Alwin C. Ernst
Encyclopedia
Alwin Charles Ernst (1881 - May 13, 1948) was an American businessman who co-founded the accounting
firm of Ernst & Ernst
in 1903 and who is credited with inventing management consulting
.
Born in Cleveland, Ohio
, Ernst's father was a tailor. After finishing high school
, he took evening courses at a business college
and in 1900 went to work for The Audit Co. in Cleveland. Three years later,Ernst and his older brother Theodore founded the Ernst & Ernst bookkeeping
service with an invested capital of $500 but in October 1906, Theodore left the business.
Ernst expanded his business credentials by obtaining his Ohio Certified Public Accountant (CPA) certificate in 1910. Aggressive and ambitious, Ernst had already opened offices in Chicago
in 1908 and in New York City
in 1909. By the time of his death in 1948, Ernst had grown the business to more than fifty offices in the United States and Canada
.
racehorses, primarily those that ran in sprint
races. Among his best horses was multiple stakes winner Alorter whose wins included the 1943 Cowdin Stakes
. Ernst also bred Algasir but died before he could see the horse win the 1948 Cowdin
and Flash Stakes
and set a world record
for four furlong
s. Throughout most of his time in racing, Ernst's horses were trained by Jack Skirvin.
Ernst died at age sixty-six on May 13, 1948 at the Lakeside Hospital in Cleveland. His estate went to his four daughters and in August 1948 they sold most of his racing stable through an auction at Saratoga Race Course
. A part of the dispersal, Algasir was purchased by F. Ambrose Clark
for US$
106,000.
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
firm of Ernst & Ernst
Ernst & Young
Ernst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
in 1903 and who is credited with inventing management consulting
Management consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
.
Born in Cleveland, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, Ernst's father was a tailor. After finishing high school
High school
High school is a term used in parts of the English speaking world to describe institutions which provide all or part of secondary education. The term is often incorporated into the name of such institutions....
, he took evening courses at a business college
Business college
A business college is a school that provides education above the high school level but could not be compared to that of a regular University or College...
and in 1900 went to work for The Audit Co. in Cleveland. Three years later,Ernst and his older brother Theodore founded the Ernst & Ernst bookkeeping
Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually...
service with an invested capital of $500 but in October 1906, Theodore left the business.
Ernst expanded his business credentials by obtaining his Ohio Certified Public Accountant (CPA) certificate in 1910. Aggressive and ambitious, Ernst had already opened offices in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
in 1908 and in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in 1909. By the time of his death in 1948, Ernst had grown the business to more than fifty offices in the United States and Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
Thoroughbred racing
Ernst owned and bred ThoroughbredThoroughbred
The Thoroughbred is a horse breed best known for its use in horse racing. Although the word thoroughbred is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thoroughbred breed...
racehorses, primarily those that ran in sprint
Sprint (race)
Sprints are short running events in athletics and track and field. Races over short distances are among the oldest running competitions. The first 13 editions of the Ancient Olympic Games featured only one event—the stadion race, which was a race from one end of the stadium to the other...
races. Among his best horses was multiple stakes winner Alorter whose wins included the 1943 Cowdin Stakes
Cowdin Stakes
The Cowdin Stakes was an American Thoroughbred horse race held annually at Aqueduct Racetrack and at Belmont Park. First run in 1923 as the Junior Champion Stakes, it was renamed the Cowdin Stakes in 1941 to honor to John Cheever Cowdin, former president of Aqueduct Racetrack.The race was for...
. Ernst also bred Algasir but died before he could see the horse win the 1948 Cowdin
Cowdin Stakes
The Cowdin Stakes was an American Thoroughbred horse race held annually at Aqueduct Racetrack and at Belmont Park. First run in 1923 as the Junior Champion Stakes, it was renamed the Cowdin Stakes in 1941 to honor to John Cheever Cowdin, former president of Aqueduct Racetrack.The race was for...
and Flash Stakes
Flash Stakes
The Flash Stakes was an important and prestigious race for two-year-old Thoroughbred horses and one of the longest running horse racing events in America. Run before races were graded, the Flash was won by a host of starry names...
and set a world record
World record
A world record is usually the best global performance ever recorded and verified in a specific skill or sport. The book Guinness World Records collates and publishes notable records of all types, from first and best to worst human achievements, to extremes in the natural world and beyond...
for four furlong
Furlong
A furlong is a measure of distance in imperial units and U.S. customary units equal to one-eighth of a mile, equivalent to 220 yards, 660 feet, 40 rods, or 10 chains. The exact value of the furlong varies slightly among English-speaking countries....
s. Throughout most of his time in racing, Ernst's horses were trained by Jack Skirvin.
Ernst died at age sixty-six on May 13, 1948 at the Lakeside Hospital in Cleveland. His estate went to his four daughters and in August 1948 they sold most of his racing stable through an auction at Saratoga Race Course
Saratoga Race Course
Saratoga Race Course is a Thoroughbred horse racing track in Saratoga Springs, New York, United States. It opened on August 3, 1863, and is the oldest organized sporting venue of any kind in the United States. It is typically open for racing from late July through early September.-History:John...
. A part of the dispersal, Algasir was purchased by F. Ambrose Clark
F. Ambrose Clark
Frederick Ambrose Clark was an American equestrian.Clark was the son of Alfred Corning Clark and a grandson of Edward Clark, a lawyer and later 50% owner of the Singer Sewing Machine Company...
for US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
106,000.