Not many businesses can ride the economic waves successfully for 75 years—especially without being acquired or merging. Full discloser: There may have been an acquisition or two for the firm along the way.
Let’s step back in time to 1947.
When founder and CPA Paul Matthews opened his doors on Vermont Avenue in 1947, it was a very different world. Here’s just a quick snapshot of what was happening at the inception of what is now Matthews, Carter & Boyce:
- The Pentagon was the largest office building in the world.
- The World Series was televised for the first time.
- Average cost of bread was 13 cents a loaf.
- The world saw its first Polaroid instant camera, tubeless tire and mobile phone.
As the firm grew, Matthews took on partners. In 1968, the firm became officially known as Matthews, Carter & Boyce with the addition of Frank Carter and Tom Boyce as principals. A great foundation had been established—a firm of smart people who loved to help people. That premise is still alive and well at MCB today. And, the firm has continued to evolve over the last seven decades, honing its expertise to meet the expanding needs of its clients.
Standing the Test of Time
The post-war economic boom of the 1940s saw expansion in the region’s naval and industrial economic base, spurring growth of federal government jobs in Washington, DC and Northern Virginia.
Although much changed in the metro area in the decades that followed, MCB has remained largely the same firm, with the same mindset and values. “At the core of MCB is a dedication to the highest level of service to people—whether it be our clients or our employees. Of course, our clients will say we’re also very adept at solving financial complexities. More importantly, we’re strong business partners,” said Managing Principal Jude Covas, who joined the firm as a junior accountant after college in 1983.
This philosophy is the reason MCB is so proud to have numerous multi-generational clients. Genco Masonry, founded in 1929, is one of the oldest masonry contractors in the Washington metro area. A long-term MCB client, Genco serves multi-family, commercial, institutional and government clients and has won numerous awards for craftsmanship. The MCB team has worked with Genco for generations and has seen the business prosper over time. “My grandfather and Francis Carter knew each other,” said Tony Izzo, Genco Chairman and Executive Vice President. “Over many decades of service, MCB has always understood what we needed.”
1958 and New Opportunities
As the business community in the Washington, DC area grew and evolved, MCB also grew and adapted to market demands, developing expertise in real estate, not-for-profits, government contracting, hospitality, closely held businesses and other growing niches.
One particular area of expertise has catapulted MCB into the national landscape. MCB’s investment company practice is a national practice that is unique to CPA firms in Northern Virginia; most CPA firms with a specialty in this field are located in financial hubs like New York or Chicago.
In 1958 MCB principal Olaf Haug was working with client Allied Capital Corporation. Allied Capital was a private equity investment firm and mezzanine capital lender providing debt and equity capital for leveraged buyouts, acquisitions and restructurings of established businesses. Allied Capital was one of the nation’s first Small Business Investment Companies (SBIC) after the implementation of the Small Business Act of 1958 and grew into one of the largest Business Development Companies (BDCs) in the country. Through such a prolific client relationship with Allied Capital and subsequent sponsorship of Small Business Investor Alliance (SBIA), MCB has developed a highly-skilled investment company practice that is currently led by firm principal Matt Dwyer.
MCB’s investment company client niche has also led to a highly sophisticated tax practice, serving businesses and high-net-worth individuals across all industries with complex financial structuring, tax planning and compliance. In fact, of the firm’s 13 principals, 11 are tax advisors.
A Modern Culture
MCB was founded very much on family values and a family atmosphere. Although ahead of the curve, that mindset has never wavered. Today, at the heart of MCB is still a family, where everyone is cared for and valued. MCB is a culture where team members feel connected and supported to one another. As for clients, the “MCB Experience” is the gold standard—personalized service, responsiveness and accessibility all graciously offered with knowledge, skill and warmth.
“We hold tight to these tenets for our practice, our clients and our people,” said Pam Priester, MCB Director of People Strategy. “Today, 30% of our employees have been part of the MCB family for more than 10 years,” she added. As a result, MCB is a consistent Top 50 Washington Business Journal Accounting Firm and has earned Accounting Today’s Best Accounting Firms to Work For. Accolades over the years include Best Firms for Women and Regional Leader honors, among others.
Present Day: MCB Cares
MCB has always embodied a purpose-driven culture, making it a top priority to support organizations that give back to the community. In 2017 MCB Cares was formally launched to provide greater structure and grow philanthropic efforts with employee participation. MCB Cares works year-round to collaborate with nonprofits that embody a variety of missions and goals. Employees are also encouraged to design and develop their own initiatives for giving back.
Recently, for example, MCB team members partnered with Meals of Hope and Food for Others in a firm-wide effort to package more than 20,000 meals for delivery. Meals of Hope delivered boxes of unpackaged food, and MCB mobilized a team of volunteers to box and prepare the food for donation. More than 40 enthusiastic MCB employees contributed their time and energy, preparing 21,000 total meals which were distributed to families across the region. And every December, MCB participates in the Salvation Army Angel Tree program, “adopting” angels and purchasing new items as Christmas gifts for deserving families
2023 and Beyond
In today’s business climate, a 75-year milestone is quite rare. The Matthews, Carter & Boyce team credits the firm’s longevity to the way its dedicated, highly-engaged team members serve valued clients, who are partners in every sense.
Added Covas, “It’s an honor and privilege to look back and see how many of our clients and community partners have done so much good—providing jobs, fueling the local economy and giving back where there is need. We’re truly humbled to reach this significant milestone, and we look forward to the next 75 years.”
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