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Smith Schafer CPAs

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uuid000igaz

Namestring
Smith Schafer CPAs
Legal namestring
Smith Schafer & Associates
Company typeenum
Private
Founded yearint
1971
Descriptiontext

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.

Short descriptiontext

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.

Operating statusenum
Acquired
Ownership categoryenum
Headcount rangeband
101–250
akta.pro rankint
HeadquartersRochester, United States
HQ citystring
Rochester
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Offices3 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
accounting services, tax preparation, business consulting, audit services, CPA advisory
NAICS code1 code
  • Offices of Certified Public Accountants541211
Product category
Professional Accounting Services
Social media profiles2 records
GTM motion1 record

Each record includes

Type, Description, Source

Revenue model1 record
1Accounting and Consulting Services
TypeProfessional Services
Description

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.

smithschafer.com
Marketing channels3 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Personnel, Operations, Marketing or Sales, Technology or R&D
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

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.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

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.

Product and service1 record
1Accounting Services
Scale indicator2 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-01-06
Description

CohnReznick 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.

Recent move3 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight3 records

Each record includes

Type, Description

Peers10 records
TypeBroad incumbent
Description

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.

TypeDirect peer
Description

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.

TypeDirect peer
Description

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.

TypeBroad incumbent
Description

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.

TypeDirect peer
Description

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.

TypeBroad incumbent
Description

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.

TypeBroad incumbent
Description

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.

TypeDirect peer
Description

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.

TypeRegional player
Description

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.

TypeBroad incumbent
Description

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.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

Smith Schafer CPAs

Professional Accounting Servicessmithschafer.com

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.

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.

Smith Schafer CPAs firmographics

Firmographics
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

Where Smith Schafer CPAs is headquartered

Location

Headquarters

HQ city
Rochester
HQ country
United States
HQ region
North America

Offices3 records

Markets served

Smith Schafer CPAs business model

Business model
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

Smith Schafer CPAs product offering

Product offering

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

Companies that use Smith Schafer CPAs

Customer profile

Segments4 records

Ideal customer profiles4 records

Smith Schafer CPAs technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Smith Schafer CPAs partnerships and signals

Strategic signal

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

Smith Schafer CPAs competitors and assessment

Company assessment

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

Smith Schafer CPAs social profiles

Digital presence

Smith Schafer CPAs financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Smith Schafer CPAs leadership team

Management profile

Number of profiles

Smith Schafer CPAs funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

Smith Schafer CPAs M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about Smith Schafer CPAs

What does Smith Schafer CPAs do?

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.

Is Smith Schafer CPAs a public or private company?

Smith Schafer CPAs is a private company. It is classified as corporate owned and is currently acquired.

When was Smith Schafer CPAs founded?

Smith Schafer CPAs was founded in 1971. It employs 101 to 250 people.

Where is Smith Schafer CPAs based?

Smith Schafer CPAs is headquartered in Rochester, United States, in the North America region.

How does Smith Schafer CPAs make money?

One revenue line is on record: accounting and Consulting Services.

Who are Smith Schafer CPAs's main competitors?

Broad incumbents on record are CohnReznick, CliftonLarsonAllen (CLA), RSM US, BDO USA and Andersen. Direct peers are Boulay Group, Wipfli, Eide Bailly and Redpath and Company. Lurie LLP is listed as a regional player.

Does Smith Schafer CPAs have an API?

No public API is recorded for Smith Schafer CPAs.

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Live signals
CohnReznickCohnReznick enters Minnesota through addition of Smith SchaferCohnReznick Advisory LLC announced its entry into Minnesota through a strategic combination with Smith Schafer, a regional accounting firm with 12 partners and 89 employees. The merger extends CohnReznick's national footprint following recent office openings in San Francisco, Tampa, Tallahassee, and Richmond, and is supported by its partnership with Apax Funds. Smith Schafer brings expertise in professional services, construction, manufacturing, and transportation sectors to serve the Minnesota marketplace.SmithschaferPricing Case StudySmith Schafer describes its pricing review methodology, which analyzes margin by product and customer, add-on services, customer segmentation, and pricing history against industry benchmarks. Two case studies illustrate the approach: a printing firm added rush surcharges to improve scheduling and cut a third shift, and a firearms accessory firm negotiated quantity-based price points after finding production inefficiencies inflated costs.SmithschaferHospitality Industry: 6 Common Tax DeductionsSmith Schafer published a list of six tax deductions and credits applicable to hospitality businesses, including the tip credit, Work Opportunity Tax Credit, R&D credit, 199A pass-through deduction, Section 179 expensing and bonus depreciation. The article notes the 199A deduction may reach 20% of qualified business income, Section 179 allows up to $1 million expensing with a $2.5 million cap, and bonus depreciation phases out after December 31, 2022.SmithschaferBenchmarking: Electrical IndustryA Smith Schafer industry benchmarking report cites IBISWorld data showing over 211,000 US electrical companies, more than 92% with fewer than 10 employees, generating over $164 billion in 2017 revenue. Industry profit is expected at 5.2%, with wages at 34.5% of revenue rising 3.1% annually. Revenue growth is projected at roughly 3.5% yearly over five years.