Dawn Olivardia, Market Managing Principal for Orlando, Grant Thornton

Invest: sat down with Dawn Olivardia, Grant Thornton’s Market Managing Principal for Orlando, to discuss opportunities and challenges in the accounting sector, how the firm is involved in community engagement, and its commitment to environmental, social, and governance initiatives.

What have been Grant Thornton’s recent achievements in the Greater Orlando region?

Grant Thornton is celebrating our 100-year anniversary this year. Founded in 1924, we’re excited to mark this significant milestone. Our Central Florida office was established in 2002, and we’ve proudly served Orlando for 22 years. Our team has grown significantly, from around 25 people at its founding to 115 people in our Orlando practice today.

Additionally, we’ve expanded our footprint in Orlando by combining our downtown office with our Center of Excellence (CoE) for state and local tax (SALT) and indirect tax compliance nationwide. We chose Orlando as the destination for our CoE due to the great talent pool in Central Florida, including the University of Central Florida (UCF) campus. We’re a major sponsor of the UCF School of Business Exchange and participate in many other events there to support the business school.

Our office has also seen over 25% growth in the last two years, allowing us to expand our services to a diverse range of clients in the Central Florida area. 

Can you elaborate on the establishment of the Orlando Center of Excellence and how it impacts Grant Thornton’s services in Florida?

The CoE is a nationwide initiative based here in Central Florida. It allows us to train and develop skills in SALT and indirect tax, including sales and use tax filings that many companies must handle. By consolidating these functions into one location, we can train our people more effectively and improve knowledge sharing to better serve our clients.

We chose Central Florida for the CoE because of the diverse and talented workforce and the region’s family-friendly environment. Our office is conveniently located near the airport on TG Lee Blvd, making it easy for subject matter experts to travel in and out, which has been beneficial for us.

What are some of the new technologies and data analytics being incorporated at the Center of Excellence to improve client service and operational efficiencies?

We’re making significant investments in various forms of technology, including tools like Power BI and Alteryx, and AI tools, to enhance our client service. These technologies are used across our firm, not just in the CoE, helping us work more efficiently.

We require everyone in our firm to become proficient in at least one automation tool and earn a badge for it. They must demonstrate its use on a client project, which helps them become more technologically savvy and improves their ability to serve clients faster and more effectively.

Externally, we help clients automate repetitive tasks, such as sales, and use tax filings to reduce manual work and provide better management reports. This enables clients to focus on more critical tasks and adds greater value to their companies. Technology is a significant trend in our industry, both for internal investments and client services.

In light of the 2024 Hospitality Tax Planning Guide, what are some recent strategies and insights provided by Grant Thornton for the hospitality industry’s tax planning?

In the hospitality industry, which is a major sector in Central Florida, we see a lot of mergers and acquisitions. We help clients with tax structuring around these activities and the integration of their functions post-acquisition. Additionally, we work on managing their cash tax outlay by exploring opportunities for tax savings, such as deferral of income through tax code and regulations.

The upcoming election is a concern for many, as it could affect future tax legislation. The Tax Cuts and Jobs Act has provisions that are set to expire at the end of 2025, potentially increasing the highest individual tax rate from 35% to 39.6% and lowering the estate tax exemption from around $13.6 million to approximately $5 million, adjusted for inflation. This is particularly significant for high-net-worth individuals and entrepreneurs, as it impacts inheritance planning.

We’re helping clients navigate these changes and prepare for potential shifts in tax laws, depending on the election outcome. It’s a critical time for tax planning, especially for those in the hospitality industry and other major sectors we serve.

What are some of the challenges your clients are facing right now, and how is the firm working to create opportunities out of these challenges?

One of the biggest challenges, not just for our clients but for our firm and the industry as a whole, is finding qualified, experienced talent. This issue has been exacerbated post-COVID, as many people opted for early retirement or lifestyle changes, shrinking the experienced talent pool. 

At Grant Thornton, we’re working hard to create an attractive work environment. We’re offering flexibility with a hybrid work model that doesn’t require a set number of office days. We encourage in-office collaboration but understand the need for flexibility.

We’ve also focused on maintaining a strong culture, allowing our people to be their whole selves at work. This means fostering a supportive community where individuals feel valued and motivated.

What is Grant Thornton’s involvement in the Orlando community, and what are some specific initiatives aimed at community development?

Community involvement is crucial for us. Every year, for the past 12 years, we’ve participated in the Central Florida Alzheimer’s Walk in October, raising over $5,000 for the Alzheimer’s organization last year. We also frequently volunteer at the Second Harvest Food Bank.

Additionally, we’ve supported the Baby DJ Fund with XL 106.7, which was a fun and rewarding experience. We’ve also partnered with an organization that recycles soaps from hotels, melts them down, and sends new soaps to developing countries. This is another meaningful initiative we’ve been proud to support.

What are Grant Thornton’s growth plans in the state, and how do you envision the firm’s role evolving within the local market in Central Florida?

Our growth strategy is forward-looking and industry-focused. We’re investing in our people to become more industry-savvy in areas like hospitality, real estate, technology, and various services. We’ve created programs for our people to earn industry badges, enhancing their knowledge and ability to discuss industry-specific issues with clients.

Our firm is also investing in expanding our footprint in Central Florida. We’ve combined two spaces into one and are enjoying our current location. We’re committed to growing our team and continuing to serve our clients effectively.

We’re heavily focused on environmental, social, and governance initiatives and are committed to sustainability, reducing our greenhouse gas emissions, and cutting down on unnecessary travel and paper usage. We have a national Green Advisory Council and local green teams working on these initiatives.

Another key area is risk management, particularly focusing on cybersecurity. It’s a top concern for our clients, and we have specialists dedicated to helping companies minimize cybersecurity risks. It’s a critical area given the current landscape.