History

A History of Success

Gray, Gray & Gray, LLP has been one of New England’s leading independent accounting firms for more than 65 years.

The firm was founded in 1945 by the late Robert Gray. Robert’s brothers, Milton and Mervin, soon joined him in the firm’s downtown Boston office. In 1947, the Grays became the first brothers ever simultaneously elected to membership in the American Institute of Certified Public Accountants.

All three Gray brothers were born in Fort Kent, Maine, where their father was a peddler who used a horse and buggy to travel to surrounding villages. When a fire destroyed their home in 1923, the family moved to Boston, living in Dorchester and Roxbury. Robert, Milton and Mervin attended Boston English High School. Robert and Milton later graduated from the Bentley School of Accounting (now Bentley College), while Mervin graduated from Boston University and earned his MBA from Harvard.

SERVING CLOSELY-HELD AND FAMILY BUSINESSES

From the beginning, Gray, Gray & Gray was determined to be different from other accounting firms. Mervin Gray recalls that, “We didn’t want to be a firm that just did auditing and taxes and had contact with clients maybe once or twice a year. We wanted to deal more closely with clients and deal with their problems.” That philosophy remains a cornerstone of the firm.

Part of this has been our commitment to serving closely-held and family owned businesses. The services we offer have been specifically tailored and evolved to meet the needs of privately held companies, who often require services above and beyond typical accounting and tax work.

The firm has had many long-term client relationships that have not only survived, but also thrived over the decades. A client since 1945 and among the earliest clients of Gray, Gray & Gray is Firestone & Parson, the world-renowned jewelers located on the prestigious Newbury Street in Boston. Edwin Firestone and his son, David, remain special clients.

Another longtime client, with the firm since 1946, has been Coan Oil, a family-owned oilheat company in Natick, MA. The relationship between Gray, Gray & Gray's and Coan Oil remains today, stronger than ever.

SERVICES FOR SPECIFIC INDUSTRIES

Gray, Gray & Gray has developed specialized services for a wide range of industries over the years, including energy and petroleum retailers, McDonald’s franchises, real estate, construction and professionals such as architects, engineers and insurance companies. Dedicated practice groups have also been established to serve emerging businesses and those requiring Employee Benefit Plan Audits, and Private Equity firms and their portfolios.

These industry concentrations are in addition to our broader accounting, audit, tax and business advisory services.

GROWTH THROUGH ACQUISITION

In addition to our “organic” growth, Gray, Gray & Gray has benefitted from a number of key acquisitions over the years, adding depth to our scope of services and important talent to our staff. Among our most significant expansions are:

•    In 2000, Gray, Gray & Gray acquired Kenneth Elgart & Company, a well-established accounting firm that specialized in serving franchises, in particular owner/operators of McDonald’s restaurants. The focus on McDonald’s has quickly grown and been enhanced to become an important part of the firm’s overall strategy.

•    In 2006, the firm acquired Clark R. Rattet & Co., P.C., an accounting firm that specialized in employee benefit audits, to further enhance that critical client service.

•    In 2008, Gray, Gray & Gray merged with Patterson & Gerry, LLC, of Framingham, Mass., further expanding the client base and scope of services, including a new focus on emerging businesses.

NEW LEADERSHIP, CONTINUED INDEPENDENCE

In 2008, C. Joseph Ciccarello became Managing Partner of the firm, replacing Neil D. Krug, who had served as Managing Partner since 1986. Under Joe Ciccarello’s guidance, we have continued our steady growth.

Innovative thinking is not new for Gray, Gray & Gray. The firm has always been a trendsetter, hirng a computer consultant as early as the late 1940s, and becoming the first local accounting firm to use word processing for the preparation of financial statements. In addition, as part of a test program with the IRS, Gray, Gray & Gray was one of the first CPA firms in the country allowed to file computer-generated tax returns.

In 2000 the firm launched Gray Equity Management, LLC, an independent personal financial advisory firm, to help clients and others with wealth management and asset protection. Gray, Gray & Gray was among the first accounting firms in Massachusetts to take this important step.

Over the years, Gray, Gray & Gray has resisted the temptation to be absorbed by other, larger accounting firms. We have made a conscious decision and commitment to remain independent. We owe it to our clients to keep our focus on them, and to continue to give them the high level of service we have always delivered.

“I am most proud of our reputation for honesty and integrity,” Mervin Gray told the Boston Business Journal in an interview. “Our name is very well thought of. Through the years, we have treated our clients well and fairly.”

Become part of the next chapter of success with Gray, Gray & Gray. Call us today at (781) 407-0300 or email vision@gggcpas.com. We’d love to discuss how we can help you achieve your dream for a more profitable and secure future.