2021 Ones to Watch: Rafael Vasquez, Marks Paneth LLP

Name: Rafael Vasquez

Title: Director

Company Name: Marks Paneth LLP

Real estate associations or organizations that you are currently a member of: American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants

What recent project, transaction or accomplishment are you most proud of?
One standout project for me: Marks Paneth assisted a client in getting their books ready to convert their income tax basis financial statements to GAAP basis, for the purpose of a roll-up of several real estate partnerships into a soon-to-be publicly traded REIT with an estimated market capitalization of about $2 billion. Marks Paneth helped the client create a new standardized general ledger system and write initial footnotes, which was a challenge because of the number of properties involved. We had to train our client to be proficient in GAAP and in all SEC rules and regulations. We advised them about potential issues they were certain to encounter before going public. My responsibility was to assist with conversion to GAAP and writing footnotes. I managed a great team and assured everything was done on time. The client was successful and happy with the level of service we provided.

Who was/is your mentor and how did s/he influence/help you in your career?
My father was my mentor. He would take me to his job in New York when I was ten and I noticed he was always willing to go “above and beyond” to help people. He had a strong work ethic, always showed up to the job early, and never turned down overtime. That’s why people went to him first when they needed a problem solved. They knew when they gave him a job to do, it would be done right the first time. As an adult, I remember his teachings and draw strength from them. He was very proud of me; he never told me what career to choose but was happy I chose accounting because it was stable. I chose accounting because I loved it.

How do you keep your team motivated despite conflicts and obstacles?
I think we should look at how airline pilots react when they encounter turbulence. They keep their cool and this helps passengers stay calm. Keeping a cool head motivates people to move forward. Given our current work-from-home situation, many experience their own “turbulence.” We cannot know that if we don’t connect. I reach out several times a week to see how my team is doing, on a personal and business level. People have become more isolated. When they have a lot of work, or are stressed, they don’t reach out as before. When I call, people are glad to hear from me and always have a question, a comment or a concern. That’s why I keep in touch. I want them to know I am here to help.

How do you contribute to your community or your profession?
In addition to my client-facing responsibilities at Marks Paneth, I develop and deliver staff training on complex real estate accounting and audit issues for junior members of the Real Estate Group. I serve on several committees, including one for Real Estate Best Practices and another for CPE Training. I recently joined the editorial board for our client Real Estate newsletter. I try to participate in as many community activities as possible, especially those at my children’s elementary school in Riverdale. I have supported book sales and fundraising activities. My participation helps us spend meaningful time together and we get to learn more about each other.

What did you want to be when you grew up?
I wanted to be an airline pilot when I grew up because it seemed like a cool job. My father would bring me model airplanes every time he traveled. I had a whole collection, including models from Pan Am and American Airlines. As a child, I loved traveling in airplanes and being above the clouds.

What led you to your current profession?
My initial thought was to enter a career in economics or finance because I had a college economics professor who had so much passion about what he was teaching. I fell in love with the topic and to this day, it is still something I enjoy reading about. However, when I researched jobs available, they did not inspire me; I couldn’t see a viable career path. I spoke to my good friend who thought I would be perfect for accounting. I did research, looking into what the career involved and the job responsibilities for entry-level staff. What intrigued me most was learning an auditor was required to get a deep understanding of the financial system of his/her client. You had to understand the business and how it worked. That really interested me. And the rest is history.

Top three things on your bucket list:
1. Travel the world.
2. Buy a lakefront vacation home.
3. Fly an airplane.

Favorite quote:
"Yesterday’s home runs don’t win today’s games." - Babe Ruth