NewHavenBIZ

n e w h a v e n b i z . c o m | N o v e m b e r 2 0 2 1 | n e w h a v e n B I Z 19 F O C U S : B a n k i n g & F i n a n c e We think you'll agree when you meet with our dedicated and experienced business bankers and see what we have to offer. Paul Portnoy, Vice President and Manager of our New Haven Loan Production Office, will personally oversee your account relationship. 142 Temple Street, Suite 208 New Haven, CT 06510 www.milfordbank.com We think you'll agree when you meet with our dedicated and experienced business bankers and see what we have to offer. Paul Portnoy, Vice President and Manager of our New Haven Loan Production Office, will personally oversee your account relationship. 142 Temple Street, Suite 208 New Haven, CT 06510 www.milfordbank.com FOR YOU AND YOUR BUSINESS SINCE 1872. Equal Housing Lender We think you'll agree when you meet with our dedicated and experienced business bankers and see what we have to offer. Paul Portnoy, Vice President and Manager of our New Haven Loan Production Office, will personally oversee your account relationship. 142 Temple Street, Suite 208 New Haven, CT 06510 www.milfordbank.com FOR YOU AND YOUR BUSINESS SINCE 1872. Equal Housing Lender early-stage market. One of those firms is Marcum LLP, which has offices in both Hartford and New Haven. Ethan Brysgel, the firm's national financial accounting and advisory services practice leader, says his firm has been investing more heavily in resources over the past five years to better support startups, which all have basic accounting needs. "Even if [startups] don't have customers yet, they still have vendors to pay and cash flow to track," Brysgel said. "The outsourced model [for accounting] is very attractive to a startup." Brysgel says the number of startup clients his firm is serving has increased five-fold over the past half-decade and Marcum is continuing to build out its expertise in this market. In May, Marcum announced its financial accounting and advisory services practice was merging with Starter Fluid LLC, a Boston-based company specializing in CFO-led services to better help early-stage and rapidly-growing companies scale successfully. "As companies grow, their needs increase — whether it's a tax issue, company valuation or more complex accounting," Wenchell said. Right fit FML's Milone says the level of advisory expertise required among startups has evolved as the complexity and size of venture capital investment has increased. "One of the challenges that we see with entrepreneurs early on is that they tend to seek out advice from people they know, so they may start with a smaller firm," Milone said. "But [those connections] may not have expertise in startup company formation or the sophisticated [venture] capital means involved." Milone says nearly one-quarter of the 75 members of his advisory services team is dedicated to startup clients, including expertise in state tax credits and cryptocurrency, which is gaining traction with select venture capital firms. Matt McCooe, CEO of Connecticut Innovations, the state's quasi-venture capital arm, says accounting firms that go beyond a startup's financials to focus on business-building are in high demand. "Every startup is looking to grow it's customer relationships and partners," McCooe said, "and firms that support the growth of a business make themselves attractive to new Continued on next page EMCOR SERVICES NEW ENGLAND MECHANICAL We'll be there when you need us. With 50+ years of experience and more than 300 continuously trained, licensed, and certified facilities services technicians, we provide a wide range of building construction and facilities solutions across New England. COUNT ON NEMSI FOR: HVAC, Plumbing and Process Piping Design-Build Construction Electrical Services Energy Management Systems LEED Certification Programs Comprehensive Preventive Maintenance Programs 24/7/365 Emergency Response Call 860.871.1111 Toll Free 800.741.6367 Fax 866.481.3250 55 Gerber Road East, South Windsor, CT 06074 nemsi.com OFFICES IN Trumbull | New London | Palmer, MA | Albany, NY | Manchester, NH License #s: E1-0125666 • S1-302974 • P1-203519 • F1-10498 • SM1-192 • MC-1134

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