio consists of seven interconnected service offerings: Healthcare Practice Management and Practice Operations Consulting (operational advisory), Healthcare Accounting and Tax Services (financial compliance and reporting), Payroll Services (HR and compensation processing), and Retirement Plans and Financial Planning (wealth management). The services are designed to work together to provide year-round financial and operational support for doctors, dentists, and healthcare providers, with emphasis on working with clients throughout the year rather than just at tax time.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Practice Management Comprehensive practice management services for healthcare providers including operational consulting, workflow optimization, and practice efficiency improvements tailored for medical and dental practices.
• Healthcare Accounting Full-service accounting for healthcare practices including bookkeeping, financial reporting, accounts receivable/payable management, and practice financial analysis.
• Tax Services Tax preparation, planning, and compliance services for healthcare practice owners including federal and state tax filing, tax strategy, and tax-saving recommendations across Illinois, Indiana, and Wisconsin.
• Practice Operations Consulting Consulting services focused on optimizing practice operations, improving efficiency, managing overhead costs, and strategic planning for medical and dental practices.
• Payroll Services Complete payroll processing services including payroll tax preparation, direct deposit, employee payroll setup, new hire compliance, and payroll tax filing for Illinois, Indiana, and Wisconsin healthcare practices.
• Retirement Plans

Quantifiable outcome

• PBM has helped thousands of healthcare providers thrive as practice owners since 1932

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Chicago Dental Society - North Side BranchcoreGTM or Marketing Partner · 1 January 2025PBM is the exclusive sponsor of the Chicago Dental Society North Side Branch for the 2025-2026 year. This sponsorship provides brand visibility and relationship building with dental practice owners in the Chicagoland region.
• Chicago Dental SocietycoreGTM or Marketing PartnerOngoing sponsorship and attendance at CDS events including Midwinter Meeting (annual flagship event), branch meetings, early career dentist programs, and golf outings. Joe Lessard and Paul Wadin serve as featured speakers at CDS educational events.
• National Society of Certified Healthcare Business Consultants (NSCHBC)coreStrategic or Co-development PartnerJoe Lessard participates in NSCHBC Annual Conference panel discussions on challenges dental owners face. Active involvement in the national organization for healthcare business consultants demonstrates commitment to industry expertise and standards.
• Hellenic American Dental SocietyminorStrategic or Co-development PartnerJoe Lessard and Paul Wadin are featured speakers at Hellenic American Dental Society Study Club events, providing educational content on practice management topics.
• MarketVisory GroupminorGTM or Marketing PartnerIdentified on website footer as the company's marketing agency, responsible for podcast production and content marketing including the PracticeCare podcast.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• WithumSmith+Brown: Large national accounting and advisory firm with a dedicated healthcare practice serving medical groups, dental practices, and other providers with audit, tax, and consulting. Comparable because it serves the same healthcare practice owner segment with a similar full-service model, though at much greater scale and broader geographic footprint.
• Wipfli: Top-20 U.S. accounting and consulting firm with a healthcare industry group serving physician practices, dental groups, and medical practices with accounting, tax, and operational consulting. Comparable in service mix and target customer, though significantly larger and multi-regional.
• Eide Bailly: Regional accounting and advisory firm with a strong healthcare practice serving clinics, dental practices, and physician groups across the Midwest and West. Comparable service offering and healthcare vertical focus, but with broader geographic reach and more institutional resources than PBM.
• Plante Moran: Large U.S. accounting and consulting firm with a dedicated healthcare practice serving medical groups, dental practices, and senior living providers. Comparable in delivering integrated accounting, tax, and practice operations consulting to healthcare owners, though at much greater scale.

Direct peers

• HORNE LLP: Mid-market accounting and advisory firm with a strong focus on healthcare practices, dental groups, and physician practices. One of the closest direct comparables to PBM given its healthcare-vertical specialization, multi-service model (accounting, tax, advisory, wealth), and similar mid-size firm structure.
• Anchin, Block & Anchin: Mid-market accounting and advisory firm serving healthcare providers, dental practices, and medical groups with tax, accounting, and consulting. Comparable because it serves the same private-practice healthcare owner segment with a similar professional services stack, though located in the Northeast.
• Marks Paneth: Northeast-based accounting and advisory firm with a dedicated healthcare practice serving medical and dental practices. Comparable in its vertical specialization and full-service accounting/tax/consulting model, though larger and geographically distinct from PBM.
• PKF O'Connor Davies: Mid-market accounting and advisory firm serving healthcare practices, including physician and dental groups, with audit, tax, and consulting. Comparable in service breadth and healthcare-owner customer base, though much larger and operating across multiple U.S. regions.
• Baker Newman Noyes: Northeast-based accounting and consulting firm with a healthcare practice serving medical groups, dental practices, and other providers. Comparable service offering and healthcare vertical focus, though with different geographic footprint than PBM's Midwest concentration.

Emerging players

• VMG Health: Healthcare-focused financial advisory and consulting firm specializing in M&A, valuation, and transaction advisory for dental practices, medical groups, and other healthcare providers. Comparable in serving healthcare practice owners around transactions, transitions, and private equity sales, complementing PBM's transition and PE advisory work.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/professional-business-management-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Professional Business Management