Kaufman, Rossin & Co. Expands With Broward Deal
Daily Business Review
Accounting firm Kaufman, Rossin & Co. is taking over Friedman, Cohen, Taubman & Co. to increase its presence in Broward County.
"Our driver has been internal growth," said Jim Kaufman, managing principal and chief executive officer of Miami-based Kaufman. "When we see firms that are so perfectly aligned with us, we are interested."
No money is changing hands, Plantation-based Friedman will cease to exist and its 15 employees will officially join Kaufman on June 1, Kaufman said. With the takeover, the expanded firm will have 315 employees.
Friedman started at Kaufman, opened his own practice 15 years ago and specializes in tax, audit and consulting services.
The takeover will allow Friedman to provide its client base with more services and give Kaufman a platform to increase its market share and services in Broward County through Friedman's existing relationships and client base.
"Friedman is one of the principals who grew up as a young man here," Kaufman said. "This was his first job, and he was with the firm for several years. He knew the culture, and I think this is why they approached us."
Friedman focuses his practice on computer consulting, financial statement audits, securities work and entrepreneurial client matters.
"We are developing our Broward presence, and we saw this as a complement to our commitment in Broward County," Kaufman said.
Friedman decided to approach Kaufman in December. There will be no distribution of assets, Kaufman said.
"They aren't being acquired by us," Kaufman said, "The way we structured this is that there's a group transitioning over to the firm joining as employees in various capacities."
Kaufman sees Friedman Cohen's employees as assets who are perfectly aligned with the firm's entrepreneurial vision.
"In any organization people are our greatest assets, but we are combining resources, and the principal assets are people," Kaufman said.
Kaufman is a 50-year-old firm with offices in Miami, Fort Lauderdale, Boca Raton, New York, Boston, Dallas, San Francisco and the Cayman Islands.