3 min read January 2024 — Invest: spoke with Rick Slater, managing principal at Kaufman Rossin, as the firm celebrates stellar growth and its 60th anniversary in Palm Beach, which is only expanding as a financial services hub. “It is incumbent upon us to make sure that our staff and everyone else understands all the things that help our clients become successful,” he said.
What are some key recent milestones that Kaufman Rossin has reached in terms of growth?
2023 marked the 60th anniversary of the firm, and we celebrated that milestone throughout the year with our clients, associates, and friends. We’re doing fantastically, having exceeded a 40% growth rate over the past two years. We’re more than 600 people strong now and the largest independent CPA and consulting firm in Florida. Being in South Florida helps; we’re excited about where the region continues to go.
What are the major trends that are most impacting business right now?
Three major trends are impacting the business community right now: remote work, private equity, and diversity.
For Kaufman Rossin, the remote, productive workforce has given us greater reach and an ability to acquire and retain the best talent. From robust local offices we can employ people all around the world, attracting top professionals who are the right fit for our clients.
Private equity, venture capital and hedge funds are investing in practically every industry we serve. In Palm Beach, the Wall Street South moniker has really borne out. We advise fund managers who are considering moving to the market, and clients who are considering selling their business to investors. We provide M&A due diligence services for both buyers and sellers. Fund administration, a practice the Kaufman Rossin Group has excelled in since the late 1980s, is once again a growth area.
Diversity in the South Florida business community continues to grow — that’s one of the elements that makes this a fascinating place to live and work. In a service industry like ours it is essential to offer professional resources our clients can relate to. We’re dedicated to our efforts on diversity, equity and inclusion, an area our youngest recruits ask about often. We know it’s not just the right thing to do — it’s also smart business.
How has the role of CPA firms evolved from bookkeeping operations?
When I started in the public accounting arena around 30 years ago, there were many more tax accountants and bookkeepers playing the stereotypical accountant role. Over the past three decades, all large public accounting firms have evolved to help clients make decisions in areas beyond accounting, taxes and finance. Our fastest growing practices offer business advice in areas where CPAs were rarely seen in the past: risk advisory, compliance consulting, transaction advisory and more.
It is incumbent upon us to develop and acquire all the skills that help our clients succeed; we love it when they discover new areas where we have deep expertise. The clients we serve best are those who ask our advice before negotiating transactions or making significant business decisions. Being part of that inner circle is the mark of a successful business adviser.
Why is Palm Beach a great place to do business?
What makes Palm Beach stand out is the dramatic evolution in the market. It’s always been a tourist destination, but now this place has become a unique business environment that goes beyond fun in the sun. There has been a transformation over the past five years with the buildup of industry and influx of business and population. In addition to the financial sector, we’re seeing more activity in manufacturing and distribution. We’re also seeing more headquarters set up here, not just regional offices, we have a great tax structure and economic development ethos; businesses in Palm Beach are well-suited for further growth.
How is the firm evolving with the current economic landscape?
It’s about being active business advisers and understanding the metrics and issues of entire companies, whether it’s nuts and bolts or big picture. Growth is exciting, and we have to make sure everyone, from our teams to our clients, is working with integrity. It’s our responsibility to provide credible services to help clients maintain that integrity and remain in compliance. Automation and AI are becoming key business tools in the industry and we continue to invest to serve our clients and employees better. We continue the mantra that there is no right way to do the wrong thing.
How can the industry promote accounting as a more lucrative profession to students and young professionals?
We need better outreach to high schools and colleges to give a better picture of the career path. Anyone with an aptitude for business should explore it. Accounting is still the solid profession where my colleagues and I developed strong long-term relationships and raised our families. But the stereotype of late nights and spreadsheets is far from the current truth. Some of my partners began as CPAs and now lead our business advisory, risk advisory and forensic practices. You should see the array of non-CPA credentials and expertise represented on our website! It’s highly rewarding work, full of fascinating characters with complex problems you can help solve.
How does the firm retain and develop talent?
As the firm has grown, we’ve always been mindful that treating people fairly doesn’t mean treating everyone the same. We’re dedicated to our efforts on diversity, equity and inclusion, an area our youngest recruits ask about often. We are experimenting now with some different levels of mentoring within the firm, a voluntary program where we train and deploy mentors and even sponsors — advocates who truly dive deep into our people who’ve been here for five to ten years to help them take their next step into leadership.
What differentiates Kaufman Rossin from competitors in Palm Beach?
Kaufman Rossin is part of the Palm Beach community, and our presence here is significant and growing. For clients and for our employees, we take every opportunity to make this a better place to live and work.
We’ve been around for 60 years, so we are embedded in the entire South Florida region; that’s different from out-of-market competitors setting up offices here. It’s in our culture to be very engaged and involved, and it’s borne out by our leadership in large social service organizations such as United Way and Families First of Palm Beach County, as well as professional organizations like Greater Boca Raton Estate Planning Council and business development groups like Business Development Board of Palm Beach County.
It’s natural that professional firms are trying to capture some of the tremendous growth in this market, and as community leaders we welcome them.
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