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YEAR IN REVIEW

2020/21 citrincooperman.com


. YEAR IN REVIEW

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Contents Future. Reimagined. 04

WORDS FROM OUR CEO

05

WORDS FROM OUR PRESIDENT

06

FORWARD MOVEMENT

17

BUSINESS REIMAGINED

36

FOCUS ON FUTURE REIMAGINED

40

PRACTICE DIRECTORY

AT CITRIN COOPERMAN, WE HAVE ALWAYS BEEN FUTURE FOCUSED AND NOW, MORE THAN EVER, WE REMAIN COMMITTED TO DRIVING A FUTURE, REIMAGINED FOR US AND OUR CLIENTS.

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Words from

Our CEO PROACTIVE PLANNING, COMPREHENSIVE SOLUTIONS, AND A COLLABORATIVE APPROACH ARE AT THE HEART OF OUR FIRM.

. A

continuum

of

unique

and

Cooperman team. Resources like our COVID-19

unprecedented global and national

Response Unit, Transition Playbook, Evolution

events has elevated the strength and

Pyramid, and Future Reimagined interview

resilience of our firm in an entirely new way. It

profiles have allowed us to provide our

has shown me that we can keep our culture

clients with consistent and reliable insights

and conscience in the most challenging

throughout this incredible year of change.

of environments. It has shown me that we

Our internal initiatives like Charitable Giving

can share our lives, our stories, and our work,

Fridays, twice-weekly meditation practices,

despite our physical distance. Most importantly,

and the recently launched CC EDGE program

it has shown me that investing

enable us to support our staff

in our foundation - our people,

and

our clients, and communities,

continue

and our infrastructure - has

counts: providing you with the

equipped us to continue doing

strategies and solutions that fit

what we do best: delivering

your unique needs.

critical, value-added solutions for

our

clients’

increasingly

complex needs. As

a

firm,

we

partners

so

focusing

they on

can what

I want to take this time on behalf of Citrin Cooperman to thank you, our clients and

constantly

friends. The choices you have

challenge ourselves to evolve

been forced to make over the

ahead of our clients’ needs.

past year have not always been

Our professionals dig in on the

easy. Pivoting your businesses

front lines and work to provide

and rearranging your personal

clear and digestible information on the issues

lives have been Herculean tasks. Through it

at hand, along with tools and resources so

all, you have continued allowing us to be your

you can make informed, real-time decisions.

counselors, advisors, and confidants and we

Proactive planning, comprehensive solutions,

have been honored to deliver value and clarity

and a collaborative approach are at the heart

to help navigate you through this. We look

of our firm and lay the framework of our values

forward to working with you to reimagine and

that make our relationships with our clients so

reinvigorate your success going forward.

special. To see the exceptional ways our firm has adapted over the past year is a testament to the unbelievable ingenuity of our Citrin

YEAR IN REVIEW

Joel Cooperman

Chief Executive Officer

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Words from

Our President T

o say that 2020 has given a brand new meaning to our mantra, focus on what counts, would be an understatement. It has truly been a

year of unprecedented firsts; a pandemic, lockdowns, and civil and

social unrest - all of which have made us each deeply reflect on ourselves, our communities, and our values. “Normal” has become an ever-evolving concept to which we are perpetually adjusting. This constant state of change has indeed been a struggle, but I have found in it the opportunity to explore gratitude in a unique and novel way. My gratitude begins first and foremost with the incredible team at Citrin Cooperman. Our staff and partners have risen to the challenges of 2020 in an extraordinary fashion. Repositioning from working in our offices and at our clients to a fully remote workforce is no easy task. To see the compassion, understanding, and consideration our team extended to each other during this

This constant state of change has indeed been a struggle, but I have found in it the opportunity to explore gratitude in a unique and novel way.

transition made all the difference. 2020 has made me grateful for our Citrin Cooperman leaders, both past and present, who have always kept our mission - to enhance the lives and businesses of our clients - at the core of their decision making for the last 40-plus years. Decades of investing in our firm and people have put us in the position to remain focused on finding innovative solutions for our clients, even amongst the chaos of our current environment. I’m grateful to our clients, who have allowed us to support them through this past year. They’ve let us into their lives and businesses in the most vulnerable of times. They’ve shared their stories of successes and failures. They’ve come to the table for the tough conversations and helped us learn how we can be our best despite the ever-increasing list of obstacles. Eventually we will all settle into whatever the next version of “normal” looks like. We will adjust to the new rules and social norms. We will reshape our routines and schedules. I will explore these all with the deeper sense of gratitude the past year has taught me to find: for our team, for our firm, and for our clients.

Alan G. Badey President

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Forward Movement 2

020 has been an unprecedented year of both turbulence and growth. Our firm was built through perseverance and innovation, leaving us well prepared to continue engaging our clients with an integrated approach

and a consultative mind-set, and overall – being able to see and develop a future, reimagined.

SPOTLIGHT ON RECENT GROWTH

January 2020 saw the continued expansion of Citrin Cooperman’s west coast expansion with the joining of LGSH, LLP giving the firm a new location in Encino, CA. In December 2020, Homes, Lowry, Horn & Johnson (HLHJ) joined Citrin Cooperman. The addition of HLHJ and their 21 team members provided Citrin Cooperman with a third DC Metro office in Fairfax, Virginia, accompanying the sister offices in Tysons, Virginia and Bethesda, Maryland. Despite the challenges, 2021 is proving to be a significant year of growth for Citrin Cooperman, with numerous individuals and firms joining us from coast to coast. In California, we expanded our footprint with several lateral partner and staff hires joining our team in the Encino, CA office. Additionally, with the joining of Goren, Marcus, Masino & Marsh (GMMM) in early January 2021, we have established our fourth location, in West Los Angeles, California. We are working with our architects in New York City to continue our planned move to 50 Rockefeller Center in the fall of 2021. Our team is working hard to outfit the new space to fit our needs as a business and ensure the safety and comfortability of our employees and our community.

YEAR IN REVIEW

R

P

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1979: CITRIN COOPERMAN IS FOUNDED

Citrin Cooperman is founded by Niles Citrin and Joel

1980-2000: GROWING, MOVING, AND EXPANDING

Milestones: Citrin Cooperman moves to current NYC

Cooperman with seed money from two iconic rock ‘n’ roll bands, and they set up shop in a two-bedroom apartment in New York City.

headquarters and, what began as a tour accounting firm, becomes a full-service tax, assurance, and business advisory firm.

Firms Joined: 6

New Locations: 2

2001-2010: AGGRESSIVE GROWTH

Milestones: The firm launches Citrin Cooperman Wealth

Firms Joined: 16

Global Network Limited.

New Locations: 4

2011-2020: EVOLUTION INTO ACTION Firms Joined: 17

New Locations: 10

Management, forms a State and Local Tax Practice, and joins the international accounting association Moore

Milestones: Revenue exceeds $100M, then $200M for the first time. The firm celebrates its 40th anniversary in 2019, expands to the West Coast, launches the wealth management affiliate Apexium Financial LP, and restructures its Advisory Services line with a full suite of offerings including business management and family office, business process outsourcing, forensic and litigation services, healthcare advisory services, strategy and business transformation, technology, risk advisory, and cybersecurity, transaction advisory services, valuation advisory services, and wealth management and investment advisory services.

2021: PREPARING FOR THE FUTURE REIMAGINED

In addition to the joining of GMMM and the new West

Firms Joined: 1*

*As of March 1, 2021. Check back often to see what’s new

New Locations: 1*

Los Angeles location, the firm also launched a new bankruptcy and restructuring services offering under its Advisory Services line. as we continue to grow our team and services to fit the needs of our clients.

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KEY MANAGEMENT CHIEF EXECUTIVE OFFICER

OFFICE MANAGING PARTNERS

PRESIDENT

Patricia Cummings (Philadelphia, PA)

Joel Cooperman

Richard Dettore (Los Angeles, CA)

Alan G. Badey EXECUTIVE COMMITTEE Alan G. Badey

Sean Killgoar (Boston Metro)

Patricia Cummings

Matthew Kuchinsky (White Plains, NY)

Richard DeRienzo

Steve Lacher (Encino, CA)

Michael DeVito Manny Diakogeorgios

Bo Fitzpatrick Stacy Gilbert Jan Goren Daniel Howard Mark Kaplan Ken Kirkland Matthew Kuchinsky Salvatore Leone Michael Rhodes Michael Sabatini Bob Schneider Alex Serrano

. YEAR IN REVIEW

Stacy Gilbert (New York, NY) Daniel Howard (Encino, CA)

Joel Cooperman

Will Fernandez

Bo Fitzpatrick (DC Metro) Jan Goren (West Los Angeles, CA)

Niles Citrin

Mark L. Fagan

Peter Brown (Providence, RI)

Michael Sabatini (Melville, NY) Alex Serrano (Livingston, NJ) Robert Shuwarger (Los Angeles, CA) FIRM MANAGEMENT

John Bonelli, Principal and General Counsel Patricia Cummings, Partner and Chief Risk Officer Nicholas DiMaio, Partner and Chief Financial Officer Melanie Foss, Chief Human Resources Officer Anna Galioto, Principal, Firm Administration David Kells, Principal and Chief Operating Officer Laura Kucera, Principal and Chief Marketing Officer Kenny Li, Principal and Chief Technology Officer Nancy Palmerin, Chief Learning Officer John Porricelli, Chief of Staff Peter Vocaturo, Head of Accounts Receivable

LOREM IPSUM DOLOR SITER AMET CONSECTETUR ADIPISCING ELIT VESTIBULUM

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GIVING BACK HEALTHCARE MEAL PROGRAMS MANNA (METROPOLITAN AREA NEIGHBORHOOD NUTRITION ALLIANCE) MEALS ON WHEELS OF RHODE ISLAND

ISLAND HARVEST FOOD BANK

HOLY CROSS HEALTH FOUNDATION HOMELESS HEALTH CARE LOS ANGELES

VETERAN SUPPORT

GREATER BOSTON FOOD BANK COMMUNITY FOOD BANK OF NEW JERSEY

FOOD BANKS

OPERATION PROTECT THE HEROES MISSION 22

FOOD BANK FOR NYC FEEDING WESTCHESTER THE FOOD BANK OF LOWER FAIRFIELD COUNTY, INC.

HOUSING HABITAT FOR HUMANITY OF GREATER LOS ANGELES

FORWARD MOVEMENT

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RANKINGS AND AWARDS FIRM: • Best End-to-End Litigation Consulting Firm, DC Metro – National Law Journal DC 2020 Best of Survey • Best Global Risk and Investigations Consultant, DC Metro – National Law Journal DC 2020 Best of Survey • Best Forensic Accounting Provider, DC Metro – National Law Journal DC 2020 Best of Survey • Ranked Second Corporate Investigations Provider, DC Metro – National Law Journal DC 2020 Best of Survey • Ranked Ninth on ‘Top Accounting Firms’ list - Crain’s New York Business • Top 10 Top Franchise Supplier 2020 – Entrepreneur • Top 50 Top Construction Accounting Firms – Construction Executive • 2020 Best Places to Work in New Jersey (Large Company) – NJBIZ Magazine • Ranked 23rd on List of Top 100 Firms - Inside Public Accounting (2020 and 2021) • Top 10 Hedge Fund Consulting/Service Companies of 2020 – Capital Markets CIO Outlook • Top 10 Capital Markets Technology Consulting/Service Companies of 2020 – CIOReview

TEAM: Philip Baker

Mark Kaplan

Douglas Cammarano

Wayne Mejia

2020 Business Managers Elite – Variety

2020 Business Managers Elite – Variety

Harry Carpenter

Gina Pellicano

Nichol Chiarella

Kevin Ricci

2021 Top Wealth Advisor – Washingtonian

2020 Top Business Manager – The Hollywood Reporter

2020 Power 50 – NJBIZ

2020 Notable Women in Accounting & Consulting Crain’s New York Business Richard DeRienzo

2020 Top 25 Leaders and Achievers – Providence Business News Mark DiMichael

2020 AICPA Forensic and Valuation Services (FVS) Standing Ovation Recognition – AICPA Jordan Epstein

2020 Rising Stars in Real Estate – Crain’s New York Business Sylvie Gadant

2020 Notable Women in Accounting & Consulting – Crain’s New York Business Arnie Herrmann

2020 Top Business Manager - The Hollywood Reporter 2020 Business Managers Elite – Variety Shawn Howard

2020 Top Business Manager – Billboard

2020 Top Business Manager – The Hollywood Reporter

40 Under 40 – Providence Business News

2020 Tech10 Awards Recipient – Rhode Island Monthly Matthew Segreto

2020 Top Business Manager – The Hollywood Reporter 2020 Business Managers Elite – Variety Alex Serrano

2020 Power 50 – NJBIZ Influencers Power List 2020 – ROI-NJ Sharon Sullivan

2020 Top Business Manager- The Hollywood Reporter 2020 Business Managers Elite – Variety Soula Tsambiras

2020 Notable Women in Accounting & Consulting – Crain’s New York Business Sean Williams

One to Watch Honoree – FUEL: The Ultimate Men’s Virtual Summit Victor Wlodinguer

2020 Top Business Manager – Billboard

2021 Top Wealth Advisor – Washingtonian YEAR IN REVIEW

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PARTNER/PRINCIPAL ADDITIONS JEFFREY ALVANAS, CPA

Services: Bankruptcy and Restructuring

Partner, Braintree, MA

Services, Forensic and Litigation Services,

Industries: Not-For-Profit

Transaction Specialty Solutions, Valuation

Services: Accounting Advisory Services, Audit and Attest, Business Combinations, Lease Accounting, Revenue Recognition, Reviews

Advisory Services FRED CORSO, CPA, MST, MBA

and Compilations, Tax Compliance

Partner, Providence, RI

MATTHEW BART, CPA

Private Equity, Technology and Life Sciences

Partner, DC Metro - Maryland Services: High Net Worth Individuals, Tax Compliance, Tax Research and Planning,

Industries: Manufacturing and Distribution, Services: International Taxation Services CATHERINE EBERLY, CPA

Trust and Estate Services

Partner, DC Metro - Virginia

PRADEEP BUDHIRAJA, CPA

Construction, Financial Services, Government

Industries: Automotive Dealerships,

Partner, Encino, CA

Contracting, Real Estate

Industries: Manufacturing and Distribution,

Services: Audit and Attest, Business

Real Estate, Technology and Life Sciences

Consulting, Employee Benefit Plan Audit, Tax

Services: Agreed-Upon Procedures, Employee

Compliance, Tax Research and Planning

Benefit Plan Audit, Financial Statement Audit, Going Public Readiness, Public Company Audit Services, Revenue Recognition, Reviews

FREDERICK FANUCCI, CPA

Partner, DC Metro - Maryland

and Compilations

Industries: Construction, Government

DOUGLAS CAMMARANO, CPA

Services: Tax Accounting and Provisions,

Partner, New York, NY

Industries: Entertainment, Music, and Sports Services: Business Management and Family Office, High Net Worth Individuals, Tax

Contracting, Private Equity, Real Estate Tax Compliance, Transaction Advisory Services JOHN FINNERTY, CPA, MST Partner, Providence, RI

Research and Planning

Industries: Construction, Manufacturing and

ANASTASIA CANDELLO, CPA

Services: Commercial Tax Services, Tax

Partner, New York, NY

Industries: Financial Services, Real Estate Services: Commercial Tax Services, Tax

Distribution, Not-For-Profit, Real Estate Compliance, Tax Research and Planning JAN GOREN, CPA, CFF

Compliance, Tax Research and Planning

Partner, Los Angeles, CA

MICHAEL CARR, CPA, MSA, MST

Services: Forensic and Litigation Services, High

Industries: Law Firms, Real Estate

Partner, Braintree, MA

Net Worth Individuals, Transaction Advisory

Industries: Construction

Services

Services: Accounting Advisory Services, Audit and Attest, Financial Statement Audit, Reviews and Compilations JOE CASHEL, CTP, CIRA Principal, New York, NY

Industries: Entertainment, Music, and Sports, Franchising, Healthcare, Manufacturing and Distribution, Restaurants and Hospitality,

MICHAEL GRADY, CPA Partner, New York, NY Industries: Financial Services, Manufacturing and Distribution, Private Equity, Real Estate Services: IRS Representation and Tax Controversies, State and Local Tax (SALT), Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning

Technology and Life Sciences, Transportation and Logistics YEAR IN REVIEW

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JENNIFER HOGENCAMP, CPA, CHAE Partner, Providence, RI

Industries: Manufacturing and Distribution, Not-ForProfit, Restaurants and Hospitality, Technology and Life Sciences Services: Agreed-Upon Procedures, Business Combinations, Business Consulting, Business Process Outsourcing, Finance and Operations, Financial Statement Audit, Lease Accounting, Reviews and Compilations

Services: High Net Worth Individuals, Tax Accounting and Provisions, Tax Compliance, Tax Research and Planning FREDERICK MARTIN, CPA Partner, Encino, CA

Industries: Entertainment, Music, and Sports, Real Estate Services: Business Management and Family Office, High Net Worth Individuals, Tax Research and Planning GARY MASINO, CPA

J. CHRISTOPHER HULL, CPA

Partner, Los Angeles, CA

Industries: Entertainment, Music, and Sports

Services: High Net Worth Individuals, IRS Representation

Property (IP) Disputes, Royalty Audit, Compliance, and

and Planning

Partner, New York, NY

Services: Forensic and Litigation Services, Intellectual Consulting

Industries: Real Estate

and Tax Controversies, Tax Compliance, Tax Research

JAMIE MONTANIO, CPA

LAURA JENKINS, CPA

Partner, Encino, CA

Industries: Manufacturing and Distribution, Real Estate,

Financial Services, Real Estate, Staffing

Partner, Braintree, MA

Restaurants and Hospitality Services: IRS Representation and Tax Controversies, Mergers and Acquisitions Tax, Tax Compliance, Tax Research and Planning

Industries: Entertainment, Music, and Sports, Services: Business Management and Family Office, High Net Worth Individuals, Tax Compliance, Tax Research and Planning MICHELLE MOOMEY, CPA, MST

JENNIFER KATRULYA, CPA, CITP, CGMA

Partner, DC Metro - Virginia

Services: Accounting Advisory Services, Business

Manufacturing and Distribution, Not-For-Profit, Real

Partner, White Plains, NY

Industries: Construction, Government Contracting,

Process Outsourcing

Estate, Restaurants and Hospitality, Technology and

DAVID KIM

Services: High Net Worth Individuals, Mergers and

Principal, DC Metro - Maryland

Acquisitions Tax, Not-For-Profit Tax, Tax Accounting and

Services: High Net Worth Individuals, Private Client

Provisions, Tax Compliance, Tax Research and Planning,

Services, Tax Compliance, Tax Research and Planning,

Trust and Estate Services

Trust and Estate Services KENNETH LAKS, CPA Partner, Melville, NY

Industries: Construction, Franchising

Services: Commercial Tax Services, Tax Accounting and

Life Sciences

ADAM NAVA, CPA

Partner, New York, NY Industries: Broker-Dealers, Financial Services Services: Audit and Attest

Provisions, Tax Compliance, Tax Research and Planning

MARIA NG-HUANG, CPA, CFP

BRUCE LEV, CPA

Industries: Entertainment, Music, and Sports, Real

Partner, New York, NY

Estate, Restaurant and Hospitality

Services: Business Management and Family Office,

Services: High Net Worth Individuals, Private Client

High Net Worth Individuals, Tax Compliance, Tax

Services, Commercial Tax Services, Tax Compliance,

Research and Planning, Trust and Estate Services

Tax Research and Planning

RICHARD MARCUS, CPA, CFP, PFS

ALLISON PARSONS, CPA

Industries: Entertainment, Music, and Sports,

Industries: Government Contracting, Not-For-Profit

Partner, Los Angeles, CA

Manufacturing and Distribution, Real Estate

Partner, Los Angeles, CA

Partner, DC Metro - Virginia Services: Audit and Attest, Business Consulting,

Employee Benefit Plan Audit, Financial Statement Audit

FORWARD MOVEMENT

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PARTNER/PRINCIPAL ADDITIONS CONT'D

KATHLEEN POORBAUGH, CPA, MST

Services: High Net Worth Individuals, Mergers and

Partner, DC Metro - Virginia

Acquisitions Tax, Tax Research and Planning,

Industries: Construction, Financial Services,

Trust and Estate Services

Government Contracting, Healthcare, Real Estate Services: Commercial Tax Services, High Net Worth Individuals, Mergers and Acquisitions Tax, Private Client Services, Tax Compliance, Tax Research and Planning,

BRIAN SOSA, CPA

Partner, New York, NY Industries: Construction, Manufacturing and

Trust and Estate Services

Distribution, Real Estate, Transportation and Logistics

EMILY RICHI, CPA

Procedures, Audit and Attest, Business Consulting,

Partner, Braintree, MA Industries: Construction, Manufacturing and Distribution, Not-For-Profit Services: Audit and Attest, Business Consulting,

Services: Accounting Advisory Services, Agreed-Upon Financial Statement Audit, Reviews and Compilations JOSEPH VENTURA, CPA Partner, Encino, CA

Employee Benefit Plan Audit Tax Compliance

Industries: Manufacturing and Distribution,

CHELSEA ROSEN, CPA

Services: Agreed-Upon Procedures, Business

Partner, White Plains, NY

Combinations, Employee Benefit Plan Audit, Financial

Industries: Healthcare, Manufacturing and Distribution,

Statement Audit, Going Public Readiness, Lease

Real Estate

Accounting, Revenue Recognition, Reviews and

Services: Agreed-Upon Procedures, Audit and Attest,

Compilations

Employee Benefit Plan Audit, Financial Statement

Real Estate, Technology and Life Sciences

Audit, Reviews and Compilations

CONSTANCE WRIGHT

MATTHEW ROTHSTEIN, CPA, MST

Industries: Technology and Life Sciences

Partner, DC Metro - Maryland

Industries: Automotive Dealerships, Construction,

Principal, Braintree, MA Services: Business Process Outsourcing

Manufacturing and Distribution, Real Estate, Technology and Life Sciences

YEAR IN REVIEW

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YEAR IN REVIEW

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Business Reimagined CITRIN COOPERMAN RESPONDS TO CLIENT NEEDS DURING COVID-19

T

he first quarter of 2020 rapidly pushed us all into uncertain territory with the impact of the coronavirus pandemic, potential for recession, and an election year - our future state was far from business as usual.

Preparation is oftentimes the difference between success and failure. Even

as 2021 is underway, one thing is certain – now is the time to go back to basics and ensure we are as prepared as we can be to survive and thrive in any outcome. Every business needs a strong plan to weather the types of changes we face today. The partners and professionals at Citrin Cooperman are trained to help. To that end, we constructed the COVID-19 Response Unit (CRU) for clients to

leverage as a resource center. In addition to this CRU portal, we established

key service areas that were designed to aid businesses in these challenging times. For the past few years, words like disruption and innovation have been used when describing the business climate. While that wasn’t wrong – the true meaning behind these ideas were likely never imagined with the urgency needed for them today. The impact of COVID-19 has hit hard, turning “business as usual” into a foreign concept as business owners are now forced to evolve, transition, and in some cases re-invent themselves at a rapid rate to ensure their survival. Preparation, planning, and strong leadership are all crucial now more than ever, and can be the key difference-makers between success and failure. Tomorrow’s business world will be anything but normal. Every business needs a comprehensive playbook to navigate the types of changes we face today and transition into tomorrow’s re-imagined normal. (See Citrin Cooperman's Transition Playbook to learn more.)

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ENDURANCE ASSESSMENT

W

hen the COVID-19 crisis began, we knew we had to immediately provide our clients with resources and tools to help them navigate the uncertain times ahead. As part of our response, we created a proprietary Endurance Assessment to help businesses determine

their ability to sustain themselves through the months ahead. This assessment helped clients identify specific, high-

priority projects to focus on in order to address the biggest challenges they were facing. Each business received their own scorecard that showed how they fared in our five major categories of endurance, and provided specific guidance on how to improve their score in each area. The volume of responses allowed us to share insights into how each company compared to industry averages and against all companies in the data pool. Four associations partnered with us to push the assessment out to their members and helped drive more than 450 business leaders to complete the assessment. Industry responses varied and included financial services, healthcare organizations, franchising, and more. Through all the months of data collection, one theme continued to permeate the results. Forecasting, business

analytics, and scenario modeling capabilities were leading indicators of how confident executives felt in their ability to drive their business through the crisis.

Industry

Maturity Score by Industry

Score Ranges Maturity: 1 (Low maturity) to 5 (High maturity) Bubble size indicates company size

Maturity Score

YEAR IN REVIEW

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CRAIN’S NEW YORK BUSINESS SURVEY More than 1 in 5 companies do not generate a full budget

21% Redo their forecasts regularly enough to adapt quickly to changing circumstances

strategic goals

inform their planning

the economic instability and market turmoil that the coronavirus pandemic would create. A recent Crain’s New

York Business survey sponsored by Citrin Cooperman found

that 80% of corporate leaders across a variety of industries had

changed their outlook regarding their finances in response to the crisis. These leaders offered little consensus about the short-term prospects for the economy: Among the industries represented in the survey, only technology and telecom companies consistently signaled optimism for the remainder of the year. Despite that uncertainty, most organizations lack the tools

41% 50%

Do not believe in

or forecast to

E

ntering 2020, few companies could have foreseen

necessary to adapt quickly to changes in the economy or their markets. Do not use metrics beyond monthly financial reports

The uncertainty spurred by the pandemic demonstrates the importance of flexible planning as organizations have been forced to adapt to unprecedented disruptions in real time. Without hard metrics to guide their planning, however, companies are just guessing at the data that informs their decisions. Focusing on tools that make finance functions more efficient

64%

and flexible will be the key to developing a more robust decisionsupport structure and taking the guesswork out of planning for the future. By investing in new technology that supports real-

60%

Expect to invest in analytic capabilities

time analytics and sophisticated forecasting, organizations will be better able to adapt to the types of rapid changes that will likely continue to take place even after the pandemic has passed.

BUSINESS PROCESS OUTSOURCING

I

n today’s environment, executives are expected to do more with less. Focusing on what counts has become more difficult as leaders are forced to make more complex decisions in an increasingly dynamic environment. Often, businesses do not have all the resources required to make these decisions.

Citrin Cooperman’s Business Processing Outsourcing (BPO) practice can elevate your finance capabilities to provide timely and meaningful information that brings your decision making to the next level. It’s like building high-performing, sophisticated finance and IT departments in-house, and having them scale with you rapidly as your business evolves.

The BPO team offers specialized finance and IT professionals who have significant experience providing outsourced solutions to businesses in need. Our team frequently collaborates with other Citrin Cooperman offerings including tax advisory, wealth management, transaction advisory, management and technology consulting, and more. Citrin Cooperman’s personalized, holistic approach to advisory allows us to add value to your business in a variety of ways and evolve alongside your team as the business grows and changes.

BUSINESS REIMAGINED

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U BANKRUPTCY AND RESTRUCTURING SERVICES

A

s a result of Citrin Cooperman’s rapidly growing Advisory Services line, the firm welcomed Joe Cashel as a principal and leader of the

Bankruptcy and Restructuring Services Practice. This

newly-formed, independent practice primarily provides

financial advisory and restructuring services to distressed entities and various creditor and lender constituents both inside and outside of the bankruptcy process. Joe also specializes in providing expert witness services to both plaintiffs and defendants in a variety of bankruptcy litigation matters. The firm’s bankruptcy and restructuring team focuses heavily on bankruptcy administration, litigation, and taxation, restructuring and turnaround services, interim management, creditor and lender advisory, and trustee, examiner, and receiver services. Working cohesively with the rest of the advisory services team, including the forensic litigation and valuation services groups, ensures that regardless of the crisis or distress you may face, our seasoned professionals can provide you with objective guidance.

YEAR IN REVIEW

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The past 10 years have been a seller’s market with a large amount of dry powder, mostly from private equity funds, which has continuously pushed valuation multiples to frothy levels. Today, private equity firms and strategic buyers are taking a break from investing due to the uncertainty caused by the pandemic. I am hopeful that M&A activity will rebound, once we have a workable vaccine. Citrin Cooperman

— Sylvie Gadant, Partner, and Transaction Advisory Services Practice leader

INDEPENDENT SPONSOR SPECIAL REPORT

I

n the midst of this seismic shift in economic reality and expectation, it was important for us to continue our independent sponsor research and capture the significance of these challenging times while exploring

their implications for the future. As we noted in our inaugural 2017 report, the independent sponsor path “is not for the faint of heart.” Four years later, that phrase has never been more true.

Virtually overnight, independent sponsors and their portfolio companies woke up to a new world, facing business shutdowns and changed consumer behavior. As this year’s 2020 Independent Sponsor Special Report:

Weathering the Storm shows, independent sponsors are rising to meet

these challenges. They are helping their portfolio companies streamline operations, manage expenses, and pivot as needed. They are being creative

in how they approach valuations and deal structures and shifting more risk to sellers in response to an uncertain environment. They are also considering new capital sources and financing alternatives, recognizing the landscape may have shifted for the foreseeable future. As our prior independent sponsor reports have shown and this year’s report underscores, independent sponsors are adaptable, resilient, and adept at managing uncertainty and risk. Now, during COVID-19, they are doing what they do best: riding the choppy seas, managing the risks on the horizon, and weathering this storm. For those who can make it through, the potential for reward is great.

BUSINESS REIMAGINED

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SUPPORTING THE RESTAURANT INDUSTRY

W

hen COVID-19 hit, Citrin Cooperman hit the ground running - advising the restaurant community, providing consulting services, and distributing timely regulatory information and other news affecting the industry. We also assembled a team of dedicated industry resources, with specialized knowledge of PPP loans and

pandemic-related regulation, to address the specific needs of our clients.

The restaurant community is working hard to maintain consumer confidence. While we continue to service our clients, our Restaurant & Hospitality Practice is also providing actionable support for the industry by spotlighting some of our restaurant clients who have made strategic business decisions to reinvent their business. In order to do this, we created a Supporting the Restaurant Industry webpage, spotlighting clients who have asked us to list them as those

that have pivoted to introduce new products and services to their customers. Together, with a social media campaign, we have brought a considerable number of new visitors to our support site, promoting awareness that there are still

many options for people to do business with a favorite restaurant.

TABLE FOR 2 OR 10 - SETTING THE TABLE FOR RESTAURANT OWNERS The COVID-19 pandemic was especially devastating to the restaurant and hospitality industry. Businesses were forced to close and business owners lost their revenue sources overnight. What seemed to be a temporary, short-term problem turned into a long-term, industry-wide disaster. Information became a priceless commodity, and Citrin Cooperman became the go-to firm for industry information and updates regarding regulatory developments. In addition to alerts, webinars, and conference calls, the Restaurant and Hospitality Practice developed two programs to share information with clients and non-clients struggling to get answers.

YEAR IN REVIEW

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TABLE FOR TEN When an industry is facing a major disruption, business owners look to their peers to see what they are doing. As a service provider to hundreds of

TABLE FOR TWO The onslaught of after-effects from COVID-19 closures left many restaurant owners without answers and unsure of what to do next. Citrin Cooperman’s Restaurant

&

Hospitality

Practice

professionals,

deeply concerned for the industry, donated their time

hospitality businesses, we wanted to provide a setting where owners of similar establishments could have private, interactive discussions. This invitation-only event, hosted by Citrin Cooperman's Restaurants & Hospitality Practice professionals, was an opportunity

to have a candid and meaningful conversation about restaurant owners’ specific concerns, and to gain the individual perspectives of their industry peers.  Owners from restaurants with 10 - 500 employees,

to help members of various restaurant associations.

from various geographies, were able to have open,

Any restaurant owner who wanted to speak one-on-

interactive discussions about the issues that were

one with one of Citrin Cooperman's Restaurants & Hospitality Practice leaders could reserve a Table

for Two for a 30-minute, complimentary consultation.

having the most impact on their business in real time, and share what steps they were taking to get through the COVID-19 crisis and keep the doors open for

The response was overwhelmingly positive and

tomorrow. Top of mind was the Paycheck Protection

helped several owners address immediate challenges,

Program (PPP), but there was also a lot of discussion

primarily with respect to the CARES Act, and

around

developing a plan for the future.

business models, and peer resources.

BUSINESS REIMAGINED

leasing,

employee

retention,

alternative

23 23


INDUSTRY FOCUS: REIMAGINING THE FUTURE OF INDUSTRIES Shifting consumer trends and massive economic changes demand a new approach to providing creative solutions for our clients. At Citrin Cooperman, we’ve always been industry-focused and now, more than ever, we’re industrydriven. Using our industry expertise to bring the insights, clarity, and resolutions our clients need to thrive.

Y

our business needs people with the right mix of skills and a deep understanding of your industry working together with an eye towards the future. In this business, experience is everything. We focus on industry specialization because we know that having deep

industry expertise allows us to be strategic and offer our clients nuanced solutions that fit their unique needs. Here’s what is happening in some of our key focus industries and some perspective on their future, reimagined.

CONSTRUCTION To say that 2020 was one of the most difficult

The Paycheck Protection Program (“PPP”)

years the construction industry has ever seen

presented a tremendous lifeline for contractors;

would be an understatement. Construction

however, the constant release of changes and

firms have had to navigate a constant stream

clarifications to the program by the Small

of obstacles; temporary shutdowns of non-

Business Administration (“SBA”) created a lot

essential construction projects by various state

of confusion and anxiety. In order to guide our

and local government agencies have forced

clients through this confusing process, from

contractors to make tough decisions regarding

preparation of the initial application all the

downsizing their workforce and cash flow

way through applying for loan forgiveness, we

priorities, while also adapting to a remote office

assembled dedicated teams of professionals

environment and changing safety guidelines

and firm committees to continuously monitor

on the job site. These challenges have provided

updates from the SBA and be proactive -

us with many opportunities to work closely

advising our clients in real time.

with our construction clients - to help them navigate through these difficulties, while also taking advantage of opportunities to improve operations.

YEAR IN REVIEW

Due to the hardships the pandemic caused for many of our construction clients, we have been working closely with these companies to help

24


them “reimagine” their business. This includes having frequent discussions about the changes needed to avoid being caught flat-footed in the event of a potential future crisis. “What lessons have we learned?” Perhaps being forced to work in a remote environment made management realize that its current IT environment was not adequate to accommodate employees who had to work from home or generate timely financial information to make informed business decisions. Potential disruptions in the supply chain forced companies to review their purchasing process and the need to purchase certain products from multiple suppliers. The challenge of being forced to work with a reduced workforce created opportunities to streamline processes and procedures and made management realize that they can be more efficient with less people. Reduced revenue may have compelled companies to do a better job at preparing cash flow forecasts and projections. These are all areas where we have been able to help our clients adapt and be prepared for whatever hurdles are around the corner. We continue to see our clients invest in technology

Other challenges we continue to see impacting

to

and

contractors are shortages of qualified labor (including

increase efficiencies. This includes upgrading project

project managers), increasing insurance rates, costs

management, accounting, and bidding and estimating

related to maintaining and enhancing safety programs,

software, as well as enhancing the use of mobile

pricing of raw materials, and exposure to cybersecurity

technology in the field. Implementing these new

threats.

remain

competitive

in

the

marketplace

systems takes tremendous planning and coordination, so working closely with our clients has been important to ensure a smooth transition.

While companies have generally had strong backlog coming out of the early phases of the pandemic, many firms are concerned of potential slowdowns in 2021. Due to the strains on state and local governments caused by COVID-19, budget constraints have slowed growth in public sector projects. There is still uncertainty regarding federal infrastructure spending programs and nonresidential and residential starts have shown signs of slowing down in the second half of 2020. Considering these uncertainties, planning is more important than ever to identify threats, take advantage of opportunities, and always be able to adapt and pivot as circumstances change.

WE CONTINUE TO SEE OUR CLIENTS INVEST IN TECHNOLOGY TO REMAIN COMPETITIVE IN THE MARKETPLACE AND INCREASE EFFICIENCIES.

YEAR IN REVIEW

25


26


FINANCIAL SERVICES

2

020 has been an extraordinary year – one that we will never forget. Coronavirus forced companies to go back to basics: reevaluate their business

operations and priorities; understand their cash flow, liquidity, and access to additional or alternative financing;

companies due to market volatility in valuations. How much longer is anybody’s guess at this point. Fund managers will primarily ensure their portfolio companies can stay liquid and profitable and, in some cases, will need to make additional capital investment.

and make some key decisions. In the financial services industry, the impact of the coronavirus pandemic was mixed - some companies struggled, while others did very well because of the volatility in the markets. As we move into 2021, many companies in the industry have adapted to this new reality and adjusted strategies accordingly. In our core segments within financial services, we expect many broker-dealers and alternative investment funds to continue to need help as they navigate the pandemic and any changes to the accounting and regulatory environment. We also expect digital transformation, cybersecurity, and divestitures to all remain very relevant into 2021. Consolidation among smaller broker-dealer entities is likely dependent on the regulatory environment going forward. While hedge funds launched in 2020 were at historic lows, institutions are expecting to increase allocations to hedge funds in 2021 as part of a broader diversified portfolio allocation and in response to equity and credit market volatility.

What is Citrin Cooperman doing to address the needs of the financial services industry?

As clients navigate the ever-changing accounting and regulatory environment, we continue to stay close to our clients and serve as a valuable resource. Our audit and tax services continue to be important, but our suite of advisory services help differentiate us in the marketplace. As a firm and as an industry practice, we continue to invest in talent and advisory solutions Some alternative investment funds that experienced

that we can offer to companies in the industry. It is

difficulty raising capital during 2020 will move to

important, now more than ever, to bring to the table

raise capital and launch new funds in 2021. While

the entire breadth of expertise that the firm has to offer.

the coronavirus has had a significant impact

We are spending more time not only walking our clients

on some portfolio companies, very positive

through accounting and regulatory matters, but also on

fundraising over the last two-to-three years,

topics that could affect the business more broadly, such

continued record amounts of dry powder, and a

as cybersecurity and digital transformation. As advances

competitive market to put money to work will lead

in technology shape the way our clients do business, it is

to more deals being made in 2021. We also expect hold

critical to serve not just as their accountant, but as a true,

periods are going to be extended for some portfolio

trusted business advisor.

BUSINESS REIMAGINED - INDUSTRY FOCUS

27


28


FRANCHISING

W

e were off to a fast start in 2020, building off the momentum from 2019. The year started off with the continuation of private

equity investments at the franchisor level and private equity consolidation at the multi-unit franchisee level. When COVID-19 hit, it affected virtually every industry, in many ways. Franchising, though, is very resilient and the

In June of 2020, the IFA FASB (Financial Accounting Standards

Board)

Task

Force

was

successful

in

influencing the FASB in instituting a 606 deferral for one more year. Citrin Cooperman was proud to have been the only accounting firm asked to participate on the Task Force. Initially, the 606 deferral was going to be just for franchisors; however, the FASB deferred it for

community came together to help.

all private companies that did not adopt 606 as of the

Our deep involvement with the International Franchise

to prepare and submit comments to the FASB for a

Association (‘IFA’) gave our firm the opportunity to support our clients and the industry. One of our practice leaders is currently serving on the executive committee

deferral date. We worked with the IFA FASB Task Force potential practical expedient to be made available to non-public franchisors.

of the IFA Board of Directors, chairing the IFA’s Supplier Forum Advisory Board, and is a member of the IFA Budget and Finance Committee. Other members of the leadership team are on the IFA’s Membership Committee and the steering committee for the Task Force on Franchising in the Social Sector. Our involvement gave us opportunities to host educational webinars on many important regulatory and industry topics. Our commitment was also recognized for the second year in a row by Entrepreneur Magazine, who named Citrin Cooperman a Top 10 Franchise Supplier. During the year-end 2019 audits, franchisors were tasked with the challenge of implementing the new revenue recognition standard known as ASC 606 (‘606’). This standard completely changed how franchisors recognize revenue over franchise fees and caused many franchisors to restate their opening equity to a deficit. Citrin Cooperman’s Franchising Accounting and Consulting Practice was a leader in this space and many of our clients and other audit service providers relied on us for assistance with implementation and an overall understanding of the new rules.

Thanks to the hard work of the IFA FASB Task Force, on January 28, 2021, the FASB released Accounting Standards Board Update 2021-02 to Topic 606, an “expedient” that can be adopted by non-public franchisors on their December 31, 2020 financial statements. The intent of the expedient is to simplify the identification of performance obligations, which would potentially allow non-public franchisors to recognize more of their initial franchise fee as revenue. This could create an income pickup for franchisors, compared to the amount of income being recognized based on prior rules, as they are now allocating more of the transaction price identified. Franchising has historically performed well during economic downturns and we are seeing signs of franchising coming back stronger than ever. Franchisors have continued to look to grow their brands and adapt to the new environment. We have a positive outlook on the future of franchising, as we’ve seen several new franchisors come to market, start new businesses, and look to expand into new territories. Additionally, since June 2020, there has been a tremendous influx of interest to all franchisors throughout the industry from prospective franchisees - another indication of a positive outlook for franchising.

BUSINESS REIMAGINED - INDUSTRY FOCUS

29


HEALTHCARE

H

ealthcare organizations endured an extremely

As the federal funds from the CARES Act dwindle

turbulent 2020, as they continued to adapt

and healthcare organizations continue to battle the

to stagnant reimbursement, challenges in

COVID-19 winter surge, 2021 promises to accelerate

maintaining market share, rapid consolidation, and

many of the trends seen in 2020. And where there is

continuing changes in technology and medical science,

uncertainty and challenges for many, others, including

while simultaneously facing the dual challenges of

many investors, will see immense opportunity to build

the COVID-19 pandemic – providing frontline workers

new and innovative competing businesses and invest

to treat patients, while bearing the economic brunt

in fundamentally sound businesses at a significant

of patients delaying or skipping elective procedures

discount.

altogether. While many healthcare organizations have successfully adapted to lower in-person patient volumes through the increased use of telehealth, reduced operating costs to match revenue expectations, social distancing of patients in medical facilities, and the receipt of federal funds from the CARES Act, significant

Citrin Cooperman’s Healthcare Practice is perfectly poised to help healthcare organizations navigate the current environment, with a suite of services directed towards helping organizations position themselves for profitability, sustainability, and future growth.

uncertainty and challenges exist for the industry as it moves towards 2021.

YEAR IN REVIEW

30


INDUSTRY EXPERIENCE

• Hospitals and Health Systems

• Advocacy and Not-For-Profits

• Academic Medical Centers

• Boards

• Physician Practices

• Investors and Private Equity

• Ambulatory Surgery Centers

• Long-Term Care Facilities

• Outpatient Facilities

• Home Health

• Managed Services Organizations

• Hospice

• Payors and Plans

• Physical Therapy and Rehabilitation

• Managed Care Organizations

• Behavioral Health

• Government Entities

BUSINESS REIMAGINED - INDUSTRY FOCUS

31


32


MANUFACTURING & DISTRIBUTION

H

ow do you pivot during times of economic uncertainty, make difficult decisions, and re-focus your vision for success? This has been the focus of our Manufacturing and Distribution Practice as COVID-19 impacted our clients and the worldwide economy. This massive disruption gave business owners and management

a variety of issues to navigate and quickly adapt to. This has clearly been a year of change for all of us and we have worked diligently to be ahead of the curve as it relates to these changes and the impacts they had, will have, and are having on our clients. This year our practice launched the firm’s first Manufacturing and Distribution Survey to take the pulse of the industry’s senior leadership, measure the current health of their businesses, and take stock of future priorities, concerns, and challenges amid the pandemic.

THERE WERE THREE BIG FINDINGS FROM THE SURVEY:

Revenues and earnings among companies in this industry are surprisingly steady.

The best performers have more traction with e-commerce and Amazon sales.

l

68%

of respondents mentioned online sales having grown between 11-50% over the last 12 months.

Survey respondents rank technology and e-commerce as the key areas of focus for future growth. Companies should consider investments and improvements in the automation of processes moving forward.

COVID-19

has changed distribution in a variety of ways, most prominently changing the demand of product. 44% of the survey respondents see changing their business models as their top priority challenge for the upcoming year. With this, our Manufacturing and Distribution Practice team has adapted to servicing the ever-changing needs of the industry and preparing our clients for these future challenges. In addition to providing high-quality, efficient tax compliance and attest work, our practice group also advises clients on loans and grants, guidance on cash flow management and forecasting, and support with identifying technology and automation systems to best fit each company's needs.

BUSINESS REIMAGINED - INDUSTRY FOCUS

2020 has been a challenging year for all of us but it has allowed our Manufacturing and Distribution Practice group to leverage our deep bench of knowledge to provide excellent service to the industry and assist them through a myriad of matters - from difficult times and tough decisions to huge financial windfalls created from new business pivots.

33


34


REAL ESTATE

T

he unforeseeable events of the COVID-19 pandemic have seismically altered the landscape of the real estate industry. Despite uncertainty, our business has been strong, and

clients and prospects are still relying on us for our insights and guidance on how to navigate the changing environment. Given the continued focus on compliance requirements and adherence to industry regulations, we are also frequently called upon to handle compliance reporting issues. The industry has slowed down in terms of new deals being made, which has been mitigated by the lack of dispositions and related fall off. But we are seeing a large increase in potential distress investments and rescue capital being deployed. Clients are also raising funds and aligning themselves with new capital sources to capitalize on lucrative opportunities. Each new deal is like another new business from a deal standpoint and sometimes from a capital partner standpoint, which allows real estate companies to pivot and redefine themselves without drowning in their current situation.

We have been seeing the pandemic have less of an impact in certain markets – mainly outside of the urban markets. The pandemic has forced companies to explore new opportunities in other sectors outside of their comfort zone. In terms of infrastructure, we are seeing companies looking to upgrade their internal operations including IT, accounting, and reporting functions, which opens the door for more strategic business opportunities as a result of better metrics. As we move through 2021, we are seeing continued challenges alongside a recovery, as the pandemic situation improves. In terms of our own operations, the pandemic created an opportunity to restructure our practice and focus on solutions that are most suited to the current environment, but that will also allow our clients to thrive in any outcome. We are in a great position to help our clients come out the other side of this stronger and better positioned for success.

BUSINESS REIMAGINED - INDUSTRY FOCUS

35


Focus on Future Reimagined CULTURE

B

etween advances in technology, client needs, and continued industry consolidation – not to mention the significant pivots all today’s business environment has had to endure with the

unprecedented landscape laid out to us all with the pandemic, Citrin Cooperman continues to shift and adapt to ensure we remain focused on the future. For us, the keys to success are engrained within our firm mission and fundamental principles. We must ensure our strategy stays aligned with both our client’s increasingly complex needs in today’s environment, and the industry changes coming at us. In addition, we must also keep looking ahead at what is coming down

OWNERSHIP

3

the road for the industry and our clients, and grow our firm in advance. We must be philosophically nimble, innovative, and entrepreneurial in our approach. We must be willing to be consistently adaptable to sustain and grow in today’s market. To that end, Citrin Cooperman relies on our 5 key fundamental principles.

CULTURE – The key to our culture is to maintain focus on consistency,

PROFITABILITY

positivity, and transparency across all our offices, service lines, and industries.

Culture is defined by the characteristics and personality of an organization. The tenets of our culture are – caring, firm values ahead of personal agendas, open communication, and a dedicated professional workforce aligned to deliver the highest level of collegial and integrated client service.

GROWTH

7

CITRIN COOPERMAN’S MISSION: TO BE T MARKET THAT CLIENTS CAN DEPEND ON AND ADVISORY SERVICES THAT WILL BRIN WHAT DOES ALL THIS MEAN FOR YOU?

Citrin Cooperman strives to be a deep strategic and financial advisor to our clients – accountant, technology consultant, business advisor, etc. More

TRANSFORMATION

than that, though, we stay committed to being visionary in our thinking to anticipate future requirements early, be ready with timely and innovative technological and client relationship solutions as they emerge, adapt quickly, engage clients with an integrated approach and more consultative mind-set, and overall – be there to help our clients realize their future reimagined.

YEAR IN REVIEW

36


Citrin Cooperman’s corporate culture is what ultimately defines our legacy – more than just

driven services to our clients, actively securing our spot as their Trusted Advisor. Our professionals

agreeing to the idea of culture, we take to heart

strive to keep a business development mindset

actively living these values each day.

and integrated team approach to continually expand client services, and increase new business and long-term relationships through proactive, added-value insights and solutions.

Unified Voice

GROWTH – If we aren’t seeking ways to grow we become obsolete. Growth through new clients,

Integrated Value

Team Driven

ONE FIRM

expanded services and new strategic service lines, as well as growth through strategic M&A are key drivers in our strategy to ensure we remain relevant to our clients and market. At Citrin Cooperman, everyone plays a role in where and how we grow.

ClientCentric

TRANSFORMATION – Never more true than in

Collaborative

2020 – change is now – the way we do business

needs to have the capacity to evolve quickly and be nimble, including getting our partners and

OWNERSHIP – Citrin Cooperman personnel take

pride in ownership. Each professional is keenly focused on the part they play in the firm. To give credibility to our message and our values, we ensure expectations on the roles each of us take on are clear and that our employees are given the empowerment, tools and resources they need to

professionals to become the clients' number one trusted business advisor. We remain dedicated to continuously taking a fresh look into re-defining our business, and being ahead of the curve as our clients’ needs and demands for services evolve and change. To that end, Citrin Cooperman employs an

execute them in line with the firm’s overall strategy.

integrated approach to serve the whole client.

PROFITABILITY – We are collectively focused on

intertwined, combining our advisory services with

Our Business Advisory Solutions approach is

driving profitability to help ensure our ability to

our traditional services. This approach ensures our

continue to transform and sustain growth to meet

professionals' primary focus stays where it counts

client needs. To help do this, we are committed to

– focused on serving the whole client to build long-

actively providing consistent, high-quality, value-

term, valued relationships.

THE GO-TO PROFESSIONAL SERVICES FIRM OF CHOICE FOR THE MIDDLE N FOR CORE ASSURANCE, TAX, AND STRATEGIC BUSINESS CONSULTING NG VALUE AND ENHANCE THEIR BUSINESS AND PERSONAL ASPIRATIONS. BUSINESS ADVISORY SOLUTIONS APPROACH BAS

ASSURANCE

CC audit and attest professionals

have deep knowledge across all accounting, reporting, controls, and compliance standards (GAAP/ IFRS/OCBOA)

Deep

understanding of general business consulting and knowledge of key middle market business issues

Focus on providing a comprehensive

business services

approach

to

traditional

TAX

Depth of expertise with high-end

tax compliance and planning concerns, policy changes, and technical tax issues

Quarterback integrated approach to

solutions

ADVISORY AND CORE SPECIALTY CONSULTING SERVICES FOCUS ON FUTURE REIMAGINED

37


VIRTUAL TRANSITION

H

ow

do

you

transition

an

entire

workforce to a virtual environment in a

WORKING FROM HOME

Investing

in

technology and educating our staff on how to

matter of days? For Citrin Cooperman,

work remotely has always been a priority for

it meant relying on the investments we’ve made

our firm. That investment allowed us to keep

in technology, systems, and processes over the

our employees safe by instituting work-from-

last decade to carry us through a pandemic

home procedures early and providing the

that would go on to change everything about

support our team needed while adjusting to

daily life.

the many changes of the past year.

CLIENT SERVICE – We love being with our

KEEPING OUR CULTURE – Arguably, one of

hand and developing lasting relationships with

workforce is figuring out how to maintain the

their team help us to generate value-added

same culture in a completely novel setting.

ideas and solutions. It’s precisely because of our

We took this challenge to heart, instituting

emphasis on hands-on involvement that our

numerous touchpoints, resources, and team-

clients call on us to provide the same incredible

building

services even when we can’t be there in person.

meditation classes, a firm-wide Jeopardy series,

clients. Seeing how their businesses work first-

the biggest challenges of an entirely remote

activities,

including

twice-weekly

and email-free weekends in a continuous effort to help our team feel as supported and connected as possible.

YEAR IN REVIEW

38 36


VIRTUAL LEARNING Citrin Cooperman professionals rose magnificently to the challenges of 2020 in many aspects, not least of which was our dedication to learning and development. When the pandemic hit, our Citrin Cooperman Learning and Development (CCLEAD) team took initiative, pivoted quickly, and responded to current events. Part of the response was working to help our professionals adapt to communicating in different ways across the firm and with our clients. We have put a lot of emphasis on continuing to build this global learning culture from top to bottom for 2021. We will continue to offer our curriculum in our ‘virtual classroom,’ leveraging digital training, micro-learning and other remote-learning strategies. We have invested in Cornerstone, our learning management system, to help us offer blended learning solutions across disciplines to all our professionals, regardless of remote office location.

TRAINING INITIATIVES HIGHLIGHTS:

2,566

ONLINE COURSES COMPLETED IN 2020

Q

ONLINE ONBOARDING ADVANCED TAX AND ASSURANCE TRAINING

2 DIGITAL WEEKS OF CORE CONSULTING SKILLS BD REIMAGINED SERIES

BUDDY PROGRAM

22 MARKETING AND BD PRESENTATIONS

INDUSTRY DAY

 4

CC EDGE PANELS

FOCUS ON FUTURE REIMAGINED

6

UNCONSCIOUS BIAS PRESENTATIONS

39


Practice Directory INDUSTRY LEADERS MAIN CONTACT

ENTERTAINMENT, MUSIC & SPORTS

Managing Partner, Industries

T: 646.979.6087

T: 301.834.2489

E: msegreto@citrincooperman.com

E: showard@citrincooperman.com

MUSIC

Sylvie Gadant, Partner

Patricia A. Cummings T: 347.505.6307

E: pcummings@citrincooperman.com AUTOMOTIVE DEALERSHIPS Will Fernandez, Partner T: 973.218.7143 E: wfernandez@citrincooperman.com Ellen Kera, Partner T: 914.358.3401 E: ekera@citrincooperman.com CANNABIS ADVISORY SERVICES Mitzi Keating, Partner T: 401.567.2132 E: mkeating@citrincooperman.com Harry W. Carpenter, Partner T: 973.218.7103 E: hcarpenter@citrincooperman.com CONSTRUCTION

Sal Leone, Partner T: 646.695.7836 E: sleone@citrincooperman.com

.

Sean Killgoar, Partner T: 781.817.1168

E: skillgoar@citrincooperman.com Scott Derco, Partner T: 973.218.7130 E: sderco@citrincooperman.com

YEAR IN REVIEW

Matthew Segreto, Partner

Mark Kaplan, Partner T: 310.273.7769 x 105 E: mkaplan@citrincooperman.com FILM AND TELEVISION Wayne Mejia, Partner T: 310.273.7769 x 111 E: wmejia@citrincooperman.com SPORTS Douglas J. Cammarano, Partner

INDEPENDENT SPONSORS Shawn M. Howard, Partner

T: 973.218.7178 E: sgadant@citrincooperman.com FRANCHISING

Aaron Chaitovsky, Partner T: 646.695.7820 E: achaitovsky@citrincooperman.com Michael Iannuzzi, Partner T: 646.979.6079 E: miannuzzi@citrincooperman.com

T: 646.839.5993

E: dcammarano@citrincooperman.com GOVERNMENT CONTRACTING Shawn Howard, Partner

ROYALTY AUDIT & CONTRACT

T: 301.834.2489

COMPLIANCE

E: showard@citrincooperman.com

T: 347.505.6359

Sirena Johnson, Partner

Christopher Hull, Partner E: chull@citrincooperman.com FINANCIAL SERVICES

Including Private Equity

Alexander Reyes, Partner T: 646.695.7842 E: areyes@citrincooperman.com PRIVATE EQUITY

Alexander Reyes, Partner T: 646.695.7842

T: 301.834.2491 E: sjohnson@citrincooperman.com HEALTHCARE

Aaron Cohen, Principal T: 301.834.2473 E: acohen@citrincooperman.com John Bryan, Partner T: 914.517.4445 E: jbryan@citrincooperman.com

E: areyes@citrincooperman.com

40


Michael Criscione, Partner

Michael Zyborowicz, Partner

T: 401.567.2128

T: 267.479.0139

E: mcriscione@citrincooperman.com

E: mzyborowicz@citrincooperman.com T: 212.697.1000 x6136

MANUFACTURING & DISTRIBUTION

ARCHITECTURE & ENGINEERING

John P. Giordano, Partner

Gil Watkins, Partner

T: 347.505.6351

T: 203.847.1294

E: jgiordano@citrincooperman.com

E: gwatkins@citrincooperman.com

Mark Henry, Partner T: 781.817.1179 E: mhenry@citrincooperman.com Mark L. Fagan, Partner T: 914.517.4446 E: mfagan@citrincooperman.com TRANSPORTATION AND LOGISTICS Dmitry Bogdashevsky, Partner T: 818.461.5214 E: dbogdashevsky@citrincooperman.com NOT-FOR-PROFIT,

Including Public Sector John Eusanio, Partner T: 646.979.6091 E: jeusanio@citrincooperman.com PUBLIC SECTOR (GOVERNMENTAL) Michael Stephens, Partner T: 240.858.8772 E: mstephens@citrincooperman.com PROFESSIONAL SERVICES BJ Hoffman, Partner

LAW FIRMS

Scott Rutter, Partner T: 646.695.7811 E: srutter@citrincooperman.com

STAFFING BJ Hoffman, Partner T: 267.479.0115 E: bjhoffman@citrincooperman.com Michael Napolitano, Partner T: 973.218.7147 E: mnapolitano@citrincooperman.com Robert A. Schneider, Partner T: 646.695.7819 E: rschneider@citrincooperman.com Michael Zyborowicz, Partner T: 267.479.0139 E: mzyborowicz@citrincooperman.com REAL ESTATE

Mark Mindick, Partner T: 646.695.7896 E: mmindick@citrincooperman.com

T: 267.479.0115

RESTAURANTS & HOSPITALITY

Stacy Gilbert, NYC Managing Partner E: sgilbert@citrincooperman.com Roy Tumpowsky, Partner T: 646.979.6160 E: rtumpowsky@citrincooperman.com Bob Gilbert, Partner T: 973.218.0500 x2376 E: rgilbert@citrincooperman.com TECHNOLOGY & LIFE SCIENCES Michael E. Rhodes, Partner T: 646.695.7812 E: mrhodes@citrincooperman.com CRYPTOCURRENCY, TOKENS, AND BLOCKCHAIN

Michael E. Rhodes, Partner T: 646.695.7812 E: mrhodes@citrincooperman.com David J. Rosenbaum, Principal T: 929.281.2664 E: drosenbaum@citrincooperman.com Mark DiMichael, Partner T: 646.979.6095 E: mdimichael@citrincooperman.com

SPORTS TECH

Michael E. Rhodes, Partner T: 646.695.7812 E: mrhodes@citrincooperman.com

E: bjhoffman@citrincooperman.com

SERVICE LEADERS ASSURANCE MAIN CONTACT

Joseph Turkewitz, Partner,

Assurance Practice Leader T: 646.695.7876 E: jturkewitz@citrincooperman.com AUDIT AND ATTEST

AGREED-UPON PROCEDURES Danielle Russo, Partner T: 646.698.7849 E: drusso@citrincooperman.com

PRACTICE DIRECTORY

Mark L. Fagan, Partner T: 914.517.4446 E: mfagan@citrincooperman.com EMPLOYEE BENEFIT PLAN AUDIT John M. Eusanio, Partner T: 646.979.6091

FINANCIAL STATEMENT AUDIT Mark L. Fagan, Partner T: 914.517.4446 E: mfagan@citrincooperman.com Michael DeVito, Partner T: 646.695.7893

E: jeusanio@citrincooperman.com

E: mdevito@citrincooperman.com

Patricia A. Cummings, Partner

Patricia A. Cummings, Partner

T: 347.505.6307 E: pcummings@citrincooperman.com

T: 347.505.6307 E: pummings@citrincooperman.com

41


Michael A. Sabatini, Partner

J. Christopher Hull, Partner

Michael A. Sabatini, Partner

T: 631.930.5610

T: 347.505.6359

T: 631.930.5610

E: msabatini@citrincooperman.com

E: chull@citrincooperman.com

E: msabatini@citrincooperman.com

Andrew Adler, Director

Joseph Turkewitz, Partner,

PUBLIC COMPANY AUDIT SERVICES Patricia A. Cummings, Partner T: 347.505.6307 E: pcummings@citrincooperman.com Michael A. Sabatini, Partner T: 631.930.5610 E: msabatini@citrincooperman.com Joseph Turkewitz, Partner T: 646.695.7876 E: jturkewitz@citrincooperman.com REVIEWS AND COMPILATIONS Mark L. Fagan, Partner T: 914.517.4446 E: mfagan@citrincooperman.com Michael DeVito, Partner T: 646.695.7893 E: mdevito@citrincooperman.com ROYALTY AUDIT, COMPLIANCE, AND CONSULTING

T: 212.697.1000 E: aadler@citrincooperman.com Justin Buencamino, Director T: 212.697.1000 E: jbuencamino@citrincooperman.com ACCOUNTING ADVISORY SERVICES Joseph Turkewitz, Partner,

Assurance Practice Leader T: 646.695.7876 E: jturkewitz@citrincooperman.com LEASE ACCOUNTING

Peter T. Brown, Partner T: 413.707.1071 E: pbrown@citrincooperman.com

Assurance Practice Leader

Michael A. Sabatini, Partner

T: 646.695.7876

T: 631.930.5610

E: jturkewitz@citrincooperman.com

E: msabatini@citrincooperman.com

BUSINESS COMBINATIONS Louise Cody, Partner

REVENUE RECOGNITION Mark L. Fagan, Partner

T: 347.505.6316

T: 914.517.4446

E: lcody@citrincooperman.com

E: mfagan@citrincooperman.com

GOING PUBLIC READINESS

Patricia A. Cummings, Partner T: 347.505.6307

Joseph Turkewitz, Partner,

Assurance Practice Leader T: 646.695.7876

E: pcummings@citrincooperman.com

E: jturkewitz@citrincooperman.com

Paul H. Dailey, Partner

Andrew Rotter, Partner – Partnerships

T: 347.505.6357

T: 646.695.7831

E: paul.dailey@citrincooperman.com

E: arotter@citirincooperman.com

TAX MAIN CONTACT

Joe Bublé, Partner,

Tax Practice Leader T: 646.695.7876 E: joeb@citrincooperman.com COMMERCIAL TAX SERVICES IRS REPRESENTATION & TAX CONTROVERSIES

Leon M. Reimer, Partner T: 347.505.6309 E: lreimer@citrincooperman.com Craig Cafaro, Partner T: 347.505.6311

.

E: ccafaro@citrincooperman.com MERGERS AND ACQUISTIONS TAX Shawn M. Howard, Partner T: 301.654.9000 x 2489 E: showard@citrincooperman.com

NOT-FOR-PROFIT TAX Paula Vuksic, Partner T: 973.218.7123 E: pvuksic@citrincooperman.com Joseph Barreca, Director

John C. Genz, Partner - C Corporations T: 347.505.6308 E: jgenz@citrincooperman.com INTERNATIONAL TAXATION SERVICES Leon Dutkiewicz, Partner

T: 212.697.1000 x 6097

T: 973.218.7830

E: jbarreca@citrincooperman.com

E: ldutkiewicz@citrincooperman.com

TAX ACCOUNTING & PROVISIONS John C. Genz, Partner

STATE & LOCAL TAX (SALT) David Seiden, Partner

T: 347.505.6308

T: 914.949.2990

E: jgenz@citrincooperman.com

E: dseiden@citrincooperman.com

TAX COMPLIANCE, TAX RESEARCH & PLANNING

Allison Brack, Partner - S Corporations

Eugene Ruvere, Partner T: 914.517.4447 E: eruvere@citrincooperman.com

T: 646.695.7878 E: abrack@citrincooperman.com

YEAR IN REVIEW

42


FILM PRODUCTION TAX INCENTIVES John C. Genz, Partner T: 347.505.6308 E: jgenz@citrincooperman.com Danielle Russo, Partner T: 646.698.7849 E: drusso@citrincooperman.com PRIVATE CLIENT SERVICES

HIGH NET WORTH INDIVIDUALS Patrick Daly, Partner T: 646.695.7877 E: pdaly@citrincooperman.com Ronald Hegt, Partner T: 914.358.3342 E: rhegt@citrincooperman.com

Edward Berardi, Partner

Edward Berardi, Partner

T: 781.817.1141

T: 781.817.1141

E: eberardi@citrincooperman.com

E: eberardi@citrincooperman.com

OFFSHORE VOLUNTARY DISCLOSURE INITIATIVE Craig Cafaro, Partner T: 347.505.6311 E: ccafaro@citrincooperman.com Leon M. Reimer, Partner T: 347.505.6309 E: lreimer@citrincooperman.com

Heyam Janell, Director T: 401.421.4800 E: hjanell@citrincooperman.com TRUST AND ESTATE SERVICES Howard Klein, Partner T: 914.517.4242 E: hklein@citrincooperman.com

TAX COMPLIANCE

Ronald Hegt, Partner T: 914.358.3342 E: rhegt@citrincooperman.com

ADVISORY MAIN CONTACT

BUSINESS PROCESS OUTSOURCING

Advisory Services

T: 203.628.2439

T: 973.218.7178

E: sronan@citrincooperman.com

E: sgadant@citrincooperman.com

Richard J. DeRienzo, Partner, Leader, T: 401.421.4800 E: rderienzo@citrincooperman.com BUSINESS CONSULTING

BUSINESS MANAGEMENT AND FAMILY OFFICE

Paul LiRosi, Partner T: 646.979.6052 E: plirosi@citrincooperman.com HEALTHCARE ADVISORY

Steve Ronan, Principal

TECHNOLOGY, RISK ADVISORY, AND CYBERSECURITY (TRAC)

Michael Camacho, Partner T: 401.567.2126 E: mcamacho@citrincooperman.com

TRANSACTION ADVISORY SERVICES Sylvie Gadant, Partner

VALUATION ADVISORY SERVICES Mandeep Trivedi, Principal T: 646.695.7851 E: mtrivedi@citrincooperman.com BUSINESS ADVISORY SERVICES

TRANSACTION SPECIALTY SOLUTIONS Will Fernandez, Partner BANKRUPTCY AND RESTRUCTURING T: 973.218.7143 SERVICES

E: wfernandez@citrincooperman.com

T: 301.834.2473

T: 929.448.2027

WEALTH MANAGEMENT AND

E: acohen@citrincooperman.com

E: jcashel@citrincooperman.com

Aaron D. Cohen, Principal

STRATEGY AND BUSINESS TRANSFORMATION

Steve Ronan, Principal

Joe Cashel, Principal

FORENSIC AND LITIGATION SERVICES

INVESTMENT ADVISORY SERVICES Our affliliate, Apexium Financial LP (“Apexium Financial”) offers comprehensive financial planning,

Ken Yormark, Principal

investment advisory, insurance, and

T: 203.628.2439

T: 347.505.6350

risk management services to high net

E: sronan@citrincooperman.com

E: kyormark@citrincooperman.com

worth individuals, their families and corporate clients. Robert Brown, Partner T: 212.225.9500 E: rbrown@apexiumfin.com

PRACTICE DIRECTORY

43


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