Schafer & Associates, CPA

Smith Schafer's story began in 1971 when Richard Smith co-founded Smith Larson and Co. in Rochester, Minnesota. Within five years, Al Schafer joined the practice, purchasing Orlin Larson's interest and renaming the firm Smith Schafer and Company. At that time, it was a modest six-person accounting firm. Little did they know that this small venture would blossom into one of the largest public accounting firms in Minnesota.

Over the decades, Smith Schafer experienced significant growth and expansion. The 2000s marked a period of strategic acquisitions and team development. In 2000, Steve Erchul joined the firm, followed by Mike Malugani in 2002. To bolster expertise in the Rochester office, two Rochester-based accounting firms, Coffman, Nehring and Christopherson and R.S. Wayne CPA, were acquired, and their staff eventually merged into the headquarters. A pivotal moment came in 2007 with the acquisition of Graves, McKenna, Lundeen & Almquist PLLP, which led to the opening of Smith Schafer's Edina office. Bill Frudden and Steve Erchul relocated from the Maplewood office to lead the new Edina location, with Tim Pass becoming the Office Managing Principal in Edina in 2013. Today, Smith Schafer boasts approximately 100 to 120 professionals across three locations in Minnesota: Rochester, Minneapolis, and Red Wing. The firm is recognized for helping local businesses grow with accounting, tax, and consulting solutions, often referred to as a helpful business advisor. They pride themselves on providing proactive solutions, deep expertise, and personal relationships. Smith Schafer has received numerous accolades, including being featured on Forbes' Top Tax Firm list, awarded Best of Accounting Client Satisfaction by ClearlyRated (achieving Diamond status for five consecutive years of excellence), and named a Top Workplace in Minnesota by the Star Tribune.