ACCOUNTING
Spotlight on … Sax LLP Managing Partner Joseph Damiano , CPA
Under his leadership , the accounting firm has thrived .
By Diane C . Walsh Contributing Editor
Joseph Damiano wants Sax LLP to be the first call his clients make whenever they have a problem .
As managing partner , Damiano ’ s goal is to broaden the firm ’ s role as business advisors . “ That ’ s how we can add value to our clients ’ businesses ,” he says .
The 65-year-old firm ’ s niche is servicing closely held , family-run businesses and high-networth clients . Its expertise is reflected in their clients ’ trust since many have been with the firm for more than 25 years .
When Damiano was named managing partner in 2015 , he was 42 — one of the youngest in the industry . He has spent his career at Sax LLP , joining the firm as a junior accountant fresh from Iona College . Quickly moving through the ranks , Damiano became a partner at 31 . Then he took on oversight of marketing ; and by 36 his expertise in construction resulted in him being named co-leader of the business line .
Commercial construction , real estate development and manufacturing and distribution comprise half of the firm ’ s client base , with the remainder falling among non-profits , healthcare , professional services and the private client group . Growth has been steady and organic with an uptick of 8 percent to 10 percent last year . Nine new partners were recently added ,
8 COMMERCE www . commercemagnj . com too . Damiano believes the momentum can be continued by expanding the advisory business .
He is training the firm ’ s next generation to develop their soft skills . “ It ’ s the pathway to success ,” he emphasizes . Under his leadership , the firm expanded existing business lines , including a trust and estate division , where team members have legal expertise . Sax ’ s wealth management department , whose credentials include certified financial planning , continues to rapidly grow , and in the past year the firm managed more than $ 1.5 billion in assets .
The strain and struggles of the COVID‐19 pandemic also convinced Sax LLP to establish a new service to assist clients with their technology needs . S2 Technology Solutions was born to help in the transition to a remote workforce and allay any cybersecurity issues .
Damiano also added an investment banking arm , Sax Capital Advisors . They often work with clients of the baby-boomer generation who are considering selling their businesses or have a need for valuing their business to ready it for sale .
“ Accountants have to be more than just accountants . We are forcing them to be business advisors ,” the managing partner says .
Sax LLP employs 170 accountants and about 30 administrative staffers . At the onset of the pandemic , the firm shut its doors and smoothly transitioned to remote working .
“ Technology enabled the firm to address our clients ’ challenges . Each industry faced its own issues ,”
As managing partner , Damiano ’ s goal is to broaden the firm ’ s role as business advisors . “ That ’ s how we can add value to our clients ’ businesses ,” he says .
Photo : Getty Images / Bim
Sax LLP Managing Partner Joseph Damiano , CPA
Damiano says , recalling most construction clients continued to be busy but manufacturers were deluged with supply chain problems . Sax honed in on the individual needs , especially providing assistance in submitting applications for the Payroll Protection Program that offered federal loans to keep businesses afloat . Now the clients who obtained PPP loans are seeking loan forgiveness and Sax is again navigating them through the process .
The pandemic marked a major milestone in the firm ’ s history too , as the main office moved from Passaic County to Morris County in November . Damiano brought the firm to the Latitude building on Interpace Parkway in Parsippany , drawn by the many amenities designed for team engagement . Most of the staff is vaccinated against COVID and since July 6 Damiano encouraged them to return to the office at least three days a week . “ Nothing can compare to the sharing of knowledge and the collaboration accomplished face-to-face ,” he says . “ I ’ ve seen the energy come back to the office . It ’ s been exciting .”
For his quarterly town hall meeting , Damiano used the building ’ s conference center and broadcasted it virtually . It was an opportunity for him to review revenues , policies and give an open forum to the staff . Many staffers came in-person to the three-hour event , some from New York City .
Sax hosted a picnic outside for the attendees and they were encouraged to try out the Pelotons in the gym or the golf simulator . “ It was fantastic to see ,” Damiano says . “ That ’ s the culture we ’ re trying to drive . We want to hold onto our family fun atmosphere .”
One of the firm ’ s founding partners , Egon Fromm , recently called to congratulate him . “ He said ‘ I would have never thought to take it to the places that you have .’ ”