Donnelly & Co. LLP Chartered Professional Accountants provides assurance and accounting, taxation, wealth management, business advisory and cross border tax services for clients in Alberta. This year, the firm celebrates 65 years of service.
Lawrence Donnelly and university colleagues opened Donnelly & Co. in 1959. Two years later, Lawrence and David Cowan purchased an accounting firm whose clients were mostly in rural Alberta.
“The firm purchased in 1962 had been doing personal taxes on a prepaid basis,” says Timothy Donnelly, partner. “Donnelly & Co. fulfilled the contracts, even though the previous owner had received the money for the work the year before. Lawrence and David went door to door through Athabasca, Lac La Biche and Camrose to complete tax returns and find new clients.”
This boots-on-the-ground, entrepreneur-driven style gave the firm its foundation.
“What is interesting,” Timothy explains, “is that a lot of those same clients established and grew into substantial businesses over the next 40-45 years as opportunities and the economy expanded in northern Alberta.”
As those clients grew, they continued to work with Donnelly & Co., as such the accounting firm continued to grow and expand organically.
In 1996, Lawrence’s succession plan began with Pamela Sigvaldason, who had been employed by the firm since 1983, and Timothy, who moved as the senior tax manager of the Edmonton office of the international firm Touche Ross, transitioned to ownership. Lawrence retired two years later. With his son at the helm and the firm continuing to grow, his dream of a full-service firm with partners providing personalized service had been realized.
“When Pam and I took over the firm, we recommitted to the Athabasca and Lac La Biche region by setting up a part time office in Boyle,” says Timothy. “It was a good time in the life cycle of the firm for me to be involved, as my tax expertise allowed us to implement a variety of family enterprise reorganizations and succession plans for clients and their referrals given that their ages were similar to my father.
“This also allowed us to solidly retain the clients through our succession, as well as re-energize the firm with a fresh younger outlook to the future both internally and externally. The very low turnover of clientele and the continued client relationships dating back to the early 60s is a testament to the desire to build trusted-advisor relationships with our clients.”
He continues, “We invest the time and energy to get to know our clients and understand their outlook for the future to allow us to assist them in attaining their goals and build a long-term relationship. We do not take a transactional view, which is concerned with maximizing returns of each project.”
Memorable moments in the firm’s history include being the advisory and reporting provider for Scott Steel Ltd. during its construction of the Edmonton River Queen. Also, Donnelly & Co. was selected as the final auditor for the Institute of Chartered Accountants of Alberta before the CA, CMA and CGA merger, which Timothy calls “A proud moment, given our long-term membership in the profession and our dedication to continue to provide assurance services as a mid-market firm.”
“What sets us apart is that each partner has their own niche,” adds Timothy. “We are very strong in audits of non-profit organizations, which Pei San heads up. We have a very substantial US tax practice, which Dani oversees. Eric heads up our trust and estate services while Heather is our go-to person for cloud accounting, installations and conversions. I continue to act as the firm’s overall tax and financial planning resource. We are able to blend our niches, which is what Pam and I committed to when we purchased the firm from my father. We are a single entity serving clients through a variety of talents and every partner is committed to collaborating to bring the best service forward.”
As he reflects on 65 years, Timothy says, “We are very thankful to the founders who built the base of the firm. We are thankful to all of our clients and to the numerous staff that choose to train and grow with Donnelly & Co. The future sees us continuing to embrace change and the technology that empowers our clients while never losing sight of the personal touch. We still recognize the value of a phone call over an email. We think it is very special that Donnelly & Co. continues to grow through two successions. My father moved things forward and we now have an eye on the next generation.”
As Timothy approaches his own retirement, his parting gift, alongside the firm, is to establish a scholarship fund at the U of A in Lawrence Donnelly’s name, cementing and continuing the legacy of accounting professionals who work collaboratively and put their clients first.
Suite 100, 15023 – 123 Avenue, Edmonton, Alberta, T5V 1J7
(780) 488-7071 | www.donnellyco.ca