2 min read June 2023 — Tampa Market Leader at FORVIS, Adam Thomas, sat down with Invest: to discuss the factors at play that will determine the next chapter for the professional services industry, including hiring, economic strengths and weaknesses and what clients need from them going forward. “We don’t try to just provide audit and tax services to a client; we want to meet them where they are and help them solve whatever problems they have,” he said.
What is it that sets FORVIS apart from other professional service firms in the market?
One huge way is in our forward-looking vision, which is incorporated into our name. We don’t try to just provide audit and tax services to a client; we want to meet them where they are and help them solve whatever problems they have. That could mean preparing for an exit or acquisition, or letting them know what their peer companies are doing in their strategic planning, or staying ahead of regulatory issues. It’s about focusing on keeping that forward vision to bring an unmatched client experience to them. We want to be responsive in adding value as a thought leader with all of our clients.
How are you advising your partners, staff and clients on economic trends today, and what should they actually be concerned about?
I believe a recession in 2023 is likely. From that standpoint, it’s about being prepared. Cash is king, and that’s what I’m telling my clients. If you are positioned right, there will be good deals in the market from an acquisition perspective if you have the cash. Lending will be tough because interest rates continue to rise. The metrics used by banks to determine whether or not someone gets a loan will be stricter, such as debt service coverage. I predict that it will come down. When companies are looking to refinance a loan, it will be challenging.
Do you see Tampa Bay in a position to weather a possible recession compared to other markets?
I believe Tampa is in a better spot than others. We will continue to see an in-migration of population to the area which will help us weather the storm. Real estate values may have been a little high over the past few years, and those may go down, especially as rates go up and recession fears increase. We may see wage increases slow, as well, but it won’t be felt as heavily as it will in other markets.
Having been named as a top company for career growth, what edge do these acknowledgements give you in this volatile career environment?
I believe that advantage does help, but more than that, the reason we have those accolades in the first place helps. People realize we are genuine in our purpose and being built in a way that encourages employees to be their best selves and excel in what they do as they build their careers. We say and do what we mean here, and we love finding growth opportunities for our people. We hired someone recently who asked a current employee if it’s really as fun as it seems to work here, because every time they saw groups of our employees when visiting our office, they saw them having a good time. That tells me we have a great culture built around letting people be their best selves at work. When people come to work, we want it to be an exciting place to be where they can learn and grow. We have that here at FORVIS, specifically in the Tampa market.
What are some of the current industry trends you are seeing in the accounting sector?
I’m not sure if this is good or bad, but the industry is trying to navigate and define the modern work environment. That’s one of the most interesting things happening right now. For younger, more inexperienced staff, being in the office and with the client is important to their future success. There’s so much more you can learn when sitting with your team and client that you just can’t get through Zoom. On the flip side of that, our people like and want a hybrid environment, and some want fully remote. We are trying to navigate the right balance. Our clients have enjoyed saving money and time on travel, as well. They are similar to us in that they are growing and running out of space. The more conference and audit rooms they have, the better. Many of our clients are still hybrid right now. We’re focused on striking the right balance between giving our people the flexibility they desire and deserve, but also ensuring we’re coming together in person enough to maintain our high levels of collaboration, learning and client service.
What is your outlook for the future of FORVIS in Tampa?
My priority and outlook is growth. I want to see double the growth we are experiencing right now, and so does our leadership. Some of that will be finding people within FORVIS who want to come to an exciting market like Tampa, and some of that will be external recruiting. Our office right now is mostly built on audit and transaction advisory, and we have really started focusing on tax over the last year, so that team has grown tremendously lately. There is still a lot of tax talent out there we would like to bring in, though. On the advisory side, our team is working with large companies. We have had success in the market and have been leveraging outside talent from other offices to work on this. That’s where we will be adding people over the next few years.
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