Five Questions with Marc Friedman, Friedman and Associates PA, CPAs

10/4/17

By Gregory Weiner, Member, PK Law

With offices overlooking the former Owings Mills Mall off Interstate 795 in Baltimore County, Friedman and Associates assists medium-sized corporations and individuals with a wide-ranging array of services including accounting, business consulting, tax preparation and planning and a full complement of other individualized services. With more than 35 years of experience, Marc Friedman is a Certified Public Accountant with a Master’s Degree in Taxation. The company is a member of the American Institute of Certified Public Accountants, the Maryland Association of Certified Public Accountants and the Maryland Society of Accountants.

Q. How do accounting firms differentiate themselves in the marketplace?

A. Everything starts and ends with service. It’s all about the approach you have with the client, combined with the knowledge and experience you bring to the table. I have been doing this for 37 years and, in additional to being a CPA, I have a Master’s Degree in Taxation. As a result, I have learned how to think “outside the box.” I also pride myself with the ability to explain complex set of rules and matters to my clients in termsthey can easily understand. We do our best to help our clients understand each particular situation so, together, we can make educated decisions and look for sensible alternatives.

Q. What is the firm’s philosophy about specializing in particular industry sectors?

A.While we have developed a niche in the restaurant, professional service and beverage industry, we still consider ourselves general practitioners that specialize in tax and accounting. We prepare numerous individual tax returns and represent manydifferent types of businesses. Over the past several years, we have continued to delve quite deeply into restaurant and beverage work but have also continued to maintain and grow a very diverse client base.

Q. Let’s focus a bit on the spirits side of things.

A. I love the business. Is that statement painfully obvious? It’s just a lot of fun. I have been working with a local winery since the early 1980s so have a great deal of experience. A few years ago, one of my clients started a craft brewery. I was able to use my knowledge and experience in the winery business to help the brewery. We took a hard look at the operation including projections and cash flows. Most importantly, what are your capital needs? While these businesses do have their differences, my experience is that breweries and wineries need a constant supply of capital to move forward.

Q. What’s the most rewarding part of your profession?

A. Visiting and interacting with my clients, as I have learned and continue to learn so much about different business and how they operate. It makes each day a fun adventure. And, when I learn something that is transferable to another client, I pass that knowledge forward. For instance, what a retailer is doing might help a restaurant and vice versa.

Q. Describe the current economic climate.

A. While we operate primarily in the state of Maryland, I have clients in Virginia, Pennsylvania, and DC as well. Overall my dealings with the various states and local sub divisions has been positive. There are always issues that come up and, when they can help us, they do.I have also found the business in general is much tougher than it has ever been before. But, if you work hard and have a good handle on what is going on, you will succeed.

Greg Weiner is a Member in PK Law and Co-Chairs the firm’s Corporate and Real Estate Group. He represents emerging and established businesses in a wide range of industries including technology, health care (including urgent care, home healthcare, assisting living and nursing homes), restaurants, breweries, education, construction and professional services (including physician practice groups, accountants, attorneys, software and IT companies and design firms). He assists them with general business matters, as well as employment contracts, wage and hour and overtime issues, independent contractor versus employee classification, real estate needs and financing.

Pessin Katz Law, P.A. (PK Law) is the eleventh largest law firm in the Baltimore area and has been serving clients for close to thirty years. PK Law maintains full-service offices in Towson, Columbia, and Bel Air and is comprised of more than 60 lawyers, paralegals and law clerks. Practice areas include corporate law, real estate, zoning, education law, estate planning, elder law, labor and employment, litigation, insurance law and medical malpractice defense. For additional information, visit www.PKLaw.com Contact Greg Weiner at gweiner@pklaw.com

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