Client Profiles

We are privileged to support the business objectives of companies from every sector of the New England economy. Our clients are public and private, large and small, local and international. Regardless of their unique place in their respective industries, they share an appreciation for MFA’s service philosophy.

We are pleased to have so many longstanding, loyal, satisfied clients. A few of their stories can be found below. Read about their experiences, in their own words.

"The best way to know the road ahead is to learn from those who were there before you..."

- Meet Kenneth Goldman, Former Senior VP and CFO, Salary.com, Waltham, MA 

- Meet Dick Rubin, CEO, Boston Retail Products, Medford, MA 

- Meet Jim Eliason, Former Chief Financial Officer, Empirix, Bedford, MA 

- Meet Keith Lord, Vice President of Finance, Vanderweil Engineers, Boston, MA 

- Meet Shirley Singleton, CEO & President, Edgewater Technology, Wakefield, MA

MFA: Most Valuable Player on the IPO Team

Ken Goldman didn’t have time to listen to excuses. It was October 2006, and the senior vice president and chief financial officer of Salary.com – which builds on-demand compensation management software for businesses of all sizes – was bringing the company public. He knew the importance of timing to an IPO, and he also knew that exacting SEC requirements could slow down even the most prepared filing.

“The stock market for on-demand software companies was strong at the time,” recalls Goldman. “It was essential that we capitalize on that in order to best serve our stakeholders. That meant getting through the process quickly, smoothly, and in full compliance with the SEC.” Excessive delays, he knew, could be devastating.

To help with the demanding IPO process, Goldman turned to MFA to conduct critical valuations of the company’s common stock, restricted stock, and stock options. “Because our stockbased compensation included specialized options with unique accounting requirements, the entire project was extremely complex and required deeply knowledgeable professionals,” Goldman says. In addition to their work on stock-based compensation, MFA also valued intangible assets for a Salary.com acquisition, and helped with a number of complex accounting issues such as the early adoption of FAS 123R.

“MFA very quickly became the deal team’s MVP,” says Goldman. “The firm’s execution and expertise was outstanding in every instance, as was their timeliness. The IPO deal team – which included five investment banks, two major Boston law firms, and two additional CPA firms – was very impressed with MFA’s technical prowess.”

The Salary.com S-1 filing went smoothly. “Clearing the comments we got back from the SEC didn’t cause major delays, and the entire process was expedited, given the outstanding work that MFA did on the valuations,” Goldman says. “Most people make promises and then come up with excuses why they can’t fulfill those promises. But MFA delivered on every front and on time.”

The stock market was doing well on February 15, 2007, when Salary.com completed its IPO. “We had originally filed our S-1 with a pricing range of between $8 and $10 a share, and expected to sell 5 million shares,” says Goldman. “Given our fortuitous timing and a strong performing stock market, we achieved pricing of $10.50 per share, and sold 5.7 million shares.” Goldman’s leadership and MFA’s fast, accurate contributions had secured Salary.com’s successful entrance to the public domain.

Today MFA’s relationship with Salary.com has expanded to tax accounting and consulting, Sarbanes-Oxley consulting, and quarterly 10-K and 10-Q filings. “The skill and knowledge levels of the MFA team rival any firm in the world,” Goldman says. “I strongly recommend that any company going through an IPO or other complex transaction consider engaging MFA.”

A Fantastic Resource

Dick Rubin knows he can proceed with confidence when he turns to MFA for professional guidance. "MFA provides sound advice on a wide range of issues," says the CEO of Boston Retail Products, "from financing to business ownership transition to estate planning."

Rubin has relied on MFA for nearly six years, for services such as audit, corporate tax, internal controls review and benefit audits, individual tax, and the strategic consulting that comes from being a trusted advisor. "What’s most important to me," Rubin says, "is the constructive input and advice on strategic issues that MFA provides."

For example, "We know we can rely on MFA’s proactive, practical guidance," says Rubin, "regarding what we can expect when we go into financing negotiations. They tell it like it is – from market conditions to currently available interest terms. As a result, I know how to position myself in negotiations. I know, for instance, where I can press for more favorable terms."

MFA’s accurate, timely input has proven invaluable to Boston Retail Products, a privately-held manufacturer that supplies global retail leaders with a complete line of display, power, and protection products, including fixture, floor, and wall damage protection. The company serves such retail leaders as Ahold USA, which owns Stop & Shop and several other supermarket chains, and Albertson’s, owners of Shaw’s Supermarkets, ACME, Osco Drugs, and other well-known retailers.

Before discovering MFA, Rubin had been using a giant national accounting firm, but felt dissatisfied with the costs. "Their fees were ludicrous for us," he notes. "We started saving a lot of money when we brought in MFA. And no matter which service MFA provides, the value and quality are consistently top-notch.

"I absolutely recommend MFA’s services," continues Rubin. "They focus on your issues, your needs, providing valuable guidance that helps ensure your success. MFA is a fantastic resource."

CFO of Venture-Backed High Tech Firm Chooses MFA

James Eliason first discovered MFA almost five years ago, and he’s been a loyal client ever since.

The productive partnership began when Eliason worked as Vice President of Finance for SilverStream, Inc., a 450-person high tech company. "We had been using a Big Four firm to audit our 401K plan, and the cost was increasing significantly every year," Eliason says. "It was a lot to pay, and we needed a more cost-effective solution. We brought in MFA, and they did the work for considerably less, with more attention to client service."

When Eliason moved to Narad Networks in 2003, he brought MFA with him for tax consulting, federal and state tax compliance, and 401K audits. "The quality is always high, the work is always timely, and the price is always very competitive," he says.

It’s no surprise, then, that even before Eliason joined Empirix in 2004 as Chief Financial Officer, he had already referred the venture-backed high tech services company to MFA.

Empirix has won a prominent place in the automated call center and web applications industries with products that catch potential problems before they interfere with customer services or communications. "Empirix understands how critical it is for companies to focus on their businesses. That’s why we use MFA," says Eliason. "We know with MFA doing our tax compliance, tax consulting, and employee benefit plan audits, we have no worries."

Eliason also appreciates MFA’s service. "When Empirix works with MFA, we have personal contact with highly experienced, responsive professionals. With the larger national firms, typically you have to deal with staff who are only three or four years out of college, and who have to run many issues by a manager or a partner before anything gets done. MFA really cuts down on the cycle time at every step along the way. Add to that the outstanding quality of their work and the lower price tag than we’d see with a large firm, and it becomes a very compelling option to go with MFA."

Consistently Excellent Service

As Vice President of Finance with one of the nation’s top engineering firms, Keith Lord understands how to win, and keep, clients in steeply competitive markets. That’s why he appreciates MFA.

"We’re both service firms," notes Lord of MFA and Vanderweil Engineers. Vanderweil designs sophisticated mechanical, electrical, and plumbing systems for some of the country’s most demanding clients. "Of course the technical side has to be excellent, but at the end of the day, it’s the quality of service that brings clients back."

Vanderweil chose MFA in 2000 during a period of vigorous growth and internal change. "We met with several accounting firms, including a couple of the Big Four," says Lord. "I knew that with MFA – Moody, Famiglietti, and Andronico – we’d get more and better attention. I was right."

Six years later, MFA continues to meet Lord’s high expectations. "I’ve worked with the giant national accounting firms," he says. "What I like about MFA is that I can pick up the phone any time, speak with a partner or high-level manager, and get the answers I need. From auditing, to cash flow planning, to corporate tax and business consulting, MFA provides consistently excellent service."

MFA’s price, too, benefits Vanderweil. Compared to the huge accounting firms, says Lord, "MFA is much more reasonably priced." For instance, "MFA’s auditing services came in at about half the price of the Big Four.

"I certainly plan to continue using MFA, and highly recommend them," Lord continues. "With MFA, you’ll get great service and high technical expertise at a very reasonable price. MFA delivers exceptional value."

Award-Winning Technology Executive Recommends MFA

For more than a dozen years, Shirley Singleton has relied on MFA’s technical acumen and excellent service.

As co-founder of Edgewater Technology, Inc., Singleton knows how essential it is for companies to receive effective financial guidance during all stages of the business life cycle. "MFA’s – Moody, Famiglietti & Andronico’s – critical role began during Edgewater’s earliest days," she says. "MFA’s managing partners accompanied me to meetings with bankers, helping me to pursue aggressive factoring loans to get the company through our initial growth phases." MFA also conducted financial audits for the technology management consulting firm.

In 1999, Edgewater was sold to a public company. "MFA was instrumental in guiding me through this transaction," Singleton says. When Singleton was named Edgewater’s CEO and President, MFA assisted with this critical shift. Since 2002, MFA has continued to serve Edgewater in the secondary CPA firm role: e.g. conducting the annual employee benefit plan (401K) audits. This also helps with independence guidelines in the Sarbanes-Oxley era.

Singleton also uses MFA for her personal tax planning and trust services. "MFA’s family and fiduciary tax practice is wonderful, and has created several trusts for me," Singleton notes, "such as one for my elderly parents."

Singleton, whose numerous business management honors include being named to Boston Magazine's Top 100 Powerful Women for 2003, encourages other executives to "consider MFA for help with business plans and obtaining cash if you’re a start-up, and for guidance with credit line extensions for your growth phase. MFA’s expertise will fine-tune your business plans and help you extend credit lines with solid presentations to bankers."

Perhaps more than anything, Singleton appreciates the singular attention she receives from MFA. "With MFA, you feel they know you," she says. "Their service has always been second to none."