Family businesses are seldom generational, even rarer are multigenerational family businesses. Somewhere in the range of not calculable is a three generation family certified public accounting practice. Respected accounting firm Bailey, Murphy + Scarano, LLC is celebrating 100 years of providing a wide range of accounting services to businesses and individuals throughout the United States. The firm will mark this achievement with a celebration in June.
Founded by brothers Meyer and Maurice Bailey in 1916, and going through a multitude of name changes over its 100 years, the one constant has been a Bailey has always been a partner. Meyer was a proud father when his son Alan entered the practice and remained a major part of it until his retirement in 1992. Alan did his father one better as he saw sons David and then Michael enter the practice and assume roles as partners.
David, the firm’s managing partner, has this to say about this historic event “First and foremost, we thank our clients whose support has brought us to this milestone. In some cases, we’ve helped generations of families with a myriad of succession planning, tax, business, and financial issues. Our experienced, talented team shares my commitment to growing as client needs, technologies, and financial trends continue to evolve. “It’s been our pleasure to help clients in a wide range of industries including real estate, mergers & acquisitions, manufacturing, construction, not-for-profit, technology, healthcare, and more, to grow their businesses and achieve their financial goals,” Bailey added. “It’s thrilling to me that the small company started by my grandfather and great uncle, and continued by my father and the partners of his generation, carries on a strong legacy.”
As public accounting practices have changed from simple paper and pencil tax returns when the firm opened in 1916, to today’s digital, paperless era and complex tax laws, Bailey Murphy + Scarano, LLC has thrived. They are currently led by partners, David Bailey, Michael Bailey, Andrew Errato, Dominic Scarano, Jr., and Christine Gromala. Their historic office is located in Lockworks Square in Branford, Connecticut.
The firm and its partners believe in giving back to the community that has supported them for 100 years and is proud to list the following institutions as some of the many that receive or have received their support:
- Shubert Theater in New Haven (founded by Maurice Bailey, with Michael Bailey currently serving on the Board of Directors)
- Yale Entrepreneurial Institute (YEI)
- Better Business Bureau
- Shoreline Chamber of Commerce
- Quinnipiac Chamber of Commerce
- University of New Haven (UNH) Family Business Center
- Branford Education Foundation
- Quinnipiac University Business Advisory Board
- Legal & Tax Division of the New Haven Jewish Federation
- National Association of Certified Valuators and Analysts
For the past century and currently the Firm has been guided by a strong commitment to their mission:
“Mission means something you are prepared to live and invest in with time and money. 100 years as Certified Public Accountants proves we have succeeded in our mission. Our experience, leadership, knowledge, service and dedication are what we can bring to you.”