Crystal DiJoseph, Co-Founder & Partner, ONE10 Advisors, LLC

In an interview with Invest:, Crystal DiJoseph, co-founder and partner at financial and accounting firm ONE10, discussed the firm’s expansion into brokerage services to meet growing client demand and highlighted the regulatory challenges of the Corporate Transparency Act.

What were the key achievements or highlights for ONE10 in the region over the past year?

We have introduced new lines of service, such as additional business and asset valuation services for clients. Another major development has been the launch of our business brokerage practice, which we are very proud of. This initiative emerged from our existing client base frequently asking if we could help them sell their business. After conducting business valuations for them, the next logical step was to assist them with sales.

Initially, we had to say no, but the demand persisted. This prompted us to take a closer look at how we could make it happen. With a talented team and excellent resources, we made it a reality. Additionally, our fractional CFO services have been instrumental in preparing clients for business exits. These services include financial statements, forecasting, and negotiating purchase and sale agreements. Adding business brokerage services has been a natural and beneficial extension, and it has significantly contributed to our growth.

With Tampa being a growing business hub, how are you leveraging your presence here, and how do you differentiate yourselves from competitors in the region?

We remain committed to our regional mission and ethos, which is to truly partner with our clients. Our goal is to go beyond our roles, whether that means providing insights, offering advice, or being available for those late-night or weekend calls when our clients need us most. We aim to be viewed as team members rather than just service providers. 

For us, prioritizing every relationship is key. Whether it is with employees, clients, or vendors, we ensure every interaction reflects our values. By staying true to this approach, we believe we are on the right path.

What makes Tampa Bay an ideal location for your firm, and how does it differentiate itself from other markets?

Having lived in Tampa Bay since I was young, I have witnessed incredible growth and transformation, particularly over the past decade. The growth here has been exponential. When we started our business just before the pandemic, we benefited from an influx of entrepreneurs, private equity firms and commercial real estate managers establishing their own businesses.

Twenty years ago, starting a business here was not as accessible. However, today, driven individuals with solid business plans can take advantage of the resources and demand available in this market. Our role has been to support these entrepreneurs as they grow, helping them remain lean and profitable by outsourcing services while ensuring they have access to strong expertise and sound advice. Our success as a firm is a direct function of Tampa Bay’s growth.

What are some notable trends you are seeing among your clients in different sectors?

There is a noticeable shift in investment products. Historically, we saw more equity based investments, but there has been a clear movement toward private debt products. Private debt is a buzzword now because it offers investors a sense of security in an uncertain market. Private debt that is collateralized by Tampa Bay real estate or other assets will continue to remain more attractive than the competition as our region continues to see strong demand and steady growth. As rates have risen and are expected to stay higher for longer, we expect this asset class will remain a staple in high-net-worth individuals and institutional investors’ portfolios.

What is particularly interesting is how private debt offerings are becoming increasingly creative and differentiated. Investment groups are structuring these products in unique ways to stand out in a crowded market that has expanded significantly in the last two to three years. We’re continuing to see a large inflow of capital into the Tampa region, just increasingly in private debt or preferred equity structures. 

Given the trends around consolidation and rebranding, what are your thoughts on these developments in the accounting sector?

You need to view this in the context of interest rates. Two years ago, many groups predicted that interest rates would start falling. Fast forward to last year, and similar expectations persisted, with some anticipating five to eleven rate cuts this year. However, only a few cuts have occurred so far with few, if any, more expected. Businesses and investors are now adjusting to this new normal and see opportunity in accounting, consulting and tax prep firms.

This adjustment is driving firms to reevaluate their operations. They are taking a hard look at their businesses, spinning off or selling parts, consolidating, or seeking growth through acquisitions. The professional services industry, particularly accounting, remains a key driver of continued strength in the U.S. economy. As a result, we are seeing an uptick in acquisitions and consolidation as the industry has become very attractive to investment capital. The roll-up of accounting firms has become a popular strategy given the opportunity to make attractive exits. Our firm has also made some strategic acquisitions of Tampa-based accounting firms in recent years, leveraging this trend for growth.

What opportunities and challenges do you foresee, especially post-election, and how are you advising your clients?

The advice is simple: plan for the worst and hope for the best. Many were expecting falling interest rates, particularly following the recent election, but we’ve seen significant policy changes that are considered short-term inflationary with the goal of long-term economic growth. Even with Federal Reserve rate cuts, we have seen that market interest rates do not always follow suit.

My advice to clients is to prepare for a scenario where interest rates stay the same or even rise slightly. This includes conservative deal underwriting, careful business planning, building strategies on sound principles, and creating extra liquidity within the business. If rates do decrease, they will be well-positioned to capitalize on those conditions. However, the priority is to ensure that they are prepared for a stable or slightly higher rate environment.

Are there any specific regulations you are monitoring given the election results, and how might they impact businesses in the region?

Regulations around the time of election results can be a complex issue. Often, during election campaigns, many promises are made, but not all of them come to fruition once a president takes office. Time will reveal the true impact.

What I can discuss, though, is the current regulatory environment. One regulation that I, along with many of my clients, have been unhappy about is the Corporate Transparency Act. This new regulation, implemented by the Financial Crimes Enforcement Network (FinCEN), requires private companies to report their beneficial owners. Previously, private companies did not need to disclose this information.

For example, in the real estate industry, developers often create multiple LLCs for one acquisition, whether to pool investor funds or for other reasons. Now, each of these LLCs must file with FinCEN, which costs several hundred dollars per filing. I have clients with 10 to 15 deals who are now filing for 50 to 60 entities, costing them tens of thousands of dollars they had not anticipated.

Many believed this legislation might be overturned as there have been many legal challenges. Businesses are scrambling to become compliant with these new regulations, which have introduced significant financial and administrative burdens. The latest is that the Department of Treasury suspended indefinitely enforcement against U.S. reporting companies and U.S. citizens. For now, it seems we are safe.

How are you addressing the ongoing challenge of attracting new talent into the accounting profession?

Talent acquisition in accounting remains a challenge. We have partners, including myself, that serve and are very active on the USF Accounting Circle Board. This organization works to encourage business students to pursue careers in accounting when they are deciding between marketing, international business, accounting or finance.

We collaborate with the College of Business and the School of Accounting at University of South Florida (USF) to ensure the curriculum evolves and remains relevant in an ever-changing environment. For example, they have integrated data analytics into the accounting program, which makes the field more dynamic and relevant to today’s needs.

Recently, we hosted an event at USF, engaging directly with sophomore students. We shared personal experiences to challenge the stigma that accounting is dull or rigid. For instance, I shared how my accounting background enabled me to start my business and focus on finance and private equity. This kind of engagement is crucial in showing students the breadth of opportunities in accounting. After all, an accountant can often do marketing, finance or business roles but reciprocal is not true.

What are your top priorities for the firm over the next two to three years?

Our focus is on sustainable growth. We have implemented a slow but steady growth plan, which emphasizes investing in top talent and technology while cutting unnecessary expenditures.

We are also integrating new lines of service and acquisitions. Streamlining these services and ensuring proper execution are critical for us. This measured approach allows us to remain profitable and resilient despite economic uncertainties.

I would also like to highlight the community resilience and economic outlook after recent hurricanes as it has been a significant topic for the real estate and development market post-hurricanes. While it is difficult to look past the devastation, I believe there are opportunities for growth here as well. For example, my family member’s home in Mexico Beach, FL was destroyed by Hurricane Michael several years ago. Today, that area has seen an influx of investment, transforming it into a hub of multimillion-dollar homes and vacation rentals.

Similarly, estimates suggest that the cost of the recent hurricanes could reach $50 billion, with several billion dollars flowing into the Tampa Bay area. While the immediate devastation is heartbreaking, I believe this investment will ultimately transform our region, much like what happened in Mexico Beach. This kind of rebuilding not only boosts the local economy but also presents new opportunities for growth.