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Name change is just one reason to celebrate at Sax Accounting firm eyes record growth on 60th anniversary

Andrew Sheldon//August 22, 2016//

Name change is just one reason to celebrate at Sax Accounting firm eyes record growth on 60th anniversary

Andrew Sheldon//August 22, 2016//

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SaxBST figured it would have plenty to celebrate this year.
The Clifton-based accounting firm formally changed its name to Sax earlier this month — and it is the company’s 60th anniversary.

Managing Partner Joe Damiano, however, said the party will be even bigger, as the company is on pace to have its biggest year of growth ever.

“We’re having the best organic growth year in the firm’s history in the first eight months,” he said. “We are just a tweak shy of $2 million and, when you project that out, that’s roughly 14 percent of organic growth this year.

“We’re pretty excited about where this market is going to take us.”

That market, according to Damiano, is closely held, middle-market, family-run businesses.

“That’s what we focus on and we’ve built the firm around doing it, from our accounting, auditing and tax department to trust department and wealth management group, everything we do is geared around servicing these types of clients,” he said. “We’re not really a compliance-driven firm, although we do it and it is important, but we constantly need to bring new ideas to our clients, and being proactive is what really makes us the firm that we are.”

To achieve this, Damiano said the firm has developed what it calls its client service delivery model.

“We’re constantly game planning, before we walk into a client’s office about what things we can talk about to make sure they’re hearing it from us first,” he said. “If all you want us to do is your audit and tax return, we’re probably not the firm for you.

“But if you want us to be a trusted adviser, to be involved in your estate planning and every aspect of your lives, then this is the firm that you should hire, because that’s what we get excited about.”To explain it simply, Damiano uses the example of doing a simple inventory versus a more comprehensive analysis.

Biz in brief
Company: Sax
Founded: 1956
Headquarters: Clifton
Employees: 150
One more thing: As part of the rebranding, the firm’s Albany office will operate independently under “BST, rather than Sax.

To explain it simply, Damiano uses the example of doing a simple inventory versus a more comprehensive analysis.

Damiano credits that approach for the longstanding business relationships the company has developed over its six decades in business.

“We have clients that have been with us for 60 years and that’s not the norm in the industry,” he said. “It’s not that we do the best tax return or financial statement, though I would say we do in my opinion, but I think it’s the value-added components and really being that trusted adviser to those clients that keeps them with the firm.”

But Damiano points out simply maintaining business relationships doesn’t drive record growth for a company. There’s also an aspect of business development to the firm’s business plans.

“We’re really concentrating on our New Jersey, New York City, tri-state area market here, and we’ve been hitting the ground and bringing in a whole bunch of new business that we’re really excited about,” he said.

Looking ahead with a new brand
Effective Aug. 15, Clifton-based accounting firm SaxBST announced its corporate rebranding and launched, simply, “Sax.”
Managing Partner Joe Damiano said it’s all a part of a company culture that emphasizes looking ahead and keeping up with the times.
“Our marketing department has done a wonderful job in coming up with a new logo, and I’m excited about the website,” he said. “It’s young, energetic, sleek and forward-thinking.”
He said it has validated his faith in the next generation and the future of the company.
“It just shows that when you put these millennials in charge of things, they really do a great job.”

To engage the workforce, the company rolled out its Business Development Olympics, a program that groups the firm’s employees into teams and awards points for new business.

“We’re trying to help the younger generation to go out, meet bankers and attorneys and get prospective client meetings,” he said. “Then we’re giving out prizes at the end of each month based on who had the most activity.”

It’s a way to encourage the accounting team to get out of its comfort zone.

“We’re making them do something that doesn’t come natural to accountants because they’re not salespeople, but we’re making it fun,” he said.

It’s also a way to generate camaraderie among the various generations working at the company.

“We have a lot of young partners that have come up through the ranks in the firm, and to see the energy that’s being developed within the firm with succession planning and creating leadership positions for this younger generation,” he said. “To see them be involved and have the energy that they’re bringing to the marketplace is an exciting time for the firm.”

Damiano said the company, which now has a 58 percent millennial workforce, has been attracting young talent by “listening.”

“You can really see the difference between the three generations,” he said. “If millennials want the flexibility to work from home, we treat our employees like professionals. If they need to go and do something, we allow them to do that as long as they’re doing what’s right for the client.”

Damiano is having his own big year, having been named managing partner in May after 22 years at the firm. He said he’s excited to continue the company’s tradition of looking forward.

“It’s a humbling experience that my partners had the trust and faith in me to run the firm, but it’s all about building a legacy for the future generation of partners,” he said. “We’ve retired three generations of partners now, I’m in the fourth, and we’re bringing on the fifth generation of partners now, so we want to continue this legacy.”

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