It has been a while since our last edition of The Bottom Line and I promised my staff that I would prepare this edition before I headed out for some over-due time off. I am sure all our CPA clients can relate with that! For most of this year, we have been dealing with the “new normal” in terms of how we interact and conduct business. I am grateful for how our team has performed under a whole series of logistical challenges with respect to our business and of course, our clients who have reacted favorably to different approaches we needed to implement to keep our employees, client site contacts, and occupants safe.
This year was like no other in terms of timing and deadlines. Many clients decided to defer decisions based on COVID-19, only to re-engage late summer. The 5-year NOL carry back provision related to the CARES Act also caused many taxpayers to re-think cost segregation and in concert with their tax advisors, chose to engage us for services – sometimes at the very last minute. As with previous years, our team rose to the challenge and delivered all reports in a timely manner ahead of filing due dates.
You may be wondering why this Bottom Line is entitled “The Passing of Time”. It struck me just how quickly time passes, and it hit home when I read an article about the passing of Gerald D. Hines. Early in my career, I had the privilege of working for his organization as one of two approved contractors for store construction of the Dallas Galleria. I was always impressed with the professionalism of his staff and quality of the properties developed. Mr. Hines had a background in mechanical engineering and was a visionary when it came to energy efficiency being a measure of a building’s overall financial performance. From starting off as a single person company to becoming an industry leader and global developer was quite an accomplishment and it just goes to show that a strong vision, commitment to excellence and sound business practices will result in success. Mr. Hines’ obituary reminded me that time sure has passed. It has been more than 33 years since I last constructed a store in the Dallas Galleria!
On the subject of industry leaders, we at Bedford, have had the privilege of working with Marcus & Millichap and their many specialty divisions. As a thought leader, this firm has invested heavily in market research and routinely conducts relevant informational webcasts related to many segments of the real estate market. Since the COVID-19 shutdown, this firm has delivered 18 live webcasts to over 55,000 viewers! If you would like to learn more please visit their website: https://www.marcusmillichap.com/news-events/our-events . You can also download some of their special market reports.
Speaking of time passing, I am reminded that summer is officially gone – the leaves are already starting to change color up here in Northern New England.
Greg Bryant – Managing Partner