The
Elder Group's client success strategies and success
stories and Interviews
This
year marks the 45th anniversary of the firm Leaf, Saltzman,
Manganelli, Pfeil & Tendler and we are talking to
Donald Saltzman who is the firms managing partner. The
firm consists of 45 people and continually is listed
in the NJ Biz top 50 accounting firms.
The
firm is a proud member of Integra International, an
interactive global network of independent accounting,
tax, business valuation and consulting firms dedicated
to exchanging information and advising growing businesses
and professionals.
Mr.
Elder: Don, I have known you and your firm for a
number of years and have heard from many companies and
professionals about the excellent service you give and
the firm wide philosophy of proactive planning eliminates
reactive solutions. How do you and your partners achieve
this?
Mr.
Saltzman: I am blessed to have partners who combine
a number of laudable attributes. We are not only great
technicians but understand our client's expectations
and then exceed them. We maintain open lines of communications
with our clients, and by keeping in touch regularly,
rather than waiting for them to call us, we involve
ourselves in all facets of their business such as assisting
them in strategic financial and tax planning throughout
the year.
Mr.
Elder: You have spoken about your partners, how
does your staff contribute to the overall firm's mission?
Mr.
Saltzman: Our staff is both key and critical to
providing the service demanded by our clients. They
are involved at every level with our clients from planning
stages to the execution of the engagement. They know
performing the work timely and accurately with the least
amount of disruption to the client's every day operations
are essential. They also act as the eyes and the ears
for the partners and provide invaluable information
to us. We are proud that our staff retention is among
the highest in the profession.
Mr.
Elder: What are your firms areas of expertise and
major industries covered?
Mr.
Saltzman: Each of our professionals is cross trained
to provide value-added advice in a wide variety of areas
including: accounting and auditing, tax and financial
planning, general business consulting, estate and trust
planning and accounting, entity structuring, litigation
support, forensic accounting, and business valuations.
We have developed a practice area for the fields of
construction, distribution, franchises, insurance agencies,
law firms, manufacturing, not-for-profit, physicians,
real estate, trucking and the solid waste industry.
Mr.
Elder: How does your firm find and attract new clients?
Mr.
Saltzman: Andy, as you know, we are not of the country
club set. We get most of our referrals from existing
clients who can attest to our overall service and value
added performance. We also network, and get referrals
from other professionals who have worked with us over
the years as they appreciate what we can offer their
clients...
Mr.
Elder: What changes do you see coming in both financial
and tax areas in the next few years?
Mr.
Saltzman: There are major changes in financial reporting
coming over the next few years known as International
Financial Reporting Standards (IFRS). This will be the
convergence of what is known as GAAP, our current reporting
standard, into the international standards of accounting.
The basic result will be a change from historical cost
to market value reporting of assets. It will be major.
In the tax area I see significant personal and business
tax increases to cover the vast spending programs currently
underway.
Mr.
Elder: Would you be so kind as to share a success
story about one of your clients (name of course to be
withheld)?
Mr.
Saltzman: Our practice consists of primarily family
owned businesses and as a result we often advise clients
in the restructuring and exit strategy to pass the ownership
from the current generation of owners to the children
entering the business.
We
have a client whose owners desired to sell the business
to their children. Originally the transaction was anticipated
to be structured as a stock sale. After a through review
of all of the facts and the desires of the family, our
recommendations resulted in the restructuring of the
entities that saved the children over $2,000,000 in
after tax dollars at no cost to the parents. This savings
of company capital and our involvement in the financial
mentoring of the children enabled the company to double
the volume of the business in four years and pay out
their parents in a time frame shorter than originally
anticipated.
Mr.
Elder: Would you like to make a closing statement
that best sums up your clients and your practice?
Mr.
Saltzman: Our clientele consists of family owned
and closely-held businesses, ranging from those with
no staff to large corporations with in-house chief financial
officers. We pride ourselves on having close client
relationships and work diligently to earn the trust
and respect of our clients, becoming not only the accountant
or auditor, but more importantly, the business advisor,
management consultant and friend. Please visit our website
at www.njcpafirm.com
for a bigger picture of who we are.
Don
Saltzman, CPA & Managing Partner of Leaf, Saltzman,
Manganelli, Pfeil & Tendler, LLP
Office: (973) 808-9500 Website: www.njcpafirm.com
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