LB Carlson

What LB Carlson does

LB Carlson, LLP is a privately held, Minneapolis-based CPA and business consulting firm that delivers accounting, audit and attest, tax, management consulting, business planning, and governmental services to a diversified mid-market client base. The firm operates as an LLP, traces its origins to Carlson Advisors, LLP (founded 1984, rebranded in 2018 to honor founder Lawrence 'Lary' B. Carlson), and maintains two Minnesota offices in Minneapolis (Plymouth) and St. Cloud. Approximately 1,500 active client relationships span manufacturing, graphic arts and printing, nonprofit organizations, local governmental entities, construction and real estate, and medtech; client engagements are quote-based and scoped per engagement, with revenue earned through professional-services fees on audit, tax compliance and planning, attest (including SOC 1/2/3 examinations), fractional CFO/controller work, succession planning, and M&A advisory.

The firm's go-to-market is sales-led, executed through principal-led client relationships, an active content-marketing and blog program, LinkedIn and Facebook presence, university recruiting at four regional accounting programs, and vertical-specific industry sponsorship (e.g., Minnesota Precision Manufacturers Association, Printing Industry Midwest Financial Executives Council). Delivery is augmented by a 24/7 Client Portal powered by ClientAxcess for document exchange, though the firm does not expose a proprietary technology platform, SDK, or API surface. On January 1, 2025, LB Carlson completed a strategic merger with Malloy, Montague, Karnowski, Radosevich & Co., P.A., combining the two CPA firms, expanding the principal and manager bench, and adding adjacent verticals such as construction contractors, hospitality, and ESOP audit work. The combined firm employs 101-250 professionals and competes primarily on industry-specialized expertise and long-tenured client relationships rather than on proprietary technology or AI capabilities.

Name

LB Carlson

Legal name

LB Carlson, LLP

Website

https://lbcarlson.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

101–250 employees

Short description

LB Carlson, LLP is a Minneapolis-based CPA and business consulting firm serving approximately 1,500 mid-market clients across manufacturing, graphic arts, nonprofits, local government, construction, and medtech with audit, tax, attest, accounting, and management consulting services from offices in Minneapolis and St. Cloud, Minnesota.

Ownership category

akta.pro rank

Product category

Professional Accounting Services

NAICS

Offices of Certified Public Accountants (541211), Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Accounting & Bookkeeping Services (BPAHABAC)

Keywords

• Professional accounting services
• Tax planning services
• Audit assurance services
• Business consulting services
• Governmental auditing

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Audit & Attest Services: Provides SOC examinations, audits, reviews, and compilations for privately held companies. Revenue is earned through professional service fees based on engagement scope and complexity.
2. Tax Services: Tax consulting, planning, and preparation services for businesses and individuals. Includes compliance, planning, and controversy representation.
3. Accounting Services: Strategic bookkeeping, payroll processing, and accounting services including controller/CFO services on a contract basis.
4. Management Consulting: Business planning, management advisory services, succession planning, M&A consulting, and operational guidance for closely held businesses.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

LB Carlson is a CPA and business consulting firm providing accounting, tax, assurance and attest, business planning, management consulting, and governmental services to privately held businesses, nonprofits, and governmental organizations across the Midwest. Its service portfolio spans the complete business lifecycle from startup through succession, with industry specialization in manufacturing, graphic arts and printing, medtech, nonprofits, governmental entities, construction, and real estate. The firm operates from offices in Minneapolis and St. Cloud, Minnesota and serves approximately 1,500 active clients.

Product overview

LB Carlson is a CPA and business consulting firm offering a comprehensive suite of professional services rather than a software product company. The firm's service portfolio comprises six core offerings: Accounting Services (including strategic bookkeeping and payroll), Assurance & Attest (featuring SOC Examinations), Business Planning, Management Consulting, Tax Services, and Governmental Services. These services are delivered through a client-facing Client Portal providing 24/7 access. The offerings are designed to address the complete business lifecycle from startup through succession, with specialization across multiple industry verticals including manufacturing, graphic arts, healthcare, construction, real estate, nonprofits, and governmental entities.

Differentiator

Problem solved

Functional benefit

Products and services

• Accounting Services Strategic bookkeeping, payroll processing, and full-range accounting support services delivered to privately held businesses and other clients. Distinguished as one of few CPA firms of its size to offer strategic accounting as a service.
• Assurance & Attest Financial and non-financial data examination services providing reliability assurance to users of client financial information, encompassing audits, reviews, compilations, and SOC examinations.
• SOC Examinations Specialized attest service examining controls at service organizations, providing assurance on security, availability, processing integrity, confidentiality, and privacy for SOC 1, SOC 2, and SOC 3 engagements.
• Business Planning Strategic planning services to determine future business success, including development and implementation of strategic plans for closely held businesses and business owners.
• Management Consulting Business consulting services spanning the entire business lifecycle from startup to succession, supporting preliminary research, planning, operational guidance, succession planning, and M&A advisory.
• Tax Services High-value tax consulting, planning, and preparation services managed by experienced CPAs, covering compliance, planning, and controversy representation for businesses and individuals.
• Governmental Services Audit, accounting, and advisory services for local governmental organizations including municipalities, school districts, and agencies operating in highly regulated and scrutinized environments.

Quantifiable outcome

• 1500 clients served across various industries
• +1 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles6 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.

• Malloy, Montague, Karnowski, Radosevich & Co., P.A.coreStrategic or Co-development Partner · 1 January 2025On January 1, 2025, LB Carlson merged with Malloy, Montague, Karnowski, Radosevich & Co., P.A. This strategic merger combined two established Minneapolis-based CPA firms to enhance client services and expand capabilities. The merger brought additional principals, managers, and professional staff into the combined firm, significantly expanding the firm's scale and expertise across industries including construction, closely held businesses, and governmental services.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Lurie, LLP: Minneapolis-based CPA and advisory firm of comparable mid-market size, serving closely-held businesses across Minnesota with audit, tax, and consulting services - directly overlapping LB Carlson's market position, geography, and service mix.
• Redpath and Company: Minneapolis CPA firm specializing in closely-held businesses, nonprofits, and governmental audits - a near-direct peer given shared geography, similar vertical mix, and overlapping service offerings with LB Carlson.
• Boyum & Barenscheer: Minneapolis-based CPA and business advisory firm providing tax, audit, and CFO services to mid-market companies and nonprofit organizations in the same Twin Cities market as LB Carlson.
• Olsen Thielen & Co. Established Minneapolis CPA firm serving closely-held businesses, family enterprises, and nonprofit organizations - directly comparable to LB Carlson in size, geography, and client profile.

Broad incumbents

• Wipfli LLP: Top-20 U.S. accounting firm with deep Minnesota/Wisconsin roots offering audit, tax, advisory, and outsourced accounting to mid-market and closely-held businesses - a much larger incumbent competing for the same client base.
• Plante Moran: Large Midwest-based CPA and consulting firm (Michigan roots) with major presence in manufacturing, closely-held business, and nonprofit audit - competing for the same manufacturing and nonprofit clients LB Carlson serves in the Midwest.
• Baker Tilly US, LLP: Top-10 national advisory firm with significant Minneapolis presence, providing audit, tax, and consulting to mid-market manufacturing, nonprofit, and governmental entities - a broader incumbent going after similar Minnesota engagements.
• Eide Bailly LLP: Top-25 U.S. accounting firm with strong Upper Midwest presence serving closely-held businesses, nonprofits, and governmental entities - a direct competitor for LB Carlson's regional mid-market engagements.
• CliftonLarsonAllen (CLA): Large Midwest-headquartered CPA and advisory firm with extensive Minnesota operations serving closely-held businesses, manufacturing, and nonprofit clients - a key incumbent competing for the same regional mid-market pipeline.

Emerging players

• Veritas CFO: Outsourced CFO and fractional finance services provider targeting mid-market closely-held businesses - an emerging tech-enabled competitor pressuring LB Carlson's strategic bookkeeping and controller-services practice from the advisory side.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/LBCarlsonLLP
• LinkedInlinkedin.com/company/lb-carlson-llp

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

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 LB Carlson