Smith Schafer CPAs

What Smith Schafer CPAs does

Smith Schafer CPAs (legal entity Smith Schafer & Associates) is a privately-held regional accounting firm founded in 1971 and headquartered in Minnesota. The firm delivers three core service lines — accounting, tax, and consulting — to mid-market business clients across four specialized verticals: professional services, construction, manufacturing, and transportation. The practice is staffed by 12 partners and 89 employees (approximately 101 total) operating from three Minnesota offices in Rochester, Minneapolis, and Red Wing.

The firm runs a sales-led, relationship-driven go-to-market anchored on direct client engagement and peer referrals rather than third-party distribution. Revenue is generated through professional-services fees across ongoing accounting relationships, tax compliance engagements, and advisory consulting projects; pricing is quote-based per engagement and not publicly disclosed. Marketing relies on the firm's professional website, earned media features, and a 2024 Best of Accounting Diamond award for brand credibility.

On January 6, 2026, Smith Schafer was acquired by CohnReznick Advisory LLC, a national advisory firm pursuing a selective M&A strategy. The combination provides Smith Schafer with national platform reach and cross-sell capacity while giving CohnReznick a Minnesota foothold; the firm continues to operate under the Smith Schafer brand locally. No proprietary technology, AI/ML capabilities, or platform architecture are disclosed in available sources.

Name

Smith Schafer CPAs

Legal name

Smith Schafer & Associates

Website

https://smithschafer.com

Company type

Private

Founded year

1971

Operating status

Acquired

Headcount range

101–250 employees

Short description

Smith Schafer CPAs is a Minnesota-based regional accounting firm (founded 1971) providing accounting, tax, and consulting services to mid-market clients in professional services, construction, manufacturing, and transportation; acquired by CohnReznick in January 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

Rochester

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Accounting and Consulting Services: Professional accounting, tax preparation, and business consulting services provided to clients across multiple industries. Revenue generated through service fees for ongoing accounting relationships, tax compliance engagements, and advisory consulting projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Smith Schafer is a Minnesota-based CPA firm that provides accounting, tax, and consulting services to businesses across the professional services, construction, manufacturing, and transportation industries. The firm delivers financial statement preparation, bookkeeping, audit, tax planning and compliance, and strategic business advisory through 12 partners and 89 staff across three Minnesota offices in Rochester, Minneapolis, and Red Wing.

Product overview

Smith Schafer is a regional CPA firm operating as a single unified service offering rather than a platform-plus-modules architecture. The company provides an integrated suite of accounting, tax, and consulting solutions tailored to specific industries including professional services, construction, manufacturing, and transportation. Their core value proposition centers on combining industry specialization with personalized service to deliver proactive strategies and trusted advisory support.

Differentiator

Problem solved

Functional benefit

Products and services

• Accounting Services

Segments4 records

Ideal customer profiles4 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.

• CohnReznick Advisory LLCcoreStrategic or Co-development Partner · 6 January 2026CohnReznick Advisory LLC expanded into Minnesota through a combination with Smith Schafer. This strategic combination brings together Smith Schafer's deep local roots and entrepreneurial culture with CohnReznick's national reach and industry expertise. The deal represents CohnReznick's selective M&A strategy and follows recent expansions into San Francisco, Tampa, Tallahassee, and Richmond.

Scale indicators2 records

Recent moves3 records

Expansion highlights3 records

Broad incumbents

• CohnReznick: National advisory, accounting, and tax firm that acquired Smith Schafer in January 2026. Overlapping CPA, tax, and consulting services with industry specialization in construction, manufacturing, and professional services, now operating Smith Schafer's Minnesota practice within its broader platform.
• CliftonLarsonAllen (CLA): Large U.S. accounting and advisory firm serving middle-market clients with industry specialization in construction, manufacturing, and professional services. Broader geographic and service footprint but directly comparable client profile and service mix.
• RSM US: Global provider of audit, tax, and consulting services focused on the middle market, with industry-specific teams covering manufacturing, construction, and professional services. Comparable client profile and service portfolio at a larger scale.
• BDO USA: Global accounting and consulting network serving middle-market companies with industry-aligned service lines including manufacturing, construction, and professional services. Comparable client base and service mix operating at greater scale.
• Andersen: National tax, accounting, and advisory firm serving individuals and middle-market businesses with industry-aligned practices. Comparable professional services model with broader geographic reach and overlapping target verticals.

Direct peers

• Boulay Group: Minnesota-based CPA and advisory firm offering accounting, tax, and consulting services to closely overlapping client segments including construction, manufacturing, and professional services. Direct local competitor in the Twin Cities and Rochester markets.
• Wipfli: Top-20 U.S. accounting and consulting firm with deep Midwest roots and industry-focused practices including construction and manufacturing. Comparable mid-market professional services model with vertical specialization similar to Smith Schafer.
• Eide Bailly: Top-25 U.S. CPA and business advisory firm with strong Midwest presence and industry-focused practices. Closely comparable mid-market professional services model with similar vertical specialization and client concentration.
• Redpath and Company: Minnesota-based CPA firm providing accounting, tax, and advisory services to closely overlapping client segments including construction and small-to-mid-market businesses. Direct local competitor serving the Twin Cities market.

Regional players

• Lurie LLP: Minneapolis-based accounting and advisory firm offering audit, tax, and consulting services to mid-market and emerging-growth companies. Comparable Minnesota regional CPA profile with similar industry focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/smithschafer
• Facebookfacebook.com/smithschaferassociates

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 Smith Schafer CPAs