Smith Schafer Celebrates 50 Years

What started as a six-person accounting firm in 1971 has developed into one of the country’s top CPA firms. In 2021, Smith Schafer celebrates its 50th anniversary by giving to 50 local nonprofits.

 

“It is an honor to be a part of the Smith Schafer team that works hard every day to create and add value for our clients. It is because of our team’s efforts and exceptional client service we can celebrate 50 years in business.”

Steve Erchul

Managing Principal, Smith Schafer & Associates

Our Company Timeline

1971

Richard Smith and Orlin Larson co-founded Smith Larson and Co. in Rochester, Minn. Within five years, Al Schafer joined the practice and purchased Orlin Larson’s interest. The partners renamed the firm Smith Schafer and Company, not knowing that this six-person accounting firm would become one of the largest public accounting firms in Minnesota, with three locations and approximately 100 employees.

1978

Challenges and New Beginnings

Waters from the Rochester flood of 1978 flooded the downtown, including the Smith Schafer office on North Broadway, leaving all paper records nearly impossible to read. The flood, along with the prospect of new headquarters, prompted the firm to move to a new location in late 1978. Within the next year, the firm added several new staff, including Kim Mahanna and Jim Heydon, who are still with the firm.

1980

Metro Market Potential

Kim Mahanna was promoted to Principal in 1987 and asked to run a new Maplewood location. Two years later, the firm acquired a small accounting practice there. The firm changed its name to Smith Schafer & Associates in 1989.

1990s

Staff Growth and Tenure

During the 1990s, Smith Schafer attracted several new leaders to the firm who have contributed to our reputation for top-notch technical experience and consistency. They include Dean Richards, Bill Frudden, Jason Miller and Jason Boynton. 

2000s

In 2000, we welcomed Steve Erchul and in 2002 added Mike Malugani.

Two Rochester-based accounting firms — Coffman, Nehring and Christopherson and R.S. Wayne CPA — were acquired to add expertise to our Rochester office. Firm staff was eventually merged into our headquarters location. 

In 2007, the acquisition of Graves, McKenna, Lundeen & Almquist PLLP led to the opening of Smith Schafer’s Edina office location. Bill Frudden and Steve Erchul relocated from the Maplewood office to head up the Edina location and Tim Pass became Office Managing Principal of the Edina location in 2013.

The New Millennium

Our Red Wing office was established in 2011 with the acquisition of Erickson, Rietmann, Roufs and Kiecker, Ltd. We welcomed new Principal Christopher Kiecker. Steve Salveson is the Office Managing Principal of the Red Wing office.

Steve Erchul was appointed to Managing Prinicpal in October 2013. Prior to the transition, Al Schafer held the Managing Principal role for 25 years. Mr. Schafer continues to serve clients in our Rochester office.

Smith Schafer

A Great Company to Work For!

Minnesota Business Magazine announced Smith Schafer is one of the Best Companies to Work For.

We are proud to have been honored with the Best Place to Work in SE Minnesota Award

Energage named Smith Schafer a Top Workplace. Over 2,000 organizations were invited to participate in this survey.

“We are honored to be recognized locally, alongside some of the best in Minnesota. We are always trying to make our firm a better place to work and create an environment that is flexible and supportive. We continue to grow each year and this recognition demonstrates the loyalty and commitment of our team members and clients.”

– Managing Principal, Steve Erchul

A Big Change

New Twin Cities Office

We combined the Edina and Maplewood offices on October 1, 2016. We occupy approximately 11,613 square feet of space in the Valley Square Corporate Center, located in Minneapolis.

Smith Schafer Managing Principal, Steve Erchul, said, “Our new office accommodates our growth and client service goals.”

Welcomed BPK&Z

On January 1, 2017 we merged with BPK&Z. The combined Twin Cities office includes 12 Principals and 38 employees. The merger enhances our ability to serve our clients and provide opportunities for staff growth.

Top Workplace for Third Year in a Row!

Top Workplaces recognizes the most progressive companies based on employee opinions measuring engagement, organizational health and satisfaction. Over 2,400 organizations were invited to participate in the survey, and over 71,000 employees shared their views.

Smith Schafer Managing Principal, Steve Erchul, is humbled and honored to be included in the list of Top Workplaces, especially since the judges were the employees! Click to watch a short video message from Steve!

Top Workplace 2019

The lists appear in a special supplement to the March 2020 edition of Accounting Today. Accounting Today has studied the top companies in the industry for nearly 30 years by ranking firms on a national and regional basis.  The rankings offer in-depth benchmarking data, as well as strategies and advice from the most successful firms.

Best of Accounting

Smith Schafer is one of 30 firms across the country recognized with ClearRated’s 2019 Best of Accounting Award indicating we provide an exceptionally high-level of service. We received a 9.4/10 satisfaction rating from our clients!

Fastest-growing CPA Firm!

We are proud to be named one of the FASTEST-GROWING ACCOUNTING FIRMS in the U.S. by The Platt Group/Inside Public Accounting. We rank 2nd in the Great Plains region with a 29.8 percent all growth rate!

“Our growth since 1971, is a testament to our longstanding technical excellence, passion to serve our clients and dedication to our internal culture. This achievement would not be possible without our talented staff, who are committed every day to making a positive impact in our business and helping our clients grow. This awards would also not be possible without our incredible clients. The growth we have achieved is exciting and we sincerely appreciate everyone who has helped us earn this recognition!” -Managing Principal, Steve Erchul

Smith Schafer Named Top 300 Accounting Firm

2019

Smith Schafer is proud to announce that our team has been named a Top 300 Accounting Firm in the Nation by Inside Public Accounting. IPA 300 firms are ranked by revenues, with $10 to $17.8 million being the range of firms ranked 201 to 300. Smith Schafer is ranked #204 at $17.1 million.

FORBES NAMES SMITH SCHAFER A 2020 TOP TAX FIRM

We are excited to announce, Smith Schafer has been named a 2020 Top Recommended Tax Firm by Forbes. The list identifies 227 firms, across the U.S., who are most recommended for their tax services. Smith Schafer is one of only five Minnesota-based firms recognized!

ACCOUNTING TODAY’S TOP 2020 FIRMS

The lists appear in a special supplement to the March 2020 edition of Accounting Today. Accounting Today has studied the top companies in the industry for nearly 30 years by ranking firms on a national and regional basis.  The rankings offer in-depth benchmarking data, as well as strategies and advice from the most successful firms.

Best of Accounting 2020

Smith Schafer is excited to announce we are one of 40 firms across the country recognized with ClearlyRated’s 2020 Best of Accounting Award for providing superior service. Best of Accounting Award winners have proven themselves as industry leaders in service quality based entirely on ratings provided by their clients.

Smith Schafer received satisfaction scores of 9 or 10 out of 10 from 87.3% of their clients, significantly higher than the industry’s average of 45% in 2019. With its most recent client satisfaction survey, Smith Schafer received a Net Promoter®️ Score (NPS) of 84.

IPA Top 300 2020

Smith Schafer has been named a Top Accounting Firm in the U.S. by The Platt Group/Inside Public Accounting for the fifth year in a row. Smith Schafer ranked no. 214 on the ranking list for 2020.

IPA 300 firms are ranked by U.S. net revenues and are compiled by analyzing the more than 540 responses received this year for IPA’s Survey and Analysis of Firms. This survey and benchmarking report are well respected throughout the profession for being independent, accurate, and confidential.

Top Workplace 2019

Smith Schafer Named Top 150 Workplaces in Minnesota by the Star Tribune! We were ranked no. 67 on the small business list.

We truly appreciate our team’s commitment, dedication, and hard work to help us be a Top Workplace for the fifth year in a row!

TC Best in Business Readers Choice Finalist

Smith Schafer was one of three finalists in the Best of Business Reader’s Choice Poll in the accounting firm category from the Twin Cities Business magazine. This means that TCB readers identified our firm as one of the most appreciated and affirmed companies in Minnesota. 

SMITH SCHAFER CELEBRATES 50 YEARS

What started as a six-person accounting firm in 1971 has developed into one of the country’s top CPA firms. In 2021, Smith Schafer celebrates its 50th anniversary by giving to 50 local nonprofits.

SSA 50 anniversary logo

Since the beginning in 1971, Smith Schafer has been firmly rooted in the community. Team members volunteer to clean up a neighborhood park, rake leaves for local residents and pack supplies at a food bank. With the COVID-19 pandemic, Smith Schafer thought giving to local charities would be a perfect way to celebrate 50 years in business. Throughout 2021, Smith Schafer plans to donate to 50 different nonprofit organizations in Rochester, Red Wing, and the Twin Cities communities.

Happy Clients Throughout the Years

Have enjoyed good service for over 30 years.

 – R & W Fleming Corporation

Our service is always exceptional and never have to second guess the answers.

 – EnergyPrint, Inc.

Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years.

The relationship we have built over the years with the staff at Smith Schafer & Associates is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!

I have worked with Jason Boynton for several years. He has consistently provided exceptional service and advice always delivered in a timely, pleasant manner.

Smith Schafer always makes everything go smoothly. They were recommended to us by our community bank. We have been using their services for many years for our small business and personal taxes. We always feel well taken care of and that we are receiving the best advice, direction, information and tax preparation.”

– The Dog Perk Corporation

Smith Schafer always provides great information for our business. They are thorough with our accounting and financial planning. We have leaned heavily on them with interpretation of the PPP Loan and COVID-19 planning. They have been instrumental in our success and are always very knowledgeable and quick to respond to any of our questions.

Smith Schafer has provided second to none service and value to my business and personal accounts for over 30 years. Their expertise and knowledge are unmatched by any other accounting firm I have encountered over all these years.

The relationship we have built over the years with the staff at Smith Schafer is one that can never be replaced. They are quick with helping us figure anything out, always willing to pick up the phone and walk us through any problem we are having. Also they are just all so friendly and kind!

We love our CPA team at Smith Schafer. They have helped us navigate many personal and business decisions.

Smith Schafer is very dedicated to their clients and always has their best interests in mind. They are very knowledgeable and thinking ahead to what the clients may be needing in the future. We would highly recommend Smith Schafer to our family and friends.

Thank you to all of our clients and team members for your loyalty and support throughout the years. It has been a remarkable 50 years and here’s to celebrating the next successful chapter together.