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A History of Reliability
Freemon, Shapard & Story is the oldest active CPA firm
registered with the Texas Board of Public Accountancy.


Our firm was founded in 1920 by Grundy Shapard. He earned his Masters degree in Business Administration from Harvard University and had been with a national accounting firm in the Dallas area.


He moved to the Wichita Falls area to establish his practice and meet the service needs of the rapidly expanding oil and gas industry. He was joined in the 1930s by Arch Freemon, who had been with the Internal Revenue Service and later became one of the early leaders of the Texas State Board of Public Accountancy.


Herbert Story, who had been employed in the accounting departments of several

area oil and gas companies, joined the firm in the 1940s.

The three formed the existing partnership January 1, 1945, and are responsible for developing the sophistication and intense drive to provide the quality service the firm still exhibits today. New partners Marc Duke, Howell Arrington, and Jim Reeves were admitted during the 1950s in a proactive move to succeed Mr. Shapard and Mr. Freemon, who retired during the late 1950s and 1960s.


The new partners further refined the firm's mission of prompt, quality service. They, in

turn, retired from the firm in the 1970s and 1980s. In preparation for their retirement, new partners John Barfield, Dennis Cannedy, and Mac Cannedy, Jr. were admitted during the early 1980s.


These men joined the other principals, directors, managers, and staff in a total devotion to the firm's historic and traditional goal of prompt, quality service provided at a value.


Herbert Story retired from the firm January 1, 1996. His long tenure and guidance of 50 years ensured that the traditions on which the firm was founded bridged all generations. The firm has enjoyed steady growth throughout its history. Partners and staff members have helped clients through the Great Depression, World War II, the Korean War, the Cold War, the Vietnam War, and the many generational transfers of businesses and wealth.


The firm has been there for its clients - assisting with planning and managing through the challenges presented by booms related to the "Roaring Twenties," post World War II, oil and gas exploration and production, and technological changes. Whether it was the "Excess Profits Tax" of World War II, the "Windfall Profits Tax" of the 1980s, or accounting issues and technology advances of the 1990s, the firm has been quick to respond to all client needs.


Freemon, Shapard and Story is the oldest active CPA firm registered with the Texas State Board of Public Accountancy. This is a testimony to the vision of quality service created by our founders and demonstrates the firm's ability to adapt to a changing environment. The firm will continue its tradition by providing timely, valuable services and embracing the challenges of the future. Quality lasts and never goes out of style.

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