Market voices: Accounting services
Michael Balter
Regional Managing Partner, Fort Lauderdale Marcum LLP
We closed an acquisition on Aug. 1. It was interesting as the professionals who merged in had to figure out working from home while we integrated processes and cultures. I never imagined going through a merger without everyone being together in person. We reopened our offices officially on Oct. 1 and with that, our growth culture did not slow down even with the pandemic raging on. It is amazing how much new business and how many new opportunities have emerged. There is a lot of money on the sidelines. A quick look at the financial markets and how well they have been doing during this time highlights the number of people looking to invest in privately held, closely held businesses. A significant volume of capital lies in private equity and is available for businesses that want to pursue it. We do not see that slowing down.
If you look at our firm and where we had the most growth during the pandemic, it’s equally split between audit, consulting and tax but financial services and manufacturing were in the top tier. Healthcare and the public sector were in the second tier. Our consulting and tax practices experienced double-digit growth in Florida. Much of our growth is attributable to the private equity groups and acquisitions. We are actively engaged in the life cycle of the investment, from the due diligence, deal structuring, integration planning, ongoing audit and tax compliance needs, planning and the exit strategy. So many companies are coming to Florida, which I think started in 2017 with the tax reform and the elimination of the deduction for state taxes. Companies, such as Starwood began relocating and opening new offices, and now we’re seeing more and more hedge funds, private equity, and companies moving to low-tax jurisdictions like Florida.
Seth Siegel
Managing Partner, South Florida Grant Thornton
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Cindy Kushner Managing Partner Crowe LLP
We are incredibly bullish on the South Florida market. Why? Look at GDP growth and population shifts – and look at the competitive landscape and the pro-business environment here. It’s fertile terrain for growth-minded companies. Of course, we do have to keep our eyes on a few things. There are some potential technology-driven disruptors coming down the pike, including nanotechnology, fintech and cryptocurrencies powered by blockchain. And remote working is here to stay. We could see remote work evolve into a hybrid at-home/in-office model once the pandemic subsides. So we are going to have to embrace a new way of delivering services. Moreover, professional-services firms will need to use technology and data to offer more cost-effective and forward-looking solutions to their clients. And firms will need to provide their clients with relationships that drive maximum value.
| Invest: Greater Fort Lauderdale 2021 | PROFESSIONAL SERVICES
