Reznick Group
Industry Insight. Number Solid.
The vision to see the next opportunity. The knowledge to help you take advantage of it.
Introduction Today’s challenging economy is changing the financial landscape for many businesses. In response, these businesses are demanding greater insight, perspective, industry knowledge and agility from their accounting firms. More important, they need accounting professionals who understand the importance of supporting dynamic business strategies in a constantly changing regulatory and tax environment. While each client of Reznick Group is unique, they do have one thing in common: they seek affirmative support of their business strategies, not just passive advice on compliance. Reznick Group is a top 20 national CPA firm with offices across the country. At the core of our firm are two elements that continue to move us forward in servicing our clients—our industry insight and our commitment to integrity. Reznick Group team members—regardless of their titles and tenure—are tasked with fully leveraging their industry knowledge, their dedication to accounting excellence and their focus on service to advance the business objectives of our clients. In this brochure, we share the many traits that have kept our clients coming back to us for accounting, tax and business advice for more than 30 years. In the process, you will see why Reznick Group has been regularly named a “Best of the Best” firm by Inside Public Accounting.
Mission When leaders of a top public accounting firm talk about their business practices and people, they’re quick to focus on numbers, rules, regulations and standards. That’s a good start, but in today’s complex economic climate, technical competence is only the beginning of the path to accounting excellence. Beyond the numbers, what clients really want—and should demand—is insight. Insight on industries, people, regulations—and even the financials—is
Reznick Group’s mission is to apply its knowledge and values to harness the discipline of accounting and meet the needs of clients—all the while keeping an eye out for the opportunities that can take them to the next level of success.
the key differentiator. In fact, insight on these intangible attributes makes the difference between a professional services provider interested in meeting a deliverable deadline and a firm committed to client success. A commitment to success that transcends the numbers is the uncommon virtue commonly found at Reznick Group.
This is the unwritten imperative that permeates all of Reznick Group’s relationships. It is the characteristic that is most responsible for an indisputably stellar track record that has been rooted in organic growth and client satisfaction spanning more than three decades. Taking advantage of opportunity—being able to recognize and seize it—is Reznick Group’s hallmark. The firm was built on growth, and it adapts and changes as necessary. Reznick Group’s ability to remain agile and flexible is critical for its clients’ success, particularly as the accounting industry continues to evolve. In the last 10 years, the firm has grown from a regional accounting firm to one that’s national in scope, with offices throughout the United States and in India. In conjunction with this growth, the firm has moved well beyond its roots in low-income housing and real estate and is now taking a lead in several dynamic industries such as renewable energy, long-term care, technology and capital markets.
Central to the firm’s growth has been the integrity
understand the specifics of vertical markets and
Ken Baggett
of its employees. “It’s hard to explain integrity,”
industry segments. “We are in a position to be more
CPA | Managing Principal/CEO
says company co-founder David Reznick. “But it’s
efficient today…and this is ever more important in
A Holistic Approach to Client Service
part of who we are. And those who grew up with
the wake of economic uncertainty,” says Tom Fassett,
us live it. Our principals live it, feel it…believe it. And
Managing Principal of Reznick Group’s Los Angeles
that is why I would trust them all with my life.”
office. “We are using our industry-specific experience to get to the root of issues more quickly, help clients
While accounting firms spend much of their time working with clients during tax season, Reznick Group Managing Principal/CEO Ken Baggett believes the other three seasons are just as critical.
A Dynamic Marketplace
with their business challenges and plan much more quickly than someone who might have to read up on
“What we do for our clients the other part of the
Having a public accounting firm that understands
things and get back to them.”
year is very important,” explains Baggett. “Many
your industry and your goals is critically important in today’s challenging business environment. Today’s competitive global economy has accelerated a shift
Because of the firm’s industry knowledge, Reznick Group can more effectively assess risk. “Our
companies use tax time just to react to the events of the year before.”
knowledge of the industries we serve dovetails with
However, the perspectives brought to bear by
our knowledge of evolving accounting issues to
effective tax accountants can enhance the strategic
assess new risks—or perceived risks—and then
planning process. “Once the fog of war around
The complexity of financial markets is creating a
advise clients before they do their next deal or pitch
April 15th lifts, it is important to shift focus and help
substantial value proposition for firms that can
their next project,” Fassett says.
clients think through and manage organizational
in the accounting world away from generalization and toward specialization.
priorities for the nine months that remain in the year…and beyond,” Baggett points out. Taxes are an unavoidable fact of business life, and many business organizations treat the obligation simply as a requirement that must be met. But Reznick Group has found that many successful organizations use the tax preparation and planning process to identify opportunities and challenges that go beyond simply meeting government revenue collection obligations. “We strive to provide our clients with a good strategic sounding board on their issues. That’s where we make the difference,” Baggett concludes.
Growth and Agility in Changing Markets Reznick Group has been able to adjust rapidly to market change and help prepare its clients to reap the benefits and avoid the pitfalls of paradigm shifts in the economy and in industry sectors. Here are some examples: The push to go green is changing the game, and Reznick Group is well positioned with industry-specific business intelligence and accounting experience to help the renewable energy sector master the possibilities.
Reznick Group’s renewable energy practice, which was introduced in 2007, covers wind, solar, geothermal, biomass, energy efficiency and other technologies.
incentives for the renewable energy industry. Pro-
Our clients are sustaining themselves in this market
grams like Section 1603 grants—cash grants payable
by taking measures to curtail operating expenses
in lieu of tax credits—are moving the energy industry
and collaborate with others when necessary,”
forward, bringing exciting business opportunities to
Belfonte continues. “And when practical, they’re
the forefront.
finding themselves, particularly in the nonprofit
“Our very first clients needed our help in simply
housing developments, putting together deals that involve multiple players. It’s not just one funding
“The government has a big push toward energy,”
understanding the general opportunities, and
says Sheslie Royster, a principal in Reznick Group’s
specifically how to structure and finance renewable
Baltimore office. “There are solar credits in certain
energy tax credits,” says Anton Cohen, a principal in
states, and they’re not necessarily real estate-based
Public accounting changed dramatically in 1986 with
the renewable energy practice. “The tax codes have
but can be beneficial to real estate projects. We
the introduction of the low-income housing tax credit.
changed, of course, and the rules have been modified,
frequently get questions that relate to rebates for
Reznick Group has become a national leader in the area
which means we have had to revisit and modify our
using solar or geothermal equipment in projects
of low-income housing tax credits, which can provide
services based on the laws. But clients’ needs haven’t
or grants.”
advantages to investors, developers and syndicators.
changed, other than perhaps the feeling that they need
Some of the most complex challenges in this area
financial accounting services more now than ever.”
source anymore.”
“What clients really value, given our industry stature and knowledge, is our awareness of the latest deal
relate to the American Recovery and Reinvestment
Similarly, Reznick Group’s focus on real estate
Act of 2009 (ARRA), which has created new financial
structures being deployed and our ability to work
financing for lower-income communities has been
with clients to create the most beneficial structures
an organizational priority from the beginning. Today,
for them." explains Joel Cohn, Baltimore office
the challenges are particularly acute, given the state
Co-Managing Principal.
of the economy.
By leveraging these programs, Reznick Group
“Nonprofit developer issues are mainly stemming
has helped industry participants complete major
from the economic issues that we’re going through
affordable housing deals, thereby providing safe,
and the impact they’ve had on the equity market,”
decent, affordable housing to communities that
says Winell Belfonte, principal and nonprofit practice
need it most.
leader. “Consequently, the tax credit market and housing agencies are experiencing budget cuts,” Belfonte says. "As a result, they are increasingly facing the prospect of doing more with less.
Other programs like New Markets Tax Credits are gaining in popularity. “It’s a big and growing part of our practice right now,” says Gary Perlow, Baltimore office Co-Managing Principal. “The biggest issue in that sector today is how tight the credit markets are.
The flow of capital is different from that in any other
Now that healthcare reform is law, this sector may well
Kelli Winter
type of real estate because, with the New Markets
hold the greatest hot-button issues in accounting in the
CPA | Principal
Tax Credit Program, 80 percent of the activity is in
decade to come. Reznick Group, which has been well
The Winding Road to Opportunity
real estate; the other 20 percent is in business.”
grounded in the practice since 1997, takes a holistic
In the nonprofit area, clients find themselves between the proverbial rock and a hard place as they struggle to keep funding and membership
approach to the market, providing a combination of accounting and business advisory services to help clients in this space stay ahead of the curve.
levels up while complying with far more stringent
It’s also no secret that technology is transforming the
reporting requirements.
way organizations do business. Reznick Group takes
Reznick Group’s experience with for-profit organizations is viewed as an asset for nonprofit clients who are recognizing that, if they want to serve their mission, they must also function as a business.
a comprehensive approach in providing technology companies with strategic business advice while also helping to ensure that their compliance and tax issues are addressed. From start-ups to public companies, Reznick Group is helping its technology clients identify untapped business opportunities and streamline mature offerings.
Kelli Winter began her career with an accounting firm in Atlanta and later worked at entrepreneurial hightech firms where she focused on corporate finance. When Kelli returned to the accounting firm environment, she was certain of only two things: she wanted to work with people she liked and respected, and she wanted to be in a dynamic environment. “My decision to work with Reznick Group was a deliberate one. I even did contract work before I joined full time, so by the time I made the move I was comfortable that we had a good cultural fit,” she says. “Reznick Group looks for growth opportunities for its clients. These, in turn, create unique chances for career advancement. That fit with what I liked best about working in the fast-paced high-tech environment, and linked it to my interest in the diverse field of accounting,” she says. In 2010, Kelli was appointed a principal at Reznick Group and moved to the Austin office, where she is playing a major role in pursuing government and nonprofit engagements to build the practice. But those are only the immediate opportunities. “It so happens that Austin has a very robust technology community. I hope, over time, to develop relationships and initiate engagements in this vibrant sector,” she says.
Services Accounting Reznick Group provides a range of accounting, audit and assurance services designed to help a company improve its financial processes, manage risk, maintain transparency and enhance the credibility of its financial reporting. The firm’s accounting and auditing professionals receive continuous education in the latest accounting, audit, government and compliance issues and stay current with generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS). Services include: •
Financial statement audits
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Internal audits
Business Advisory
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Sarbanes-Oxley Section 404 compliance
Reznick Group offers comprehensive business advisory
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Regulatory and statutory compliance
services for private, public and nonprofit companies,
Capital Markets
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Employee benefit plan audits
establishing close relationships with its clients to
For real estate operators seeking out new and
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SAS 70 and technology security audits
understand shifting priorities in changing markets.
nontraditional sources of capital, Reznick Capital
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M&A due diligence
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Contractual compliance
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Cost certifications
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Agreed-upon procedures
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Risk assessments
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FAR compliance
Tax Reznick Group provides tax planning advice that helps companies develop comprehensive strategies to reduce tax burdens. The firm’s tax advisors work to understand their clients’ financial goals and put their tax issues into proper context. By doing this, they help clients minimize tax payments in compliance with federal, state, local and international regulations. Services include:
The goal of Reznick Group’s business advisory team is to help clients improve operational performance by providing insightful, independent advice in industries ranging from affordable housing to renewable energy. Services include:
Industries
Markets (an independent subsidiary of Reznick Group) has proven experience in finding the funding they need. Reznick Capital Markets focuses on strategic joint ventures, discretionary fund raises and asset-level equity and debt placement, teaming up with capital contributors such as pension funds, endowments, private equity funds, insurance companies, family
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Due diligence
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Litigation support
offices and high-net-worth individuals.
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Management consulting
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Succession planning
Financial Services
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Technology assurance
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Valuation and transaction advisory
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Wealth management and estate planning
In this highly regulated industry, Reznick Group can provide financial institutions and private equity funds with accounting, tax and business advisory services to help them mitigate risk, while identifying new opportunities to help them improve their bottom line. Government Contractors
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Corporate tax
Today, there are significant growth opportunities for
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International tax
government contractors, but there are challenges to
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REITs
manage, too. Reznick Group’s team of business and
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1040s
financial advisors includes former executives from
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State and local tax
government contractors, enabling the firm to deliver
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Flow through and closely held entities
added insight into the contracting business.
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Estate, gift and trust advisory services
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Transactions/mergers & acquisitions
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Tax planning and structuring
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Cost segregation
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Tax credit advisory services
Government Services Reznick Group’s finance and accounting professionals are well equipped to address the audit, accounting and reporting challenges required by the government
sector. The firm’s government services group provides
Real Estate
Sheslie Royster
business advisory and financial services to federal,
Reznick Group’s focus on real estate since 1977 has
CPA | Principal
state and local governments, as well as public
given the firm proven depth and experience in this
The Extroverted Accountant
sector contractors.
sector. The firm has one of the largest affordable
Long-term Care In the wake of the historic healthcare reform law, this industry will be under increased pressure to operate more effectively and efficiently. Reznick Group’s healthcare team provides accounting and business advisory services to the long-term care industry, where the firm has been at the forefront of the current healthcare and real estate acquisition and disposition environment. Manufacturing and Distribution Reznick Group has broad experience serving the unique needs of the manufacturing and distribution industries. The firm can help address an organiza-
housing practices in the industry and provides a comprehensive range of services to commercial real estate clients. These clients include affordable housing
Sheslie Royster breaks the mold of the accountant stereotype by hanging beads on her door and displaying lava lamps. No one bats an eye.
and commercial real estate developers, REIT managers,
Sheslie started with Reznick Group as an associate,
investors, syndicators and construction managers.
staying for six years. She left for Fannie Mae, worked
Reznick Group offers its real estate clients industry-
as the VP of Tax for Municipal Mortgage and Equity
specific services and business insights to help them
for two years, then returned.
succeed in the ever-changing global real estate market. “I’ve been back at Reznick Group for two years. I Renewable Energy
have several bank clients, but most of my clients
Reznick Group offers a broad array of accounting,
are real estate developers. They operate in dynamic
tax and business advisory services specific to the
environments, so they need some serious out-of-
renewable energy industry. With services tailored to
the-box thinking,” she explains.
investors, infrastructure developers and producers of renewable energy power, the firm’s clients include
Sheslie's clients are finding it difficult to access
independent power producers, entrepreneurial
traditional sources of debt and equity financing, putting
companies, financial institutions, energy project
a burden on projects. “People are looking for sources
developers, law firms, real estate owners, technology
of financing. For many, new tools in the tax code
Nonprofits
firms, utilities, mid-cap to large-cap companies and
provide critical help. I get questions about how to
Reznick Group serves more than 500 nonprofits
governments and municipalities.
optimize their tax position to receive the most subsidies
tion’s many needs and concerns—from identifying growth strategies to helping rework unproductive work processes.
annually, providing them with industry insights and high-quality services to help them manage their financial processes more effectively. These clients include not-for-profit housing developers, foundations, schools, religious organizations, philanthropic organizations, professional and trade associations, social services and private clubs.
that they can. The issues are complex,” she says. Technology Reznick Group can help technology clients identify
To develop the right strategy for each client requires
untapped opportunities in new markets while
intellectual freedom rather than dogmatic rigidity.
streamlining and optimizing mature offerings. The
Which brings us back to beads and lava lamps.
firm provides fast-moving technology and IT services companies with accounting, tax and business advisory services designed to improve financial reporting and performance.
“You can play to clients’ strengths by not putting them in a box, by using different approaches to bring them ideas. That’s how you deliver value to clients,” said Royster.
Opportunity Calling The ability to understand and help clients manage risk over time—the functional definition of change in the accounting industry—requires a commitment to evolve rapidly as markets shift and new requirements emerge. But it is also important to have a set of principles in place that provide a compass when uncertainty is introduced. These are the keys to serving clients over the long term. That is why it is so important for top accounting firms to have a culture of change
to complacency, which is the main reason that
to us. When you exceed expectations, you know
that is closely tied to enduring values.
relationships of any sort end.
you’ve given value back to the client.”
“There are two elements—agility and values—that
A comprehensive understanding of this value
are firmly in place at Reznick Group, and that have
proposition permeates Reznick Group. It is the key to
provided a tremendous foundation for the firm to
professional advancement and organizational success.
take advantage of opportunities over the past three
“If we don’t constantly deliver great client service,
decades. They will remain critical attributes as we
we are history,” says Baggett. “And you cannot
continue on our path to growth,” says Ken Baggett,
deliver great service if you constantly repeat the
Managing Principal/CEO of Reznick Group.
same pattern of behavior.”
According to Baggett, this represents an important
Kelli Winter, an audit principal in the Austin office,
In order to exceed expectations, Reznick Group’s values embody the essence of the firm. These values are delivered in four key areas: Trust, Character, Insight and Access.
value proposition for clients, because it establishes a
points out that Reznick Group’s focus on the client’s
Trust comes from the commitment to provide
unique platform for lasting relationships. It demands
constantly evolving needs is what differentiates the
outstanding client service, the creed that a promise
that Reznick Group team members—regardless of their
firm for its clients. “It is easy to fall into a pattern of
made will be a promise kept and the firm’s solid
titles—fully leverage all of their in-depth industry
routine and complacency in accounting. Reznick
commitment to objectivity and independence.
knowledge, their commitment to accounting excel-
Group to me has developed an enterprising spirit
lence and service for the client. It is the antidote
and environment that prevents this from occurring.”
People At Reznick Group, a critical element to success is having the right people for the right job and being able to grow and nurture a culture that makes every person part of an enterprising, business-building team. And that starts with the firm’s core values. “We do not define value. The client defines value,” says Risa Guber, Principal and National Director of Human Resources. “Meeting expectations is great, it’s very important. But exceeding expectations—always searching for that greater, better, more improved innovative developmental process—is very important
Character matters because clients benefit from the firm’s ability to attract and retain superior talent. By constantly striving to create tomorrow’s opportunities for its clients and its people, Reznick Group works to deliver on its commitments to both. Insight into the industries it serves helps Reznick Group deliver added value to its clients. The distinct competencies and insights of the firm’s people enable the firm to gauge trends and identify key issues affecting its clients’ businesses. Access to people is another element that sets Reznick Group apart from the competition. Because the firm is able to maintain the breadth and depth of resources of a national firm and leverage the right team with the right experience, it is well positioned
to stay flexible in a changing economy. “The core values of the firm, and those aren’t just nice sayings, are the values and guidelines we live and breathe every day,” says Baggett. “That’s just the way you’re supposed to operate. Everyone should be striving to give a hundred percent every day.” As much as there can be a prototype for what makes a good Reznick Group employee, co-founder Ivan Silverman says the ideal Reznick Group employee is a person who takes ownership of the engagements he or she works on, who is responsive to clients, who calls those clients with thoughts and ideas and who is “thinking about the clients before the clients call us.” Co-founder David Reznick adds, "But they also have
We are committed to giving back to the community.
Anton Cohen
We were entertaining at a camp for disabled children,
CPA | Principal
going into school systems and teaching classes. To
Building a Practice
see the staff smiling while doing these things and helping counsel kids in poor neighborhoods has made us very proud.” At Reznick Group, giving back to the community is part of the mission, too. Employees serve as teachers, coaches and builders in their communities, and the firm often hosts volunteer events with organizations like Habitat for Humanity, Junior Achievement, United Way, American Heart Association, local law enforcement agencies and others to help employees
Reznick Group has staked a claim in many innovative industry sectors. Rather than putting blinders on its top performers, the firm has enabled them to build and expand practice areas. Anton Cohen offers a case in point. Growing up in South Africa, he moved to the United States and has worked for Reznick Group since graduating from the University of Maryland. He quickly developed a book of business that was as diverse as his interests.
get involved. Each individual office also participates
"While I had initially done work in affordable housing,
in local charitable events.
I began working in other industries”, explains Cohen.
to want to make a difference, not just in their office
“I performed several real estate fund audits for
or with their clients, but in their communities as well.
syndicators, and provided services for distributors, manufacturers and financial services companies." It was a specific client engagement that caused him to be tapped when the firm formed a national renewable energy practice in 2007. Cohen was one of a few audit professionals to have worked on solar energy funds, offering experience to bring forward in an emerging industry. Today, as a leader of the renewable energy practice, he provides clients with the financial and technical advice they need to succeed. What Cohen's contribution shows is that knowledge gained through one client experience often results in new opportunities for Reznick Group, its people and its clients.
OUR VISION: National Perspective | Local Results | Making a Difference
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We will provide outstanding client service.
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Our promises made will be promises kept.
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Our industry insight, number solid approach will drive value for our clients.
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The distinct competencies and insights of our people will guide our industries and solutions.
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Value for our clients will be driven by helping to gauge trends and identify issues affecting their businesses.
We will operate with objectivity, independence and trust.
The Reznick Group Experience
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Our clients will benefit from our ability to attract and retain superior talent.
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Access to our people will set us apart from the competition.
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We will constantly strive to create tomorrow’s opportunities for our clients and our people.
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We will deliver on our commitments to our clients and our people.
We will maintain the breadth and depth of resources of a national firm, and leverage the right team with the right experience.
Looking Ahead
set of risks, because you’re dealing with a different
Risa Guber
environment. You’re dealing with a different set of
Principal | National Director of Human Resources
accounting rules.”
Culture and Values
dramatic affect on the accounting profession in the
Those changes reflect the evolution that is taking
Reznick Group’s culture and values are built on
years to come. It’s not as if the profession were
place in the profession at large. “The accounting
business growth and successful client relationships.
standing still. After all, legislation like the Sarbanes-
profession in the first 20 years of my career was not
“Our culture is different and special,” says Risa Guber.
Oxley Act has brought greater complexity to CPAs
about change. It was about tradition. The last 10
“It is a culture of winning. Reznick Group has always
in recent years. But the changes on the horizon
years, it has been all about change and trying to hold
had a collaborative, team-focused approach to
will require greater depth of knowledge and
onto as much tradition as you can,” says Baggett.
everything we do. If you have a set of goals, our
If Henry Wallace was right, and “the only certainty in this life is change,” then change is destined to have a
understanding of clients’ business challenges. Ken Baggett sees big changes in the accounting community as a whole. “If you take that same group of people that 10 years ago would have been talking about tax systems, audits and efficiencies, now those discussions extend to risk management and the global economy,” he says. “With that comes a new
But change can be a good thing if you have the right CPA firm to weather it with you. Despite consolidation and other market trends, Reznick Group is committed to growth—for its clients
people will accomplish them. It’s a very driven culture. The two things that define it are growth and glue. Growth at Reznick Group is all about growing our business by helping grow our clients. The glue is what keeps us focused on, and connected to, the people who work here and the people we work for.”
and for itself—and most importantly, is committed to
Reznick Group’s values are evident in its people.
delivering the insights that help clients find new
According to Guber, “We actually say this out loud
opportunities in changing times. And that’s the best
about the people who work for us: ‘gifts on loan.’
of both worlds—harnessing the opportunities of
If we’re doing our job right, everyone who works
change while maintaining the core values the firm
here should be someone that everyone else wishes
was built upon.
would work for them. We feel the same way about our clients. Our top priority is customer service. It’s very important that our clients understand how important they are to us and the only way to do that is to bring value to them in everything we do.”
History In 1977, CPAs and long-time friends David Reznick, Stuart Fedder and Ivan Silverman established Reznick Fedder & Silverman, a small Washington, D.C.-based accounting firm. At the time, the firm’s goal was to service local clients primarily involved in real estate. For the next three years, Reznick Fedder & Silverman built its real estate client base, soon outgrowing its D.C. headquarters and prompting a move to larger office space in suburban Bethesda, Maryland. In 1982, the firm embarked on what would become an aggressive national expansion, opening a second office in Baltimore to serve an expanding mid-Atlantic client base.
A few years later, a major change in the tax code in 1986 significantly altered the course of the firm, propelling it into the national spotlight.
accounting services, and was renowned for its knowledge in the tax credit arena. Geographic expansion followed with new offices in Charlotte, North Carolina, and Atlanta, Georgia.
Milestones Key highlights of the firm’s 30-plus-year history are outlined here.
New practice areas and service groups, including
1977
nonprofits, government services and valuation and
Childhood friends David Reznick, Stuart Fedder and
transaction advisory, were established to meet the
Ivan Silverman establish CPA firm Reznick Fedder &
needs of an evolving client base.
Silverman in Washington, D.C.
housing tax credit program, designed to encourage
In 2004, the firm was renamed Reznick Group. Today,
1980
private-sector investment in the development of
Reznick Group maintains its headquarters in Bethesda,
Reznick Fedder & Silverman moves to Bethesda, Md., to
affordable multifamily rental housing. Understanding
with offices nationwide in key cities such as Austin,
accommodate the firm's significant three-year growth.
the major financial upside of this program for its real
Boston, Chicago, Los Angeles and Sacramento. The
estate clients, Reznick Fedder & Silverman focused
firm also serves its clients through an international
its real estate practice on the affordable housing
office in Chennai, India. While Reznick Group maintains
industry. Within a few short years, the firm was
its national leadership in affordable housing, the firm
recognized as a national leader in affordable housing
continues to expand its services and knowledge in
1986
growing industries such as renewable energy, financial
The Tax Reform Act of 1986 creates the low-income
services, technology and commercial real estate.
housing tax credit program. The legislation expands
The Tax Reform Act of 1986 created the low-income
Reznick Group has most certainly evolved throughout
1982 To serve an expanding client base, a second office in Baltimore, Md. opens.
the focus of the firm's real estate practice.
its history. But the firm’s values and commitment
1987
to outstanding client service remain unchanged
The firm opens a third office in Charlotte, N.C., during
since Reznick Fedder & Silverman first opened its
a period of rapid real estate growth in the Southeast.
doors in 1977.
The hallmark of Reznick Group has been an ability to create opportunities that lead to growth for its clients and for the firm.
1992 The nonprofit services practice is established. 1995 A fourth office opens in Atlanta, Ga.
2000
2005
David Reznick (R)
The firm expands its valuation and transaction
Reznick Group opens a Chicago, Il, office. To expand
CPA | Co-founder and Chairman of the Board
advisory group. Reznick Group extends its HUD
services for middle-market companies, the firm opens
Ivan Silverman (L)
services through joint ventures Michigan Multi-family
a Tysons Corner, Va., office. The government services
CPA | Co-founder and Principal
Asset Managers and Pennsylvania Multi-family
practice is established.
The Founders
2006
Reznick Group founding principals David Reznick
2002
The firm extends its commercial real estate focus
and Ivan Silverman have the right formula to help
Reznick Group launches Integratec, providing real
by opening a Los Angeles, Calif. office. Reznick
businesses succeed and reach their goals. They
estate data management services.
Group opens a service office in Chennai, India.
know how high the stakes are, and they have a
2003
2007
Ken Baggett is named Managing Principal/CEO.
The national renewable energy practice is established.
“From day one, our goal was a very simple one:
The firm’s national expansion begins with a fifth
Reznick Group opens offices in Austin, Texas, and
to be able to go out with a hands-on approach
office in Sacramento, Calif.
Boston, Mass.
and really help our clients succeed and reach their
2004
2008
Reznick Fedder & Silverman is renamed Reznick Group.
Reznick Capital Markets, LLC, is launched, serving
Asset Managers.
the capital needs of real estate and renewable energy clients. 2010 Reznick Restructuring Solutions, LLC, is launched to help real estate clients manage troubled assets and loans.
passion for seeing their clients succeed.
goals,” explains Reznick. “To this day, we train the people who grow up within our firm to carry that same ball to the clients they’re serving.” While the two had no idea Reznick Group would grow to its current size, they both had confidence that they would succeed as long as they put their clients’ priorities before all others. “That tone and culture are with us today," Silverman adds. “That’s the culture the people in our firm have grown up with.”
Industry Insight. Number Solid. Reznick Group got its start when David Reznick and his high school friend Ivan Silverman— whose families both owned grocery stores in the Washington, D.C., area, went into business together with a third friend—Stuart Fedder. That firm, which became known as Ziger, Reznick and Fedder, grew to about 40 people, building a solid reputation in real estate accounting. Their success led to an early merger with a larger CPA organization, and provided the first clear insight that all accounting firm cultures are not alike. “We felt we weren’t able to deliver the kind of service our clients had expected from us prior to
Industry Memberships and Recognition
the merger,” Reznick recalls. It did not take long for
That is what led to a key differentiating principle
the original team to take the steps that would allow
early on in the firm’s history. When Reznick Fedder &
them to regain—and maintain—their independence.
Silverman met with clients, they would offer insight
With that, Reznick Fedder & Silverman was formed
into the business dimensions of real estate decisions
IGAF Worldwide
in 1977.
in addition to providing advice on accounting issues.
Reznick Group is a charter member
They hung out their shingle with one objective: to create a company that was flexible enough to take a comprehensive hands-on approach with clients.
The strategy of giving clients greater value was a
our firm were the limitations that were placed on our client interactions,” explains Silverman. “We were effectively told to stick strictly to the narrow limits of accounting.”
practice nationally with the opening of a second office in Baltimore. But it was passage of the monumental Tax Reform Act of 1986 that changed the firm’s destiny forever, committing its course to expansion nationwide. That Act transformed the practice by
is the strongest association of independent accounting firms in
the world, providing a wide range of tools and resources to help member firms furnish superior accounting, auditing, and management services to clients around the globe.
creating Section 42, the low-income housing tax
American Institute of Certified
credit. Reznick Fedder & Silverman saw at once
Public Accountants (AICPA) Reznick Group is a member of the
the advantages that the program could offer real estate clients and began focusing in the area of
AICPA's Major Firms Group as well as the Center for
affordable housing.
Audit Quality, Governmental Audit Quality Center,
The firm has seen a lot of change over the years— including a name change to Reznick Group in 2004.
Employee Benefit Plan Audit Quality Center and Private Companies Practice Section.
It has also expanded into offices throughout the
Association of Government
USA and in Chennai, India, where a skilled workforce
Accountants (AGA)
almost half a day’s difference in time away enables
Reznick Group maintains membership
the firm to run nearly a 24-hour operation to meet
in AGA, which supports the careers and professional
client deadlines.
development of government finance professionals
“The firm has grown organically by geographically expanding,” says Baggett. “Probably half of the
working in federal, state and local governments as well as the private sector and academia. Inside Public Accounting
revenue of our peers has come from acquisitions, The competitive advantage for accounting firm leaders since 1987
whereas less than five percent of our revenue has come this way.”
TOP 25 FIRMS
2010
“What had frustrated us and caused us to re-launch
successful one. In 1982, they began to expand the
of IGAF Worldwide. IGAF Worldwide An Association of Independent Firms
Reznick Group is ranked among the top 25 accounting firms in the nation by this leading industry publication.
Learn More: For more information on how your company can benefit from Reznick Group’s services and industry insights, visit www.reznickgroup.com
About Reznick Group Reznick Group is a top 20 national CPA firm providing accounting, tax and business advisory services to clients nationwide. The firm’s industry experience includes affordable housing, financial services, renewable energy, healthcare, nonprofits, professional services, commercial real estate and technology.
For more information, visit www.reznickgroup.com
This publication contains only general information and is not intended by Reznick Group to be a rendering of accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for any professional advice or services.
For more information on how your company can benefit from Reznick Group’s services and industry insights, visit www.reznickgroup.com Learn More:
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