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Deloitte rower earned gold medal at Paris Olympics

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Oliver (Olli) Zeidler, a full-time specialist and consultant for Deloitte Germany, earned a gold medal in the men’s single sculls rowing event at this year’s Paris Olympics, marking Germany’s first gold title since 1992 in the event and the first medal overall since 2000. 

As a former competitive swimmer who turned to rowing late in his career, Zeidler continued a family tradition of rowing success by following in his grandfather’s and aunt’s footsteps, both of whom are Olympic champions.

This year, 15 elite athletes, including 10 Deloitte professionals, competed as part of Team Deloitte at the 2024 Olympic and Paralympic Games. So far, they have earned seven medals (gold, silver and bronze) but are likely to earn more now that the Paralympic Games are underway this week.

“I come from a very sporty family,” Zeidler told Accounting Today. “As a child I tried a lot of things. I played basketball, I did athletics and also swimming. At some point, swimming became more and more competitive, and I needed to train more and more. That’s why I became a professional swimmer. And it went pretty well. I was successful at the German championships — European junior champion in the relay — and then in 2016 I unfortunately missed the qualification for the Olympics in Rio de Janeiro.”

“After that, there was not that much fun left. That was mainly because a lot of people on my team retired,” he continued. “It was a bit hard to push myself, so I decided to retire from swimming as well in November 2016.”

Oliver Zeidler of Deloitte training for the Olympics.jpg
Oliver Zeidler of Deloitte training for the Olympics

SIMON HOFMANN

He spent four to six weeks doing nothing until his body started sending him signals that he needed to be doing some kind of sport, he said. That was when he decided to take up rowing.

“I started rowing on the rowing machine in the basement of my parents [home],” said Zeidler. “At some point, I asked my dad then if he could teach me how to row on the water because it can be pretty dull to only row in the basement looking at a wall. And that’s how the journey started.”

He had been working for one and a half years already at Deloitte up to the time when he changed from swimming to rowing. 

“I did a traineeship in Germany and started a bachelor’s degree supported by the company and a master’s degree as well, supported by the company,” said Zeidler. “I was always aware that in Olympic sports you will not have those big sponsors once you retire. I knew that the time would come when I would need to stop with rowing or with sports. When the professional area took over, I didn’t want to start in my 30s. I wanted to start earlier, building a base, and Deloitte allowed me to do so with their programs.

“I didn’t need to take holidays for my competitions or the training camps,” he added . “That was super helpful because before it was really difficult to do the 40-hour job, but they supported me.” 

Deloitte started to support the German Olympic team after the 2021 Olympics with a collaboration, as well as the International Olympic Committee partnership in the last two games. Internationally, it signed a 10-year partnership with the IOC in 2022 through 2032.

Zeidler prepared for this Olympic rowing regatta for three years, which included two trips to Paris. “In total, we spent five to six weeks on the lake, already in training camps to be really prepared for the adverse weather conditions we sometimes find there. It was definitely one of the keys for success that I knew already the course and everything.”

His race plan was designed to peak in the semifinal and the final. “It worked out perfectly,” said Zeidler. Whereas he had struggled in the Tokyo Olympics three years ago and only made the B final in the end, he was proud of his performance during the semifinal in Paris. 

“It was an amazing race in the end,” he said, even though the lineup in the semifinal was similar to the one in Tokyo. “I was really happy when I was able to finally put my boat on the water and do something. Before, the wait was terrible. But I set an Olympic record in the semifinal in front of my mom watching. It was a very emotional moment. And after the semifinal during the cooldown, I really took one or two minutes to say goodbye to the demons of Tokyo.”

Oliver Zeidler of Deloitte specialist and rower.jpg

Oliver Zeidler of Deloitte

After that, his mind felt freer. “I was really looking forward to racing the final, and the Olympic final was the race I wanted to have,” said Zeidler. He had made it to the point where he felt he was at the peak of his abilities and was able to really enjoy it. 

“Even if you think that the Olympic finals are the biggest thing you can achieve in rowing, there was no pressure anymore,” he added. “The semifinal was a lot of pressure, but the final was just going out having fun and executing the race plan. I knew that if I execute the race plan, I will win a medal today. … In the end, it was the gold medal. I had a perfect race in the final, and I was super happy after that. It became very emotional for friends, family and also for myself, and I think that’s what the Olympics are known for,”

The fans were very supportive during the medal ceremonies. “The grandstands in Paris, this was also amazing to see,” said Zeidler. “Even at the heats we had grandstands, and when I just watched the racing, I had shivers all over my body. Sometimes my knees became a bit soft. But when I heard the crowd cheering, it was such a cool atmosphere on the rowing course.”

He hopes to compete in the next Olympic Games in Los Angeles. “I’m aiming for 2028 and my goal is to become as successful as my grandpa and my aunt,” he said. “They both won one gold and one bronze medal at the Olympic Games, so I hope to manage to win at least a silver, if not another gold medal.”

His grandfather, Hans-Johann Färber, became Olympic champion in 1972 and won a bronze medal four years later. His aunt, Judith Zeidler, won gold in the Seoul Olympics and then bronze in Barcelona.

“It’s the third generation of Olympic gold medalists in the family now,” said Zeidler.

Over the years, he had been inspired by the stories of his family members. “Rowing is a very traditional sport,” said Zeidler. “That’s something I really love, and the Olympics were just something very special. But I think back to the days when my grandpa showed me the books of the Olympic Games where it was captured, and that’s how my dream developed to become an athlete and an Olympian one day as well. It’s a nice family story, but in total, the Olympics, the values they share, is just something I can really connect with.”

He had many opportunities to connect with other Deloitte athletes at the games, including a fellow rower, Jan van der Bij, who hails from the Netherlands and won a silver medal in the men’s eight.

“In total, we had 15 Deloitte athletes in Team Deloitte, and 10 of them are actually Deloitte professionals,” said Zeidler. “Of the Deloitte professionals, we have a lot of rowers. That is very cool. We are like a family in rowing, so we know each other. Even after racing, we caught up and celebrated together in the different houses of the nations. For example, I met Jan from the Netherlands, who won the silver medal in the eight, and it’s cool to not only have the same sport you’re in, but also the same employer and a similar professional background within the firm.”

The athletes attended parties to celebrate the victories with other Deloitte professionals. “If you think about the Olympics, all the nations have their houses, but also the sponsors have their houses where they make little parties,” said Zeidler. “Every evening you can attend two or three parties, and one morning, Deloitte invited us to their house. We met a lot of Deloitte professionals there, a lot of volunteers who were there for the games.”

“It was a nice atmosphere, and it felt a bit like coming home, as well, because it was not really screaming ‘Deloitte.’ It was a bit of a hidden place there in the middle of a park, and it was cool to see. Catching up with the colleagues was also nice — so not Olympians, but the colleagues were into the IOC partnership and into the sports business groups.”

The celebrations continued in Paris and on the flight home as well.

“After the games, after winning the gold medal, I was already in completely another world,” said Zeidler. “For example, one evening, my girlfriend and I got invited to the top of the Eiffel Tower. We went up there in a private elevator. All the other people needed to wait, and I think they were wondering, ‘Who are these guys? Why are they allowed to go up there in a private cabin?’ And then the Eiffel Tower guys even let us one floor above all the others, so we had a clear view over the city.”

“And on the way back, the pilots let me sit in the cockpit for 40 minutes, including the landing,” he continued. “And then arriving here, there was a big reception at the airport with friends, family, a lot of media. They brought me to a little place here in a convertible where I was waving to former teachers, to friends, to a lot of families who are living here close to Munich in the same village. And the celebration continued. Then I went to Deloitte, to the office. There was also a reception. Then the next day at my rowing club in Frankfurt, there was also a reception with a lot of people showing the medal around. It was a crazy world.”

He has already been scouting out the next Olympics venue. “I actually fly to L.A. on holidays, so I think I will definitely have a look at the rowing course there and see.”

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GASB issues guidance on capital asset disclosures

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The Governmental Accounting Standards Board issued guidance today that will require separate disclosures for certain types of capital assets for the purposes of note disclosures.

GASB Statement No. 104, Disclosure of Certain Capital Assets, also establishes requirements and additional disclosures for capital assets held for sale. 

The statement requires certain types of assets to be disclosed separately in the note disclosures about capital assets. The intent is to allow users to make better informed decisions and to evaluate accountability. The requirements are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter, though earlier application is encouraged.

The guidance requires separate disclosures for four types of capital assets:

  1. Lease assets reported under Statement 87, by major class of underlying asset;
  2. Intangible right-to-use assets recognized by an operator under Statement 94, by major class of underlying asset;
  3. Subscription assets reported under Statement 96; and,
  4. Intangible assets other than those listed in items 1-3, by major class of asset.

Under the guidance, a capital asset is a capital asset held for sale if the government has decided to pursue the sale of the asset, and it is probable the sale will be finalized within a year of the financial statement date. A government should disclose the historical cost and accumulated depreciation of capital assets held for sale, by major class of asset.

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On the move: RRBB hires tax partner

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Suha Uddin

BRIAN BOUMAN MEMORY CREATIO

Suha Uddin was hired as a tax partner at RRBB Advisors, Somerset. 

Sax, Paterson, announced that its annual run/walk event SAX 4 Miler, supporting the Child Life Department at St. Joseph’s Children’s Hospital in Paterson, has achieved $1 million in total funds raised since its inception in 2012.    

Withum, Princeton, rolled out a new outsourcing service offering as part of its sustainability and ESG practice designed to help companies comply with the European Corporate Sustainability Reporting Directive, the mandate requires reporting of detailed sustainability performance as it pertains to the European Sustainability Reporting Standards , effective January 2023.

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Armanino takes on minority investment from Further Global

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Top 25 Firm Armanino LLP has taken on a strategic minority investment from private equity firm Further Global Capital Management.

The deal, which closed today, is the latest in the series of investments by private equity in large accounting firms that began in 2021 — but with a key difference, Armanino CEO Matt Armanino told Accounting Today.

“What’s maybe the punchline here — what’s really unique, I think — is that we wanted to focus on a minority investment that allowed us to retain not just operational control of the business, but ownership control of the business,” he said. “Those are some of the guiding principles that we’ve been thinking about over the last number of years, and we felt like if we could accomplish those things strategically with the right partner, it would really be just a home run, and that’s where we think we’ve landed.”

As is common with CPA firms taking on private equity investment, Armanino LLP will restructure to an alternative practice structure, splitting into two independently owned and governed professional-services entities: Armanino LLP, a licensed CPA firm wholly owned by individual CPAs, will provide attest services to clients, and Armanino Advisory LLC, a consulting and advisory firm, will perform non-attest services.

Inside the deal

As have many large firms, Armanino LLP had been looking at private equity for some time.

“We’ve been analyzing the PE trend over the last few years and our discussions with Further Global actually began several years ago, and along the way we confirmed our initial inclination that Further Global would be a great partner for us,” CEO Armanino said.

“We had the opportunity to meet with dozens of leading private equity firms,” he explained. “Ultimately we concluded that Further Global would be the best partner for us based on their expertise in partnering with professional service businesses in particular, and our desire for a minority deal structure.”

Matt Armanino
Matt Armanino

Robert Mooring

While citing Further Global’s “deep domain expertise” in financial services and business services firms, Armanino noted that this would be the PE firm’s first foray into the accounting profession: “This is their first accounting firm deal, and I think they’re only focused on this one at this time.”

An employee-owned PE firm, Further Global invests in companies in the business services and financial services industries, and has raised over $2.2 billion of capital.

Guggenheim Securities LLC served as the financial advisor and sole private placement agent to Armanino LLP, while Hunton Andrews Kurth LLP acted as its legal counsel. Further Global was advised by Pointe Advisory, with Kirkland & Ellis as legal counsel.

“Armanino ranks as high as any CPA firm in the country with the private equity community,” commented Allan Koltin, CEO of Koltin Consulting Group, who has advised Armanino for over two decades. “Their deal with Further Global fit just like a glove. They will keep control and now have the capital structure to compete on the biggest of stages.”

Internally, the Armanino partner group was unanimous in its support for the deal — and in its insistence on only selling a minority stake.

“We’ve had transparent discussions at the leadership level around not only adding an outside investor, but we knew very early on that a minority investment was the best path forward for us, and we were very excited that there was unanimous support from the entire partnership group around that decision,” Armanino said. “This structure is also going to allow the long-term owners and partners of Armanino to maintain full control over our day-to-day operations, and the proud culture that we’ve built.”

“No other firm in the Top 25 has a structure like this, and I think that’s pretty significant,” he added.

Capital plans

The goal of the deal is to give Armanino the capital it needs to take itself to a new level of growth while also addressing some of the most pressing challenges in accounting: investing in technology, pursuing inorganic growth through M&A, and attracting and retaining talent.

The firm has always been tech-forward, and recently has been a major pioneer in artificial intelligence.

“The capital will enable us to fast-track our investments in advanced technology solutions, particularly AI,” said Matt Armanino. “We’ve seen growing desire from our clients to deploy real applications for AI solutions. And while we’ve been at the forefront of automation and AI since the early days, with the development of our AI Lab a few years ago, innovative AI-driven solutions that address our clients’ most urgent challenges remain a top priority for us.”

Beyond technology investments, the firm plans to continue its aggressive M&A strategy, which has brought on 19 acquisitions since 2019.

“Those transactions have allowed us to expand our capabilities and enter into new markets and drive greater value to our clients,” said Armanino. “And we think we can accelerate that now with this capital structure that we have.”

All that M&A has brought the firm a lot of fresh talent, but no firm these days has enough, and that’s a third purpose for the new capital.

“We think there remains a lot of ripe talent across the country out there,” he said. “I think the capital will support our efforts to attract, retain, develop and reward top talent by investing in people who drive our entrepreneurial spirit here at the firm.”

The deal will allow the firm to reward top talent, for instance through equity plans that allow them to extend the firm’s ownership culture beyond the partner group that it has traditionally been restricted to.

“In many cases, for our most senior employees today, there’s not a natural mechanism to align their effort to the success of the firm to the growth of our enterprise value and how that ultimately rewards them,” explained Armanino. “And we are very excited that we have new mechanisms, and plans in place, that are going to allow us to do that very well, and effectively push down the benefits of ownership and that ownership culture to our most senior employees.”

“Finally,” he added, “speaking to our innovative culture — and that’s a big part of our brand — the capital will empower us to say ‘Yes’ more frequently to great ideas, to entrepreneurial ideas and initiatives that truly make a difference for our clients and set us apart as a leader in this industry.”

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