Spotlight On: Roxana Scaffidi, CEO and Owner, Florida Accounting & Advisers

By Max Crampton-Thomas

 

2 min read August 2019 — There are multiple factors that attract people to Florida, including wonderful weather, a growing economy, an ecosystem that is conducive to successful businesses and perhaps most attractive, the tax climate. After the passage of the sweeping tax reform known as the Tax Cuts and Jobs Act of 2017, the tax climate in Florida only became more attractive to both people and businesses looking to relocate. Now, almost a year and a half since the reform has been in effect, there is a greater need for proficient accountants and financial professionals to help navigate this legislation. Invest: Palm Beach spoke with Roxana Scaffidi, CEO and owner of Florida Accounting & Advisers about how the new tax code is affecting people’s lives, the key to success within the accounting and financial world, and how she created a successful business in Palm Beach County. 

How have you seen the tax reform affect people’s lifestyle? 

The new tax code has really changed people’s lives, and we are now seeing certain individuals immigrating to Florida because of the business opportunities that the state offers and its quality of life. High income tax states include New York, California and Massachusetts, and those are the people coming here. To qualify for Florida’s tax benefits you must be a legal resident here, which means six months and one day of residency. Under the new tax laws, individuals are capped at $10,000 as a deduction for their state income taxes, personal property taxes and their sales tax. In addition, if they have a large mortgage on their house, the new tax code only allows them to deduct interest up to $750,000.

 

What is the key to success in this industry? 

The key in this industry is to be proactive rather than reactive. We observe what’s going on in the world today with the national and world economies. Everything is changing and as it changes you start to see more vacancies in areas where there used to be none. This is demonstrated with how Amazon has essentially killed a lot of the big-chain retail stores. To succeed in today’s market you need to stay on top of emerging trends and you can’t be afraid to point out these things.

 

To what do you credit the success of your business in Palm Beach County? 

When I started this company I knew that to run a successful business I needed to not only have a great product but also to always remain community-minded. As the 2018 Small Business of the Year recipients, I realized quickly that Boca Raton is very business and community-minded, so it was the perfect place to set up my business. I set out to build this business based on my values, knowing that those same values would translate to trust among our clients. In this business there is nothing more important than having your clients’ full support and trust.

 

To learn more about our interviewee, visit:

https://www.fl-accounting.com 

Spotlight On: Angelo Bianco, Managing Partner, Crocker Partners

By Max Crampton-Thomas

 

2 min read August 2019 — There are a multitude of reasons why people choose to relocate to Florida including a beneficial tax climate, ideal weather, and a bevy of real estate opportunities. Perhaps nowhere is that more evident than in Palm Beach County, and developers of commercial real estate in the region are reaping the benefits. Invest: Palm Beach recently spoke with Angelo Bianco, Managing Partner for one of the premier owner-operator and developers of commercial real estate in the region, Crocker Partners, who also happen to be the largest office landlord in Florida. Mr Bianco discussed with Invest: the impact Crocker Partners has in Palm Beach County, benefits of practicing commercial real estate in the county and what is on the horizon for investment within commercial real estate.

What impact does Crocker Partners have in Palm Beach County and South Florida? 

In the state of Florida, we are currently the largest office landlord. In Boca Raton, we are the largest office owner. We own thirty percent of all the office space in Boca Raton. We usually buy assets that have something wrong; for example, they are often poorly occupied and haven’t been operated the way that we would at Crocker Partners. We will perform renovations, reposition the assets and find new tenants. Then we either sell or re-capitalize the project to someone who wants to own more stable, secure assets. 

 

What are some of the benefits of practicing commercial real estate in Palm Beach County?

The best part of real estate in Palm Beach County is that people want to be here. Every year, more people move here. Because of our tax policies, Florida is an attractive place for the wealthy, and they tend to gravitate towards certain areas such as Palm Beach County. It’s fantastic because whenever you’re in a place where a lot of people aspire to be, they require office buildings and homes, so in turn there’s demand for new construction. Then the economy expands; people need to have rentals, apartments, storage and stores. It’s a great place to invest because, from one peak of the market cycle to the next, there’s always growth here. 

 

What trends are on the horizon for commercial real estate investment and growth in Palm Beach County?

Office development should be muted in the coming year. The reason is that a good majority of those moving here are wealthier people; they don’t drive a lot of demand in office space as most of them have hedge funds or family offices that do not require a lot of space; plus it costs so much to build new office buildings. You will have some projects, but it’s not going to be like it was in the past when there would be a tremendous number of cranes in the sky. But when it comes to multi-family development, we will continue to see growth. There will be a lot more rentals than we have had in the past. The United States by large is turning into more of a rental market than it has been, which doesn’t mean that single family homes are gone; it just means that people are much more comfortable renting.

 

To learn more about our interviewee, visit:

https://crockerpartners.com/

Spotlight On: Brett Forman, President & CEO, Trez Forman Capital

By Max Crampton-Thomas

 

2 min read July 2019 — The demand for residential and commercial real estate development in Palm Beach County is at a high, and developers are jumping at the opportunity to capitalize. This spike in demand has not only been beneficial to developers but also to those who are helping fund this development. Invest: Palm Beach recently sat down with Brett Forman, President and CEO of Florida-based, commercial bridge lender Trez Forman Capital. He discussed how Palm Beach County is uniquely positioned for real estate development, and how his company is benefiting from the boom in the market.

Where are you seeing the highest demand for your services? 

We experience the highest demand from developers of condominiums or multifamily rental apartments. There are a variety of financial firms pursuing these type of deals, but we offer something slightly different. We’re competing with banks every day, and we’re competing with more traditional mezzanine players and preferred equity investors. As a result, we have to be creative and offer a unique one-stop shop, including higher proceeds than the banks and non-recourse options. 

How is Palm Beach County a unique market for real estate development? 

Palm Beach County is home to some of the most expensive residential real estate in the world. On the opposite end of the spectrum, it’s also home to some of the poorest areas. So when you talk about Palm Beach real estate, you’re talking about a very diverse asset mix.

Trez Forman is more or less asset-agnostic; we lend against residential real estate, whether it’s apartment communities for rent, single-family houses for rent or condominiums for sale. We don’t necessarily construct homes, but we finance the lot on which developers do the horizontal development. 

What differentiates Trez Forman Capital from a traditional bank? 

It’s very easy to understand what differentiates us from the banks, since the banks are highly regulated. They have to do things according to what the regulatory agencies prescribe, and their leverage is usually much lower and typically requires recourse. What we’re offering is a much higher loan-to-cost solution. Trez Forman basically can take what the bank and the preferred equity investor offers and combine it to provide our clients with a one-stop solution that has surety of execution. We like to under-promise and over-deliver. We can fund a deal in 30 to 45 days, unlike a bank that may not be able to lend in that timeframe.

 

To learn more about our interviewee, visit its website:

https://www.trezforman.com/

Spotlight On: Dr. Winnifred McPherson, Director & CEO, Virtue Medical Staffing Services, LLC

By Max Crampton-Thomas

July 2019

2 min read  — The staffing industry is a multi-billion dollar market that quite often flies under the radar, but its impact and contribution to the overall economy should not be understated. With almost 17 million temporary and contract employees being hired by American staffing companies, this industry is vital to not only a sustainable economy but also to the country’s growing workforce. Staffing companies service a variety of markets including I.T., advertising, and perhaps most important healthcare. 

Although they are a relatively new staffing agency in the market, Broward County based Virtue Medical Staffing Services LLC has big plans to quickly expand their footprint within South Florida’s healthcare industry. Invest: Greater Fort Lauderdale spoke with Dr. Winnifred McPherson, CEO of Virtue Medical Staffing Services LLC and discussed the keys to success and plans to expand within the staffing industry.  

What is the key to success in the staffing industry? 

“In this type of business you have to have employees who meet the demands of your clients, and because the unemployment rate is so low in South Florida for medical professionals, we have to find these quality candidates wherever we can. We cannot be confined to only looking for those who have years of experience, and we must look to our recently graduated or graduating students in the area. As a staffing agency, we do not ever like to say that we do not have anybody for a position. We try our best to be proactive in making sure there is always a candidate ready to go.”

How do you plan to grow your business into the future? 

“We hold two licenses that let us service a larger audience. The first is a nurse registry license that allows our employees to work in Broward and Palm Beach counties, both in medical facilities as well as homes. Then we have a Health Care Services Pool license that allows us to work anywhere in the state of Florida but only in a facility. Our plan is to keep expanding further north, and the Health Care Services Pool license will allow us to do that. To be successful in staffing, we have to be both flexible and have the ability to work anywhere that has demand.”

Where are you currently finding the most demand for your services? 

“Right now, the majority of our demand is in elderly care. We have corporate hospice clients, so a large portion of our business and workforce is in hospice care. We are striving to attract both corporate and private clients. Private clients will normally require full-time care because they may be living alone or with a family member who cannot be home all the time to take care of them. We also target senior living communities, and we will speak with these homeowners associations to let them know that we are an asset they can depend on.” 

To learn more about our interviewees, visit their websites:

http://www.virtuemedicalstaffing.com/

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