CBIZ, Inc. — Major Shareholding Notification 2010

Oct 7, 2010

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D

*Under the Securities Exchange Act of 1934 (Amendment No. 1)*

*CBIZ, Inc.*

(Name of Issuer)

*Common Stock, $0.01 par value*

(Title of Class of Securities)

*124805102*

(CUSIP Number)

*Jason Carri*

*P2 Capital Partners, LLC*

*590 Madison Avenue*

*25 th Floor*

*New York, NY 10022*

*(212) 508-5500*

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications

*October 4, 2010*

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

SEQ.=1,FOLIO='',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| CUSIP No. 124805102 — 1 | Name of Reporting
Person P2 Capital Master Fund I, LP I.R.S. Identification No. of Above Person (Entities
Only). 98-0515452 | |
| --- | --- | --- |
| 2 | Check the Appropriate Box
if a Member of a Group (See Instructions) | |
| | (a) | o |
| | (b) | x |
| 3 | SEC Use Only | |
| 4 | Source of Funds (See
Instructions) WC | |
| 5 | Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or (2e) o | |
| 6 | Citizenship or Place of Organization Cayman Islands, British West Indies | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7 | Sole Voting Power 0 |
| | 8 | Shared Voting Power 886,374 |
| | 9 | Sole Dispositive Power 0 |
| | 10 | Shared Dispositive Power 886,374 |
| 11 | Aggregate Amount
Beneficially Owned by Each Reporting Person 886,374 | |
| 12 | Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13 | Percent of Class
Represented by Amount in Row (11) 1.8 | |
| 14 | Type of Reporting Person
(See Instructions) PN | |

2

SEQ.=1,FOLIO='2',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| CUSIP No. 124805102 — 1 | Name of Reporting
Person P2 Capital Master Fund II, LLC I.R.S. Identification No. of Above Person (Entities
Only). 91-1997788 | |
| --- | --- | --- |
| 2 | Check the Appropriate Box
if a Member of a Group (See Instructions) | |
| | (a) | o |
| | (b) | x |
| 3 | SEC Use Only | |
| 4 | Source of Funds (See
Instructions) WC | |
| 5 | Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or (2e) o | |
| 6 | Citizenship or Place of Organization Delaware | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7 | Sole Voting Power 0 |
| | 8 | Shared Voting Power 451,406 |
| | 9 | Sole Dispositive Power 0 |
| | 10 | Shared Dispositive Power 451,406 |
| 11 | Aggregate Amount
Beneficially Owned by Each Reporting Person 451,406 | |
| 12 | Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13 | Percent of Class
Represented by Amount in Row (11) 0.9% | |
| 14 | Type of Reporting Person
(See Instructions) CO | |

3

SEQ.=1,FOLIO='3',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| CUSIP No. 124805102 — 1 | Name of Reporting
Person P2 Capital Master Fund VI, LP I.R.S. Identification No. of Above Person (Entities
Only). 27-2915390 | |
| --- | --- | --- |
| 2 | Check the Appropriate Box
if a Member of a Group (See Instructions) | |
| | (a) | o |
| | (b) | x |
| 3 | SEC Use Only | |
| 4 | Source of Funds (See
Instructions) WC | |
| 5 | Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or (2e) o | |
| 6 | Citizenship or Place of Organization Delaware | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7 | Sole Voting Power 0 |
| | 8 | Shared Voting Power 1,080,485 |
| | 9 | Sole Dispositive Power 0 |
| | 10 | Shared Dispositive Power 1,080,485 |
| 11 | Aggregate Amount
Beneficially Owned by Each Reporting Person 1,080,485 | |
| 12 | Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13 | Percent of Class
Represented by Amount in Row (11) 2.2% | |
| 14 | Type of Reporting Person
(See Instructions) PN | |

4

SEQ.=1,FOLIO='4',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| CUSIP No. 124805102 — 1 | Name of Reporting
Person P2 Capital Partners, LLC I.R.S. Identification No. of Above Person (Entities
Only). 20-2436330 | |
| --- | --- | --- |
| 2 | Check the Appropriate Box
if a Member of a Group (See Instructions) | |
| | (a) | o |
| | (b) | x |
| 3 | SEC Use Only | |
| 4 | Source of Funds (See
Instructions) WC | |
| 5 | Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or (2e) o | |
| 6 | Citizenship or Place of Organization Delaware | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7 | Sole Voting Power 0 |
| | 8 | Shared Voting Power 2,418,265 |
| | 9 | Sole Dispositive Power 0 |
| | 10 | Shared Dispositive Power 2,418,265 |
| 11 | Aggregate Amount
Beneficially Owned by Each Reporting Person 2,418,265 | |
| 12 | Check if the Aggregate
Amount in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13 | Percent of Class
Represented by Amount in Row (11) 4.9% | |
| 14 | Type of Reporting Person
(See Instructions) CO | |

5

SEQ.=1,FOLIO='5',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| CUSIP No. 124805102 — 1 | Name of Reporting
Person. Claus J. Moller I.R.S. Identification No. of Above Person
(Entities Only). | |
| --- | --- | --- |
| 2 | Check the Appropriate Box
if a Member of a Group (See Instructions) | |
| | (a) | o |
| | (b) | x |
| 3 | SEC Use Only | |
| 4 | Source of Funds (See
Instructions) WC | |
| 5 | Check if Disclosure of Legal Proceedings Is
Required Pursuant to Items 2(d) or (2e) o | |
| 6 | Citizenship or Place of Organization Denmark | |
| Number of Shares Beneficially Owned by Each Reporting Person With | 7 | Sole Voting Power 0 |
| | 8 | Shared Voting Power 2,418,265 |
| | 9 | Sole Dispositive Power 0 |
| | 10 | Shared Dispositive Power 2,418,265 |
| 11 | Aggregate Amount
Beneficially Owned by Each Reporting Person 2,418,265 | |
| 12 | Check if the Aggregate Amount
in Row (11) Excludes Certain Shares (See Instructions) o | |
| 13 | Percent of Class
Represented by Amount in Row (11) 4.9% | |
| 14 | Type of Reporting Person
(See Instructions) IN | |

6

SEQ.=1,FOLIO='6',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

Item 1.	Security and Issuer.
This Schedule 13D relates to the shares of Common
Stock, $.01 par value (the “Shares”) of CBIZ, Inc., a Delaware
corporation (the “Issuer”). The
Issuer’s principal executive offices are located at 6050 Oak Tree Boulevard, South, Suite 500, Cleveland, Ohio 44131.
Item 2.	Identity and Background.
This statement is being filed by and on behalf of
the following persons: P2 Capital Master Fund I, LP (“Master Fund I”), a
Cayman Islands exempted limited partnership; P2 Capital Master Fund II, LLC (“Master
Fund II”), a Delaware limited liability company, P2 Capital Master Fund VI,
LP(“Master Fund VI”), a Delaware limited partnership (together with Master
Fund I and Master Fund II, the “Funds”); P2 Capital Partners, LLC, a Delaware
limited liability company (the “Manager”), and Claus J. Moller, a citizen of
Denmark (all preceding persons are the “Reporting Persons”). The address of the principal office of each of the
above persons is 590 Madison Avenue, 25 th Floor, New York, NY 10022. The Funds are principally involved in the business
of investing in securities. The Manager is principally involved in the
business of providing investment advisory and investment management services
to the Funds and, among other things, exercises all voting and other powers
and privileges attributable to any securities held for the account of the
Funds. Mr. Moller is the managing
member of the Manager. None of the Reporting Persons has, during the last
five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
None of the Reporting Persons has, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
Item 3.	Source and Amount of Funds or Other Consideration.
The source of funds for the purchases of Shares
reported on herein was the general working capital of the respective
purchasers which may, at any given time, include margin loans made by
brokerage firms in the ordinary course of business.

7

SEQ.=1,FOLIO='7',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

Item 4.	Purpose of Transaction.
The Reporting Persons acquired their beneficial
ownership of the Shares in order to obtain a significant equity position in
the Issuer. The Reporting Persons
became subject to the reporting requirements of Section 13(d) by
virtue of the Issuer’s repurchase of its Shares resulting in the Reporting
Persons being the passive acquirors of more than five percent of the Issuer’s
outstanding Shares of Common Stock rather than due to an active acquisition
of Shares by the Reporting Persons. On
October 4, 2010, the Reporting Persons sold an aggregate of 600,000
Shares, bringing the aggregate ownership of the Shares by the Reporting
Persons under five percent. Consistent
with their investment purpose, the Reporting Persons have had or may in the
future have discussions with management, members of the board of directors
and other shareholders and may make suggestions and give advice to the Issuer
regarding measures and changes that would maximize shareholder value. Such discussions and advice may concern the
Issuer’s operations, capital structure, strategic and extraordinary
transactions, management and governance and other matters that the Reporting
Persons deem relevant to their investment in the Issuer. The Reporting Persons may at any time acquire
additional Shares of the Issuer or dispose of any or all of their Shares in
the open market or otherwise or engage in any hedging or similar transactions
with respect to the Shares, depending upon their ongoing evaluation of their
investment in the Shares, prevailing market conditions, other investment
opportunities of the Reporting Persons and/or other investment
considerations. Except as otherwise set forth above in this Item 4,
none of the Reporting Persons have any present plans or proposals that relate
to or would result in any of the actions specified in clauses (a) through
(j) of the instructions to Item 4 of Schedule 13D.
Item 5.	Interest in Securities of Issuer.
(a), (b): The
responses of the Reporting Persons to Rows (7) through (13) of the cover
pages of this Statement on Schedule 13D are incorporated herein by
reference. As of the close of business
on the date hereof, Master Fund I beneficially owns an aggregate of 886,374
Shares, representing approximately 1.8% of the outstanding Shares, Master
Fund II owns an aggregate of 451,406 Shares, representing approximately 0.9%
of the outstanding Shares, and Master Fund VI beneficially owns an aggregate
of 1,080,485 Shares, representing approximately 2.2% of the outstanding
Shares. As of the date hereof, the
2,418,265 Shares beneficially owned, in the aggregate, by the Funds, which
Shares may be deemed to be beneficially owned by each of the Manager and Mr. Moller,
represent approximately 4.9% of the outstanding Shares. All percentages set forth in this paragraph
are based on 49,384,522 Shares of Common Stock outstanding as of the close of
business on September 27, 2010, based upon the Company’s Report on Form 10-Q
for the quarter ended June 30, 2010, and on the Company’s Reports on
Form 8-K filed on September 15, 2010 and September 27, 2010,
respectively. We note that figures for
the

8

SEQ.=1,FOLIO='8',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

| Company’s repurchase of its Shares from the public
reported in its September 27, 2010, Report on Form 8-K are
approximate. Each of the Funds is the direct owner of the Shares
reported owned by it. For purposes of
disclosing the number of Shares beneficially owned by each of the Reporting
Persons, the Manager as investment manager of the Funds and Mr. Moller
as managing member of the Manager may be deemed to own beneficially (as that
term is defined in Rule 13d-3 under the Securities Exchange Act of 1934)
all Shares that are owned beneficially and directly by the Funds. Each of the Manager and Mr. Moller
disclaims beneficial ownership of such Shares for all other purposes. Master Fund I, Master Fund II and Master
Fund VI each disclaim beneficial ownership of the Shares held directly by the
other. (c) Except as set forth above or in Schedule I,
no Reporting Person has effected any transaction in Shares during the 60 days
preceding the date hereof. (d) Not applicable. (e) On October 4, 2010, Reporting Persons
ceased to be the owner of more than five percent of the issued and
outstanding Shares of Common Stock of the Issuer. | |
| --- | --- |
| Item 6. | Contracts, Arrangements, Understandings, and
Relationships with Respect to Securities of the Issuer. |
| Except as set forth herein, there are no contracts,
arrangements, understandings or relationships among the persons named in Item
2 or between such persons and any other person with respect to the Shares. | |
| Item 7. | Material to be Filed as Exhibits. |
| Exhibit 99.1: Joint Filing Agreement dated
October 7, 2010, among P2 Capital Master Fund I, LP, P2 Capital Master
Fund II, LLC, P2 Capital Master Fund VI, LP, P2 Capital Partners, LLC, and
Claus Moller. | |

9

SEQ.=1,FOLIO='9',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

*SIGNATURE*

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: October 7, 2010

| P2
CAPITAL MASTER FUND I, LP — By: | P2
Capital Partners, LLC, | | |
| --- | --- | --- | --- |
| | as
Investment Manager | By: | s/Claus
Moller |
| | | | Name:
Claus Moller |
| By: | s/Claus
Moller | | Title:
Managing Member |
| | Name:
Claus Moller | | |
| | Title:
Managing Member | | |
| P2
CAPITAL MASTER FUND II, LLC | | P2
CAPITAL MASTER FUND VI, LP | |
| By: | P2
Capital Partners, LLC, | By: | P2
Capital Partners, LLC, |
| | as
Investment Manager | | as
Investment Manager |
| | | By: | s/Claus
Moller |
| | By: | s/Claus
Moller | Name:
Claus Moller |
| | | Name:
Claus Moller | Title:
Managing Member |
| | | Title:
Managing Member | |
| | | s/Claus
Moller | |
| | | Claus Moller | |

10

SEQ.=1,FOLIO='10',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

Schedule I

TRANSACTIONS IN THE PAST SIXTY DAYS BY THE REPORTING PERSONS

The following table sets forth all transactions with respect to Shares of the Issuer’s Common Stock effected during the past sixty (60) days by any of the Reporting Persons. Each of the transactions effected on September 28, 2010, reflects purchases or sales of Common Stock among the Funds to rebalance their respective holdings at the discretion of the Manager; such transactions were effected on the open market. Transactions on October 4, 2010, were effected on the open market and brought the aggregate ownership of the Reporting Persons below five percent.

*Shares Purchased/(Sold) by Master Fund I*

Number of Shares Purchased/Sold		Price Per Share	Date
411,352		$ 5.90	9/28/10
(219,072	)	$ 5.86	10/4/10

*Shares Purchased/(Sold) by Master Fund II*

Number of Shares Purchased/Sold		Price Per Share	Date
(113,165	)	$ 5.90	9/28/10
(112,245	)	$ 5.86	10/4/10

*Shares Purchased/(Sold) by Master Fund VI*

Number of Shares Purchased/Sold		Price Per Share	Date
(298,187	)	$ 5.90	9/28/10
(268,683	)	$ 5.86	10/4/10

11

SEQ.=1,FOLIO='11',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'

INDEX TO EXHIBITS

Exhibit No.	Exhibit
99.1	Joint Filing Agreement, dated Oct. 7, 2010,
among P2 Master Fund I, LP, P2 Capital Master Fund II, LLC, P2 Capital Master
Fund VI, LP, P2 Capital Partners, LLC and Claus J. Moller

12

SEQ.=1,FOLIO='12',FILE='C:\JMS\jraja\10-19109-2\task4297936\19109-2-ba.htm',USER='105337',CD='Oct 8 00:50 2010'