Ketel Thorstenson, LLP

What Ketel Thorstenson, LLP does

Ketel Thorstenson, LLP is a privately-held limited liability partnership operating as a regional CPA and advisory firm headquartered at 810 Quincy Street in Rapid City, South Dakota. Founded in 1936, the firm employs 101–250 people and operates as an independently owned partnership with no disclosed parent company, subsidiaries, or institutional investor involvement. The firm offers four core service lines: Tax Services (preparation and planning for individuals and businesses), Business Accounting (operational accounting support), Audit Services (financial statement audits and assurance), and Advisory & Business Valuation Services (valuation, litigation support, ACA compliance, and HR guidance).

The firm's go-to-market is relationship-led and consultative, with new client acquisition driven primarily through referrals and a 'Request for Service' form on the website, supported by content marketing through the KT Insights blog and a quarterly newsletter (The KT Addition). Pricing is quote-based and engagement-scoped, with multi-year professional services contracts; pricing is not publicly disclosed. The firm differentiates through deep vertical specialization across at least 14 industries, including Agriculture & Ranch, Construction, Hospitality, Government, Nonprofit, Medical, Gaming & Tribal Casinos, Manufacturing & Retail, Real Estate, Financial Institutions, Employee Benefit Plans, Professional Services, Estate Planning, and Rural Electric Co-Ops, serving both individuals/families and small-to-mid-size businesses.

Technology is described as standard professional accounting and tax preparation software typical of CPA firms, with a client portal for document sharing and a QuickFee integration for online invoice payments. The firm holds no disclosed patents, proprietary AI/ML capabilities, or regulatory certifications beyond standard CPA firm practice. Revenue is generated entirely through professional services engagements; no revenue figure is publicly disclosed, and the firm has no funding rounds, M&A activity, or public market listing.

Name

Ketel Thorstenson, LLP

Legal name

Ketel Thorstenson, LLP

Website

https://ktllp.com

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

101–250 employees

Short description

Ketel Thorstenson, LLP is a privately-held regional CPA and advisory firm headquartered in Rapid City, South Dakota, founded in 1936. It provides tax, audit, business accounting, and advisory/valuation services to individuals, families, and small-to-mid-size businesses across 14 specialized industry verticals.

Ownership category

akta.pro rank

Headquarters

HQ city

Rapid City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Professional Services: Revenue generated through delivery of professional accounting, tax, audit, and advisory services to clients on engagement basis.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Ketel Thorstenson, LLP is a CPA and advisory firm delivering four core professional service lines: Tax Services (preparation, planning, and tax-saving strategy), Business Accounting (ongoing operational and accounting support), Audit Services (financial statement audits and assurance), and Advisory & Business Valuation Services (business valuation, financial projections, litigation support, ACA compliance, management and HR guidance). Services are tailored to both individuals/families and businesses, with deep specialization across 12+ industry verticals including agriculture, construction, hospitality, government, nonprofit, medical, gaming and tribal casinos, manufacturing and retail, real estate, financial institutions, employee benefit plans, professional services, and rural electric co-ops.

Product overview

Ketel Thorstenson, LLP is a CPA and advisory firm offering a unified suite of professional services including Tax Services, Business Accounting, Audit Services, and Advisory & Business Valuation Services. The firm specializes in serving diverse industries including Agriculture & Ranch, Construction, Hospitality, Nonprofit, Government, Estate Planning, Medical, Gaming & Tribal Casinos, Manufacturing & Retail, Real Estate, Financial Institutions, Employee Benefit Plans, Professional Services, and Rural Electric Co-Ops. The four core service offerings work together to provide comprehensive financial guidance from tax planning to audit services to business advisory.

Differentiator

Problem solved

Functional benefit

Products and services

• Tax Services Tax preparation and planning services for individuals and businesses. The team helps clients navigate the complexities of the financial system, identify tax-saving advantages from existing strengths, and meet personal and business financial goals through a comprehensive tax plan.
• Business Accounting Ongoing business accounting services designed to sustain the everyday operational and accounting functions of organizations so business owners can focus on customers and running a successful operation.
• Audit Services Comprehensive audit and assurance services that assess an organization's financial standing, identify problems, and provide innovative and timely financial solutions.
• Advisory & Business Valuation Services Professional advisory services from an experienced team covering business valuation, financial projections, litigation support, ACA compliance, management consulting, and human resources guidance.

Segments8 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• QuickFeeminorOthersQuickFee payment processing integration for online client invoice payments. Allows clients to pay fees through an online portal.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Direct peers

• Anders CPAs + Advisors: Mid-sized CPA and advisory firm providing tax, audit, and advisory services to closely held businesses and individuals — comparable in scale, service mix, and client profile to Ketel Thorstenson.
• Eide Bailly LLP: Top-20 US regional CPA and advisory firm headquartered in the upper Midwest with comparable service mix (tax, audit, advisory) and similar mid-market and industry-specialized client base; the closest peer in scale and geography.
• Abdo: Regional accounting and advisory firm in the upper Midwest serving closely comparable industries (agriculture, construction, nonprofit, government) with a similar mid-market focus and consultative engagement model.
• Wipfli LLP: Large regional CPA and advisory firm serving mid-market clients across industries including agriculture, construction, manufacturing, and government — a strong comparable to Ketel Thorstenson's industry-specialized, relationship-led model.
• Honkamp Krueger (now FORVIS): Midwest-based CPA and business advisory firm (now part of FORVIS) historically serving agriculture, construction, and closely held business clients — strong comparable in industry specialization and client mix.

Broad incumbents

• CliftonLarsonAllen (CLA): Major US accounting and advisory firm serving mid-market and SMB clients across all 50 states; competes with regional firms like KT for the same client profile but at materially larger scale.
• RSM US: Global mid-market audit, tax, and consulting firm; competes for the same upper mid-market and industry-specialized engagements that KT targets, particularly in financial institutions and manufacturing.
• EisnerAmper: Full-service advisory and accounting firm with strong mid-market practice; overlaps with KT on nonprofit, financial institutions, and employee benefit plan services, serving as a relevant benchmark for service breadth.
• Plante Moran: Largest US-based CPA firm serving middle-market companies; competes for the same construction, manufacturing, financial institutions, and government audit engagements that KT pursues at a regional level.
• Forvis (formerly BKD): Top-10 US accounting firm resulting from the BKD-DHON merger, serving mid-market clients with tax, audit, and advisory services; relevant as a national competitor pressing into KT's regional and vertical markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ketelthorstenson
• LinkedInlinkedin.com/company/ketel-thorstenson-llp

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ketel Thorstenson, LLP