Cleveland firm says its investment in people is part of reason for its post-recession growth.
The Great Recession forced many accounting firms, like companies in most industries, to scale back operations and spend resources conservatively as the economy soured. But Cohen & Co. (Ohio, USA) was among those that saw opportunity in a tumultuous environment.
Rather than slash positions and operating costs, the firm invested in new talent at a time when demand for CPAs slowed and many firms put hiring on hold or even laid staff off.
That consistent investment in people, said Cohen CEO Randall Myeroff, is largely why one of the largest accounting firms in Northeast Ohio is enjoying its strongest revenue growth since the recession began.
He's committed to the idea in a short phrase "never miss an opportunity" that was the guiding philosophy of Ron Cohen, who founded the firm in 1977.
"There are certain things that have never changed since the '70s," Myeroff said. "We're still client centered and have a crazy thirst to be smarter than everybody else it's a competitive objective. We're thriving now, but we're not nearly satisfied. We are as hungry or hungrier and more competitive than probably we have ever been."
Cohen & Co.'s affiliates comprise Cohen Fund Audit Services, Cohen Capital Advisors and financial planners Sequoia Financial Group. Without making sweeping changes to costs or fee structures, earnings are trending up steadily across the board and have been since 2009, when the company was a roughly $30 million enterprise. Cohen saw revenue of about $43 million in 2014, its best numbers since the recession and an increase of more than 10% from its 2013 revenue of $39 million. The company says it's on pace to hit $50 million this year.
In terms of staff, Cohen now employs 300, compared with about 275 in 2013 and 230 in 2009.
