BST & Co. CPAs LLP, one of the Capital Region’s leading accounting and management consulting firms, this year celebrates its golden anniversary of 50 years of service to local and regional clients. As one of only two remaining independent firms of its size in the area, BST has successfully navigated and excelled in an industry that has undergone significant consolidation.
What began as a firm with fewer than five practitioners and $600,000 in revenue in 1976 has today blossomed into a multi-faceted consulting business generating annual revenue of $23 million.
BST is an industry leader in gender diversity. Ten of the firm’s 21 partners are women as are two-thirds of its 95 associates.
The firm also features one of the most robust and successful internship programs in the industry. As many as 60 percent of its current associates began their careers at BST as interns.
“If I had to pinpoint the key to our sustained success, I would say it has been our ability to transcend traditional accounting services,” said Ron Guzior who has served as BST & Co. Managing Partner since 2016. “We recognized early on that diversification was critical to meet the widespread and varied needs of our clients, including tax, audit, business valuation, wealth management, outsourcing, and more. Ultimately, we became a one-stop shop for clients representing closely held businesses, governments and non-profits who have remained steadfastly loyal during this golden journey of ours.”
As BST commemorates its 50th anniversary, it recently announced the introduction of the BST Consulting Group comprised of four outsourcing divisions: Accounting & Advisory, Cybersecurity, Marketing, and Talent Strategies. A market leader in outsourced solutions, BST attributes approximately 30 percent of its overall revenue to these services. BST Consulting Group serves a variety of clients, including professional services, financial, health care, governmental, not-for-profit, manufacturing, and other for-profit and closely held businesses.
Origins of the Firm
The DNA of BST can be traced back to Cohen, Scheer & Sherman that operated during the 1960s at 1510 Central Ave. in Albany and included BST Co-Founder Joe Torani who interned at the accounting firm while attending the University at Albany.
After graduating from UAlbany in 1969, Torani went to work for KPMG, an international audit, tax and advisory firm. While there he forged friendships with colleagues Richard Bollam and Will Reynolds. These connections planted the seeds for what would ultimately become BST.
Drawing from their collective experience working within the corporate landscape at that time, the trio developed a set of founding principles should they ever launch a firm of their own: Hire the best and the brightest; treat all employees with respect; and deliver services to clients at a fair and reasonable price.
After departing KPMG to run his family’s Amsterdam-based carpet business for a brief time, Torani soon returned to the world of accounting in a bold way. In August 1976, Torani purchased the firm for which he had previously interned. Installed as managing partner, Torani quickly recruited Bollam as an audit specialist and soon thereafter Bob Sheedy joined as a tax expert. With Bollam, Sheedy and Torani, BST was born.
“From the outset, our goal was to become trusted advisors,” said Torani. “We were businessmen who wanted to help our clients solve their problems and achieve their goals, and we were one of the first firms in the area to offer a completely diversified set of services.”
Within five years, BST saw revenue rise dramatically to $3 million, and experienced 19 consecutive years of growth before being temporarily slowed by the 2008-2009 global recession. Today, BST is among the region’s largest management consulting firms with $23 million in overall revenue.
Pivotal moments in the 50-year history of BST
1985 – BST moves operations to 26 Computer Drive West, a multi-story commercial building owned by Torani and his founding partners. This would remain the company’s headquarters until its relocation to 10 British American Boulevard in 2022.
1988 – BST acquires Bloch and Johnson. Ron Guzior joins the firm through the acquisition and is later named a partner in 1998 before being appointed to his current position of managing partner in 2016.
John Johnson also comes on board with this acquisition and later launches the Valuation, Forensic and Litigation Division (VFL), which caters to many business and matrimonial clients in the New York City region.
1990s – BST launches its employee benefit plan division under the leadership of now senior partner Mary Mlock. The move would serve as a precursor to its expansion into defined contribution plans and wealth management.
2006 – BST acquires Hobbs, Oberfest, Berger and Burger, a NYC-based firm.
2014 – BST generates $20 million in revenue for the first time in history.
2016 – Ron Guzior is named Managing Partner, only the third in the firm’s 50-year history.
2017 – BST acquires CFO for Hire which later evolves into a segment of the firm’s outsourced accounting along with Virtual Accounting Services, which is founded by BST partner Kristen Berdar.
2022 – BST acquires O’Connor & O’Connor, CPAs, an Albany-based accounting firm with a legacy of more than half a century.
BST moves its Albany-based corporate headquarters to 10 British American Boulevard to accommodate its expanded operations within a 25,000-square foot collaborative workspace. The move runs counter to a national trend when many companies were consolidating or reducing their investment in commercial space during the post-pandemic climate.
2024 – BST announces a partnership with Dopkins Wealth Management, LLC, a Certified Public Accounting and consulting firm based in Buffalo, NY. The collaboration is designed to offer clients comprehensive wealth management strategies while enhancing referral opportunities for both firms.
2025 – BST’s revenue mix is derived from the following services:
- Family & Closely Owned Business = 48%
- Government = 20%
- Nonprofit = 19%
- VFL = 13-14%
For more information about BST, visit BSTCO.com
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