Merger!
Welcome back! I hope you all had a great summer. Tracy and I enjoyed some much-needed R&R on the beaches of Long Island with our kids but it was an unusually busy time.
Marcum is already barreling towards Q4 at full speed. I have a lot to share.
On September 1, we announced the biggest merger in our history, joining forces with Friedman LLP. The combination establishes Marcum as a top-12 firm of more than 3,500 professionals. Looking back, I’m not sure I could have ever imagined growth of this magnitude when I became managing partner back in 1990 when we were a one-office firm of 20. I have known the people at Friedman and been friendly with their leadership for over 25 years. The seeds of this combination were planted long ago and I was personally thrilled to see the combination of our firms come to fruition. Although I was very familiar with Friedman’s leaders over the years, what I didn’t realize was the extent and depth of their talent. They were a firm of really talented people, who are all now part of the Marcum team. Friedman’s people make Marcum better.
So what does this mean for you? You’ll have access to an even deeper talent pool across Marcum’s service lines and industry groups, including several that have been reconfigured to take best advantage of the strengths and market experience of the combined team. These include Consumer & Industrial Products; Digital Assets & Blockchain; Media, Gaming & Entertainment; and Private Client Services.
Marcum Technology now has a vSOC (virtual security operations center) capability, thanks to the integration of Friedman’s cybersecurity affiliate. And Marcum Asia, which among other services serves Chinese companies listed on U.S. exchanges and recently opened a new office in Singapore, gained 75 specialists, who will be a great new asset as we continue our expansion in Asia.
Beyond that, the merger is also creating new opportunities for our people. On Tuesday this week we announced our annual partner promotions. This year’s class of 37, our largest ever, also includes new team members who came on board in the merger.
Marcum’s not the only one picking up the pace. A whopping 85% of respondents to our National Manufacturing Survey in August reported an increase in revenue year over year, and more than half project growth through 2022. 77% say they’ll be hiring in the next 12 months, despite the continuing labor shortage.
In parallel, 69% of respondents to our National Construction Survey expect the Infrastructure Investment and Jobs Act to have a positive financial impact for their businesses. 48% say their backlogs are higher than last year. What’s not to like?
Whether you are one of those lucky enough to be reporting positive results this year or not, take note that year-end tax planning season is now underway. Now is a good time to touch base with your Marcum tax professional to make sure you are aware of all the tax strategies available to you while there’s still time to act on them. It would be worthwhile to revisit your strategic planning with us, as well. No one knows exactly what may be coming around the corner but planning for various scenarios is a must.
Registration information for our national Year-End Tax Forum webinar on November 30 will be coming your way soon – our keynote speaker this year will be Laura Davison from Bloomberg News. Also expect to hear from your Marcum team about in-person events in the fourth quarter.
With holiday giving season just over the horizon, I’m delighted to report that the Marcum Foundation raised $600,000 for the St. Jude Children’s Research Hospital at our Hope in the Hamptons gala on July 30. One of the high points was actor Cuba Gooding Jr. belting out his version of “Hey Jude.” St. Jude is one of the world’s great pediatric hospitals and is Marcum’s official charity of choice. If you’re interested in joining us, contributions to St. Jude can be made here.
With Fall quickly approaching that means football season is upon us. Leo, Lily, Max & I are headed to MetLife Stadium Sunday for the Jets home opener, a Weiner family tradition.
Have a great weekend, everybody!
