For Immediate Release

MIDDLETOWN, N.Y., November, 2008 — Believing that an economic downturn is a critical time for area businesses to turn to a trusted financial advisor, Judelson, Giordano & Siegel (JGS) announced today a new website to help potential and existing clients find the help these times demand. The new website can be found at www.jgspc.com.

“We have a strong tradition of working hand-in-hand with our clients to develop sound financial plans that began when our company was formed in 1932, at the height of the great depression,” remarked Frank Giordano, Jr., managing partner. “We want the website to be a resource for our clients as they contemplate the tough choices they will be making in this economic climate.”

Since 1932, JGS has operated using a unique business model of providing accounting services alongside unparalleled management consulting with an innovative business strategy.   As accountants and financial advisors, JGS does far more than assist with taxes and payroll; they also act as valued partners, consulting on a variety of issues from monthly financial planning, capital investment planning, and capacity estimations to succession planning, fraud detection, and more.  

 “In addition to facilitating the search for financial services, our new website offers visitors insight into how JGS has helped its clients, many of whom have remained with the firm for generations.   It also provides several financial calculators that offer quick and easy assessments of the financial impacts for important considerations like home mortgages, credit card debt, college tuition, retirement planning,” added Bill Siegel, partner.

The new website includes resources to assist with some of the day-to-day questions and concerns that may arise in personal and business financial planning. While these resources are not a substitute for financial advice from a qualified professional, they can be used as a starting point in a client’s decision making process.

Lifelong business partners with many of the area’s most successful businesses, JGS creates custom solutions. “There’s nothing cookie cutter about our approach to helping clients succeed,” says Frank. “We research every aspect of our client’s businesses and offer them the benefit of an outsider’s perspective yet provide an insider’s understanding of the challenges the company may face. Many of our clients consider us their outside board of directors.”

Founded 76 years ago, JGS provides financial consultation and a variety of financial products services to over 2,000 regional clients. The firm comprises CPAs and staff who are creative thinkers, ready to support a broad range of business needs with strategic planning, vision and innovation.

For Immediate Release

Judelson, Giordano & Siegel, PC, (JGS) a Middletown-based financial service firm, and EFCO Products, Inc. an ingredients manufacturing company headquartered in Poughkeepsie, New York, are marking their 75th relationship by sharing lessons they learned together with businesses that might be facing uncertainty in today’s economic climate. “We’ll be offering a story every other month in hopes of inspiring companies to emerge stronger in spite of the economic downturn,” explains William Siegel of JGS.

During a relationship spanning over seven decades, these two regional companies have successfully turned a series of potential obstacles into opportunities for growth. “Even the worst of financial times can be the best of times when approached with insight and fortitude,” remarked Steven Effron, Executive Vice President of the 105 year old manufacturer and distributor of ingredients for the baking and foodservice industries. “Adversity can bring down a ship or make it far more seaworthy,” he adds. “Having an expert navigator to assist the captain makes the difference.”

JGS provides key services and support to EFCO including monthly financial planning, capital investment planning, capacity estimations and more. Over the years, they have become trusted partners. “If EFCO could have an outside board of directors, JGS would be it,” Effron says.

According to Effron, many companies looking to ride out stormy conditions often cut out the very consultants who may be able to help them streamline or even expand in new directions. “If you don’t have someone you trust to chart a new course, this is the time to find one,” he adds.

One noteworthy example of an obstacle the relationship has weathered together is EFCO’s transformation away from food distribution toward food manufacturing. Prior to the mid 1980’s EFCO had 125 employees and about 26 tractor trailers to handle distribution primarily to over 450 a major restaurant chain. Between 1985 and 1986, this chain decided to do their own distribution, cutting 80% of EFCO’s business and forcing EFCO to pare down to 50 employees and 5 tractor trailers as a result.

“We were faced with a dramatic change, almost overnight.   It was time to navigate a new course for EFCO, a course we had never navigated before now.” Steven Effron quips. With JGS in tandem, the companies developed a pro-active plan to restructure the business, changing it in only 12 months from a distribution company with manufacturing capabilities to a manufacturing company with limited distribution channels. The company also added automation, custom formulation capabilities and the technology to expand its array of products. “We learned to offer our customers greater efficiencies compared to our larger competitors,” says Effron.

EFCO was agile—fit, flexible and capable of producing custom orders in a hurry. Their larger competitors could not custom formulate specialty products as quickly or effectively. “EFCO quickly became the company customers turned to for markets in Asia, Latin America, the Middle East and more.” he adds.

EFCO is a 4th generation, family-owned business started in 1903 by the grandfather of Jack and Ira and Mike Effron—brothers who both are still working in the business that’s now run by Steven Effron, Jack’s son. EFCO is a fine ingredients manufacturer serving chains including Dunkin Donuts, Perkins Family Restaurants, many in-store supermarket bakeries, such as Pathmark and Shop Rite, bakery distributors and food manufacturers.

JGS is a 75-year old firm comprising a new breed of accounting, business and financial consulting professionals who provide expertise in broad range of financial issues.

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Gary J. Cassiello, CPA, ABV, met the requirements to earn the CFF credential, which include demonstrating significant business experience in the area of financial forensics as well as completing the required life-long learning and education activities in the area of financial forensics. The CFF Credential is granted exclusively to CPAs who are members in good standing of the AICPA which binds them to the AICPA Code of Professional Conduct.

CPAs who have earned the CFF Credential must be recertified every three years to maintain their credential.

Gary has also received the AICPAs designation as Accredited in Business Valuations (ABV) and leads the forensic accounting /litigation support team for his firm.