Key takeaways:

• • • Ways of achieving growth has changed 鈥� Sustainable growth now depends less on raw revenue and more on improving income per partner through smarter leverage, intentional service mix, and disciplined pricing.

    • Proactive firms will be better positioned 鈥� Firms that adopt data-driven pricing, bundled offerings, and subscription models will be better positioned to communicate value, raise fees confidently, and protect margins.

    • Differentiators are shifting 鈥� Leadership depth, culture, and succession planning are emerging as decisive differentiators as demographics shift, private equity reshapes the tax market, and next-generation partners step into control.

Tax, audit & accounting firms are still growing, but not all that growth is reaching the bottom line 鈥� indeed, 2026 is shaping up as a separate or be separated moment for many tax firm leaders. To sustain income per partner while the market shifts, firm leaders need to be far more intentional about how they grow, price, staff, and position their tax practices.

Here are five important ways that tax firm leaders can ensure their bottom-line growth keep pace with their top-line revenue:

1. Be deliberate about how you grow

Revenue is rising, but margins are under pressure. For example, for firms with revenue of more than $2 million, revenue grew 7.9%, yet income per equity partner (IPP) increased only 3.2%. This may imply that although firms are bringing in more money, the remaining profits available to distribute to equity partners isn鈥檛 growing at the same rate. This could mean that it鈥檚 costing firms more to generate more revenue possibly because expenses are eating into margins.

Meanwhile, 13.9% of total growth for firms whose revenue is more than $2 million now comes from mergers, and for firms with revenue of more than $20 million, more than one-fifth of growth is merger-driven.

For growth strategy, leaders should clarify their organic growth plans in light of this robust M&A drive, deciding when acquisitions are truly about capacity, specialization, or geography and when they are merely propping up lagging organic growth.

Leaders need to protect IPP metrics by focusing relentlessly on revenue per partner and revenue per person as primary levers, rather than chasing top-line growth for its own sake. Leaders also need to build optionality 鈥� with private equity, mega-firm consolidators, and independents all active, factors such as succession, capital, and ownership design have become core strategic decisions that can no longer be left to chance.

2. Treat pricing as a growth discipline

In the 成人VR视频 Institute’s pricing report for tax, audit & accounting firms, 64% of decision-makers said their firms saw revenue increases, but only 45% reported increased profits 鈥� a clear indication of margin compression. Further, just about 1-in-5 professionals said they feel 鈥渉ighly confident鈥� that their firm鈥檚 current pricing reflects the expertise of its professionals.

To be sure, key pricing work now involves moving beyond what the market will bear. While hourly billing still dominates (according to the report firms said over 40% of client engagements are billed on an hourly basis) 鈥� value-aligned methods such as fixed fees, subscriptions, and bundled packages are strongly associated with higher pricing confidence and a firm’s greater ability to raise fees.

To excel in this area, tax firm leaders need to use data rather than their gut. Although only 30% of respondents said their firm regularly benchmark their pricing against competitors, leaders overwhelmingly say better market intelligence would increase pricing confidence. Also, firms should expand subscription and bundle pricing options, since respondents form subscription-billing firms report significantly higher confidence that their pricing reflects value. Indeed, many firms using bundled packages have raised prices 10% to 24% or more over the past two years.

3. Build a capacity model that scales

The Rosenberg data is blunt: The fastest path to higher income per partner is not logging more partner hours 鈥� it is using smart leverage and stronger rates. Elite tax firms (those with IPP above $800,000) generate roughly $3.9 million in revenue per equity partner and maintain staff-to-partner ratios of around 17:1.

Several capacity dynamics matter in practice. Leverage drives profitability, for example, and those firms that have staff-to-partner ratios above 10 report IPP roughly double that of firms with ratios below 3, even though they may carry higher salary percentages.

Further, outsourcing has become mainstream. More than 4-in-10 firms (42%) with more than $2 million in revenue now outsource full-time equivalent (FTEs) employees, a figure that rises to 63% among firms with more than $ 20 million dollars. Interestingly, turnover has eased to about 11%, the lowest for the industry in years, but expectations have shifted as firms intentionally reduce average billable hours per staff member to prioritize sustainable workloads.

In fact, the key growth question is no longer Can we find the work? but rather Can we design a capacity model 鈥� onshore, offshore, AI-enabled 鈥� that supports higher rates without burning out our people?

4. Formalize strategy, marketing & service mix

Firms with written strategic plans earn about 4.5% more IPP than those without, according to the data, and firms with a formal marketing plan enjoy about 9% higher IPP. The most profitable firms are also more intentional about service mix, tilting toward advisory and financial services.

Growth-enabling practices start with written strategic and marketing plans. Firms that document these plans consistently outperform their peers, particularly when navigating private equity interest, AI adoption, and succession decisions. Many leading tax firms are deliberately shifting from compliance to advisory, reducing their reliance on commodity tax compliance and expanding into higher-value advisory work to drive stronger profitability. These firms are also packaging and communicating value more effectively by bundling compliance and advisory services into tiered packages, which in turn gives them greater ability to raise fees and justify premium positioning in the market.

5. Invest in leadership, culture & succession

Growth without leadership depth is fragile, especially in the tax profession in which the average partner age has remained high. Most recently, however, the average partner age has dipped slightly to about 52 years old as more retirements occur. And female partners now account for roughly one-quarter of partner groups overall, showing progress but also a persistent equity gap.

For many firms, succession remains a primary concern, and leadership-related growth priorities begin with treating succession as strategy, not an HR project. More firms are revisiting buy-in levels, which average around $133,000, and are experimenting with non-equity roles and alternative practice structures to create more flexible pathways to ownership. At the same time, leaders must protect and modernize their firm culture, recognizing that poorly managed PE transactions, rigid return-to-office policies, and underinvestment in technology-forward talent can quickly erode the very engines of growth they depend on.

Additionally, firms are elevating the managing partner role. In larger practices, managing partners鈥� chargeable hours are now meaningfully lower, reflecting an intentional shift toward having that role work on the business 鈥� strategy, talent, pricing, and M&A 鈥� rather than in it.

For tax firm leaders, these five considerations form a practical checklist for 2026 planning. Grounding each strategic initiative in data and taking visible action can help ensure that the next wave of growth shows up not just in revenue, but in sustainable, rising income per partner.

You can download a copy of the 成人VR视频 Institute’s pricing report for tax, audit & accounting firms, here

Key takeaways:

• • • Technology investment drives PE interest 鈥� Private equity firms provide patient capital for multimillion-dollar technology transformations that traditional partnerships struggle to fund.

    • Strategic focus over expansion 鈥� PE-backed firms are shifting from growth through breadth to growth through depth, eliminating underperforming service lines to concentrate resources on areas where they can win.

    • Competitive pressure is mounting 鈥� While most firms remain uninterested in PE transactions, well-capitalized competitors are pulling ahead in technology capabilities, talent attraction, and market positioning.

A competing accounting firm down the street just acquired its fifth firm this year. Another launched an AI-powered tax platform that can deliver work in hours instead of weeks. And a third is recruiting top talent with equity packages your partnership structure can’t match.

What do they have in common? Private equity backing.

Four years ago, when EisnerAmper announced its deal with TowerBrook Capital Partners 鈥� one of the earliest and largest forays of PE money into the tax, audit & accounting industry 鈥� most practitioners dismissed it as an anomaly. Today, roughly half of the top 25 accounting firms have completed or are pursuing PE transactions. This isn’t a trend 鈥� it’s a fundamental restructuring of the profession.

Why traditional partnerships are losing ground

Consider Citrin Cooperman after New Mountain Capital made its investment in 2021. In four years, Citrin Cooperman has acquired more than 20 accounting firms, expanding to 2,800 professionals across 27 offices. That’s strategic acceleration, not organic growth.

Traditional accounting firm partnerships face a structural problem 鈥� they can’t easily fund multimillion-dollar infrastructure buildouts. When firms need enterprise relationship intelligence systems, unified data architectures, or AI-enabled delivery models, where does the capital for these initiatives come from? Partner contributions? Bank loans? Retained earnings that take years to build up?

PE-backed competitors can deploy patient capital 鈥攎oney designed for long-term technology transformation without immediate return pressure. And the gap between what PE-backed firms can do compared to traditional partnerships is widening.

For example, here’s the efficiency paradox: Partners billing at $500 per hour spend significant time on work that should be automated at a $50-per-hour equivalent cost.

That’s not a cost problem 鈥� it’s a revenue capacity problem.

PE-backed firms liberate high-value talent, so they are then free to pursue high-value work. When automation and AI-driven tools handle the more routine tasks, partners can focus on complex client challenges, strategic advisory, and relationship building.

The strategy shift: Depth over breadth

The most counterintuitive transformation PE brings is the shift in strategic focus. Traditional firms pursue growth through breadth by launching practice areas because clients asked for them or competitors offer them. The result? A dozen service lines, with about half of them underperforming.

Instead, PE firms ask one simple question: Where does your firm have a right to win?

This PE-backed strategy eliminates hobby businesses 鈥� those practice areas that exist because they always have, not because they generate competitive returns. Instead, PE-backed firms concentrate their resources on fewer service lines, focusing on those at which firms genuinely excel. Thus, PE-backed firms are reducing service line breadth while firms鈥� depth and increasing profitability and market share as well.

Private equity firms鈥� interest and investment in the tax, audit & accounting industry isn鈥檛 by happenstance. PE firms have done their due diligence to understand the industry 鈥� and not just from firms鈥� perspective, but from that of their clients too.

PE-backed firms liberate high-value tax talent, so they are then free to pursue high-value work, leaving automation and AI-driven tools to handle the more routine tasks.

Private equity firms have spent millions of dollars studying the accounting industry, not only tax firms including firms鈥� clients, and analyzing competitors. The information they鈥檝e gathered represents a cultural shift that has been taking place 鈥� something that many firms themselves hadn鈥檛 noticed. This shift, from relationship-driven but assumption-based service models to data-informed decision making, has helped PE-backed firms know which services clients value, which delivery models they prefer, and for which services they’ll pay premium rates. That intelligence has become competitive advantage.

Further, PE-backed firms can offer equity incentives to next-generation leaders, which is something traditional partnerships struggle to match. PE-backed firms can provide clear career paths, sophisticated training, and professional development resources. As traditional firms ask young partners to buy in at barely affordable valuations, with unclear leadership paths and outdated technology, PE-backed firms are building employer brands that appeal to professionals who want cutting-edge technology and transparent advancement.

It鈥檚 not surprising which firm attracts the best talent.

The skepticism is real 鈥� and justified

Despite these benefits, the accounting profession remains skeptical. More than half of industry practitioners say PE isn’t on their radar, and another third aren’t interested, according to the recent Tax Firm Growth Report 2025 from the 成人VR视频 Institute.

Their concerns are legitimate. Two-thirds say they believe PE investment will negatively impact firm integrity and independence, according to the report. And these skeptical practitioners say they worry about culture, client relationships, and an emphasis on earnings over service quality.

Clearly, PE ownership does add complexity to auditor independence, regulatory compliance, and risk management. But PE firms are exceptionally risk-averse when investing in professional services, and the last thing they want is bad press or audit scandals. In fact, their risk management frameworks are often more sophisticated than traditional partnerships maintain.

Yet, for accounting firms seeking growth but determined to stay independent, PE partnership isn’t the only path. Employee Stock Ownership Plans (ESOPs) offer tax advantages and an employee ownership structure while maintaining independence. Firms like BDO and Grassi successfully implemented ESOPs to better provide liquidity while keeping control localized. Other alternatives include traditional financing, mergers between equals, minority capital deals, and targeted asset sales. Each has advantages and limitations.

The key insight: All alternatives require deliberate strategic action; and none involve maintaining the status quo or standing still.

The coming crossroads

The accounting profession continues to be at junction, and all firms will have to decide on their next move. PE-backed competitors are pulling ahead in technology utilization, market positioning, and talent acquisition. The opportunity window for firms to respond isn’t infinite.

Firms that delay action risk entering merger agreements or partnerships from weakened positions. Worse, they risk becoming acquisition targets, joining PE-backed platforms on terms dictated by necessity rather than choice.

Winners won’t be determined by capital structure alone, of course 鈥� they’ll be determined by execution speed and strategic clarity. However, PE investment can be a critical enabler in an industry facing unprecedented technological disruption and competitive pressure.

The fundamental question isn’t whether to embrace private equity; rather, it’s whether your firm can achieve necessary transformation speed and scale without it. Every firm leader must answer honestly, urgently, and with clear-eyed assessment of their competitive position and their competitors’ accelerating capabilities.

The profession has changed, and accounting firms have to decide whether they鈥檒l be changing with it, or whether they鈥檒l be changed by it.

For more on the impact of private equity in the tax, audit & accounting industry, you can access the recent Tax Firm Growth Report 2025 from the 成人VR视频 Institute here

Key findings

• • • Private equity’s impact 鈥� Private equity is transforming the tax, audit & accounting industry by modernizing technology, streamlining work processes and governance, while accelerating the pace of roll-up acquisitions.

    • Hesitations and alternative strategies 鈥� Despite the benefits, many firms are hesitant about private equity due to concerns about cultural impact, short-term ROI pressure, and client service. Instead, they are exploring alternatives growth strategies.

    • Pursuing strategic imperatives 鈥� Regardless of their capital structure, all firms need to focus on expanding their advisory services, modernizing technology, and understanding their market value in order to stay competitive

Private equity has moved from the margins to the mainstream in the tax, audit & accounting industry. In just a few years, private equity-backed deals have helped top tax firms modernize tech stacks, streamline governance, and accelerate roll-ups 鈥� reshaping a historically partner-led profession into one that competes on scale, speed, and automation.

Already, early movers are channeling capital into AI, workflow automation, and targeted acquisitions, while offering market-based liquidity to retiring partners that often surpasses traditional buyouts.

Jump to 鈫�

Tax firm growth: Private equity and more

Yet most firms aren鈥檛 rushing in. In a new white paper, Tax firm growth: Private equity and more, from the 成人VR视频 Institute, we look at this situation more closely. Indeed, according to our research, 57% of tax professionals surveyed say private equity isn鈥檛 on their radar and another 30% say they aren鈥檛 interested even if approached. Their reasons for these hesitations are consistent: concern over the cultural impact, pressure for short-term ROI, potential impact on client service, and questions about firm independence. And while only a small portion of firms have completed a private equity deal, every firm is now competing in a market in which private equity-backed players are raising the bar on technology and advisory services.

As the white paper shows, strategy increasingly depends on firm size. Larger firms (those with 30 or more professionals) face the greatest pressure to digitize and scale, and they鈥檙e the likeliest to consider private equity, large mergers, or even public ownership paths. Midsize firms (with between 4 and 29 professionals) tend to pursue selective acquisitions, minority capital, or leadership restructuring to modernize without surrendering control. Small firms (1 to 3 professionals) prioritize client retention, succession, and cultural continuity, often using bank financing and retained earnings to fund tech upgrades and partner transitions.

The firms that opt out

For firms opting out of private equity , credible alternatives exist 鈥� with tradeoffs, of course. For example, employee stock ownership plans (ESOPs), have now adopted by several prominent firms and can align employee incentives and offer tax advantages but often require structural changes, including splitting the auditing and advisory services.

Mergers of equals, on the other hand, can deliver scale without outside owners. Minority investments can add liquidity while keeping leadership in place. Targeted asset sales 鈥� such as spinning off a wealth management unit 鈥� can free capital to reinvest in core services. And traditional financing still works for firms with disciplined cash flow and a clear growth plan. Non-private equity buyers 鈥� such as family offices, sovereign funds, wealth managers 鈥� also are circling, looking to increase their tax and estate planning capabilities.

Regardless of capital structure, readiness is the competitive edge. The white paper points out three imperatives that stand out:

• • • Expand advisory 鈥� Three-quarters (75%) of firm leaders say their clients want more than prep and compliance. Firms should consider deepening relationships, packaging outcomes, and pricing for value.
    • Modernize technology 鈥� Nearly half of respondents rank tech as their top priority, meaning firms should focus on automating routine work, investing in client collaboration tools, and deploying data to spot advisory opportunities.
    • Know your value 鈥� Market-based valuations now drive compensation, transitions, and deal readiness, and firms need to be aware of their own value. A third-party valuation can clarify that and what needs to be fixed.

If your firm is weighing next steps, you should follow a simple framework: Clarify goals (succession, growth, modernization, legacy); get a valuation; educate leadership on models (private equity, ESOP, M&A, lending); learn from peers that have executed a similar deal; and build internal alignment before talking to investors or lenders. If private equity is on the table, firms should conduct due diligence on the culture fit, governance terms, ROI timelines, and exit paths 鈥� and make sure the investor鈥檚 plans match your firm鈥檚 strategy.

As the white paper shows, private equity is one path to accelerate, not a mandate. Firms that act deliberately 鈥� upgrading tech, growing advisory, and aligning structure with strategy 鈥� can compete and thrive, whether independent or private equity-backed. The only losing move is standing still.

You can download

a full copy of the 成人VR视频 Institute white paper, “Tax firm growth: Private equity and more”, by filling out the form below:

Key points:

• • • Preparation is key for mergers听鈥� Successful tax, audit & accounting firm mergers require years of preparation, focusing on improving the firm’s culture, leadership, and long-term strategy.

    • Importance of culture听鈥� The alignment of goals, values, and culture between merging firms is crucial, because cultural clashes are often the main reason why mergers fail.

    • Desirable characteristics in merger targets听鈥� Firms that are attractive merger targets typically have strong leadership, organic growth, profitability, partner alignment, and a scalable practice.

Selling your tax, audit & accounting firm isn鈥檛 unlike preparing your house for sale, says industry consultant Matt Rampe, partner at Rosenberg Associates. You want the firm looking its best, just in this case 鈥� and that often means raising rates, pruning unprofitable clients, improving margins, and lining up future partners.

These steps can take years, not months. 鈥淎lways be ready for a sale, even if you’re not planning to sell,鈥� Rampe says. 鈥淚t takes time, and it takes planning.鈥�

While firms shouldn鈥檛 jump at the first buyer, the best offers go to those that are best prepared to receive them.

Mergers keep gaining steam

Often, by the time a tax, audit & accounting firm gets to the level of $20 million to $30 million in annual revenue, organic growth usually isn鈥檛 enough for firms to rapidly expand. To scale, many may look to merge with smaller firms.

Allan Koltin, CEO of Koltin Consulting Group and a top advisor on M&A in the tax profession, says that deal-making has not slowed down 鈥� he was busier in the first quarter of this year than ever before. Indeed, history has shown the larger tax, audit & accounting firms are continuing to get bigger, he adds.

In 2000, the 100th largest firm reported $6.5 million in revenue. By 2024, that number had jumped to $53.2 million, according to Accounting Today. In fact, half the Top 300 tax, audit & accounting firms have merged with others over the last decade.

The marriage checklist: What buyers want

With mergers continuing unabated, Koltin has developed what he calls a marriage checklist of desirable characteristics in a merger target, including great leadership, strong organic growth, profitability, partner alignment, great culture, and a scalable practice.

Further, it鈥檚 important for the target firm to be in need of capital for expansion, making its leadership more open to a potential deal. Target firms should also have successful track record making M&A deals, significant next-generation talent, and 鈥� of course 鈥� be respected and admired within the profession.

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Rosenberg Associates鈥� Rampe further emphasizes the importance of geography, explaining that buyers often look for complementary regions or cities. He also notes that firms with strong, profitable niches are more attractive. 鈥淎s private equity continues to come into the market, it becomes more and more important to find the thing that you are number one at,鈥� Rampe says. 鈥淎nd I think specialization can help you get there quickly.鈥�

Yet, while private equity buyers continue to scan the tax, audit & accounting field for potential targets, some firms are standing pat while others are patiently searching for the best deal possible.

Finding 鈥渢he right fit鈥�

Less than three years ago, Woodmere, Ohio-based HW&Co., a $24-million accounting and advisory firm with 14 partners and more than 140 employees, didn鈥檛 change itself to attract a buyer. Instead, it followed a 10-year strategic plan launched in 2019 that pushed it to expand beyond Ohio, grow its healthcare niche nationally, and build career pathways for its younger professionals.

Yet, it was that clarity of purpose that made it an appealing merger partner for Citrin Cooperman, a private equity-funded, top 20 professional services powerhouse. It is Citrin Cooperman鈥檚 first merger since private equity giant Blackstone acquired a majority stake in the firm in January, buying its stake from New Mountain Capital, which invested in Citrin Cooperman in 2022. The deal between Citrin Coopermand and HW&Co. .

鈥淚f we had to flip a switch to be different than who we are today, then that wasn’t going to be a success,鈥� says former HW&Co. president and CEO Brandon Miller, now managing partner of Citrin Cooperman鈥檚 Ohio offices.

Scott MacChesney, Citrin Cooperman鈥檚 vice president of integration and administration, says his firm looks for others that have 鈥済reat cultures鈥� and 鈥済reat growth stories.鈥� HW&Co., which merged with three firms over the last four years, had a strong presence in Ohio, a region in which Citrin Cooperman wanted to grow its presence. A similar, middle-market client base was another attraction. 鈥淭here are a lot of different factors obviously, but I think that consistently the most important one is that it’s a right fit,鈥� MacChesney explains.

Miller agrees. 鈥淎ll the people in the entity really care about each other,鈥� he says. 鈥淭hey care about developing people, they care about teamwork, they care about collaboration, they care about growth, and you just don’t see that in other firms that are out there 鈥� and I’ve met with a lot of them.鈥�

The top consideration

When deals fail, however, it鈥檚 usually clashing cultures that are to blame. A of almost 1,100 M&A leaders showed that 44% cited a lack of cultural fit and friction between the acquiring and target companies as the top reasons that integrations fail. 鈥淢any M&A executives have admitted to us that they gave culture too little attention, too late,鈥� the survey stated.

Rampe concurs. 鈥淥ne of the most important factors that predicts success is probably alignment 鈥� alignment of goals, values, personalities, technology, client mix,鈥� he notes. 鈥淚f I take two successful companies and then mash them together, but they’re really running on very different strategies or cultures, it’s not going to work.鈥�

Koltin sums it up: 鈥淎t the end of the day, culture defines it. Culture is how hard do we want to work, culture is how we treat our people, culture is how we treat our clients. Are we basic compliance providers, or are we the clients鈥� most valuable advisor? All those things are in play.鈥�

You can find out more about how private equity is impacting the tax, audit & accounting industry here

Managing Partner , for one, says maintaining the flexible, family-first culture at Los Angeles-based is just one reason to declare independence. 鈥淚 think we all know that if we didn鈥檛 remain independent, we鈥檇 lose control of that,鈥� Barry says. 鈥淭hat culture is going to be done on Day One, no matter what anyone tells you.鈥�

Of course, that doesn鈥檛 mean it didn鈥檛 take some soul-searching to make the decision.

鈥淲e have people knocking on our door every day for acquisitions and private equity,鈥� Barry explains. 鈥淵ou can鈥檛 just be blind to it. You still have to understand it and know what it is. I have a custodial responsibility to understand what the best options for the firm are. We sat down last year and went through financial modeling, what we have to do [to remain independent], what are 鈥榥ice-to-haves,鈥� what are non-negotiables.鈥�

The non-negotiable was that the younger partners had to be all in on staying independent, Barry says. 鈥淭o the very last one, they all stood up and said, 鈥榃e鈥檙e in.鈥欌��

Change or lag behind

The entrance of private equity into the profession, starting with EisnerAmper鈥檚 deal with TowerBrook Capital Partners in 2021, has accelerated the need for rapid change within the industry. Private equity has flooded the profession with capital for firms to pay retiring partners, acquire smaller firms, improve technology, and expand client services.

Simply put, firms have three choices in this environment: Merge with another firm, take a private equity investment, or remain independent and keep doing the hard work required to compete. Operating as usual or ignoring these pressures is not an option.

The entrance of private equity into the profession… has accelerated the need for rapid change within the industry.

鈥淚f you’re not going to change, you’re going to end up falling behind at this point,鈥� said , chief growth officer of , which is advising tax, audit & accounting firms on making the decision to stay independent and then helping them make the needed changes, a job that can take two to four years.

Whether the firm has the cash and energy to remain independent is the key question that firms are facing.

For example, GHJ Advisors 鈥� a 250-person, Top 100 firm 鈥� refusing the money and resources of a larger organization requires embracing tradition yet turning away from it. Barry acknowledges that maintaining the firm鈥檚 culture and honoring the legacy of the 72-year-old firm鈥檚 founders may be 鈥渞omanticized鈥� reasons for independence, but practical responses have included a less generous distribution of profits to the partners for reinvestment, and a complete turnover in senior leadership over the last eight years.

Leaders of , a Top 10, $2 billion firm, concluded that the firm can remain independent in large part because of its low debt and its ability to sink resources into technology and talent, says , CLA鈥檚 chief development officer.

The firm wanted financial and operational autonomy, and with 15% capitalization, it鈥檚 in year two of a five-year plan to spend $500 million on technological advancements. Without worrying about quick, monetary returns favored by private equity, the firm can look at the long-term value of spending on staff and clients, Engelbrecht explains.

CLA also invested in technology and talent long before the surge of outside capital began reshaping the profession, he notes, adding that during the pandemic, for example, when other firms hesitated, CLA moved ahead with three firm acquisitions totaling $160 million.

Further, while many private equity-funded firms are led by a CEO, CLA believes the traditional partnership model works for them to ensure decisions are made at the local level. 鈥淒on鈥檛 let deal mania get in the way of remembering what got you where you are today and don鈥檛 be afraid to invest in yourself,鈥� Engelbrecht says.

Of course, not every private equity transaction will succeed, but that means that strategic independent-minded firms have an opportunity to gain clients and talented professionals in the fallout of someone else鈥檚 bad deal.

Both CLA and GHJ are growing through a combination of internal business development and acquisitions of smaller firms 鈥� and both are sticking with their specialties as well. 鈥淲e鈥檙e not enamored with shiny new objects,鈥� Engelbrecht adds.

Putting all the elements in place

Thriving independent firms have three things in common, says Winding River鈥檚 Toth, these include:

1. 1. 1. Strong leadership 鈥� Rather than partners running all elements of the firm themselves, firms seeking to keep their independence may need to convert to a more corporate form of governance, Toth advises. The key is ensuring leaders, whether managing partners or CEOs, can execute their strategy. Firms also should have a deep bench of emerging leaders and a commitment to talent development.
      2. Integrated technology 鈥� 鈥淓verybody keeps saying we need private equity to help us invest in technology, but is that really true? I think there are other levers you can pull if it’s just a technology pain point that you’re trying to address,鈥� Toth says.
      3. Excellent execution 鈥� Independent firms must make decisions in an agile, nimble, and responsive way. 鈥淪trategy is easy,鈥� Toth adds. 鈥淚t鈥檚 execution that鈥檚 hard.鈥�

GHJ and CLA aside, Toth says he has observed that some 鈥渇iercely independent鈥� firms charge their minds, perhaps because of fear, lack of succession, need for capital reinvestment, or even FOMO (fear of missing out) or 鈥渙pportunistic greed.鈥� It鈥檚 hard to resist a big private equity check right up front, especially because the valuations that many firms are getting now may not be there in three to five years, he explains. 鈥淭hat really can change the tone of a conversation.鈥�

Of course, not every private equity transaction will succeed, but that means that strategic independent-minded firms have an opportunity to gain clients and talented professionals in the fallout of someone else鈥檚 bad deal. Independent firms may also benefit from gaining clients who don鈥檛 like the service or fees of the larger, national firms, Toth says, adding that he also started seeing a surge of entrepreneurial startups.

Toth says he believes many tax, audit & accounting firms should address the fundamental question of Why? 鈥� as in why the firm wants to remain independent 鈥� then create a solid business plan to do so.

鈥淚 think you have to focus on building a great business,鈥� Toth advises. 鈥淎nd no matter what you ultimately decide during that journey, if you’re building a great business, you’re in control of that destiny.鈥�

You can download a copy of the 成人VR视频 Institute鈥檚 2025 State of Tax Professionals Report here

We sat down with Pat Walsh, CEO of tax advisory and audit firm , to get his insights on these industry shifts and his firm鈥檚 stance going forward.

The rise of private equity

Private equity’s interest in accounting firms is not unprecedented. Private equity sees the industry as an attractive investment due to its steady profitability and high cash flow. Walsh recalls past attempts by American Express and HR Block to roll up independent accounting firms into larger conglomerates, which ultimately failed. However, today’s environment is different as firms are now more open to private equity because the liquidity it provides and the ability to grow rapidly through acquisitions.

Walsh acknowledges that while private equity can and will be successful for some firms, time will tell if it suits all.

Withum’s approach to independence

Withum’s philosophy is rooted in stewardship rather than ownership, Walsh says, adding that the firm sees itself as a custodian of its legacy, aiming to pass on a better firm to the next generation. This stewardship involves focusing on industry expertise and investing in people. Walsh likens Withum’s strategy to Warren Buffett’s buy-and-hold approach, prioritizing long-term benefits and control over short-term financial gains.

Walsh advises other firms to consider their firm philosophy and long-term goals. Are they stewards of their firm, or owners who can sell their interest to outside investors?听 Will being a larger firm make the firm better? He encourages firms to evaluate whether a combination with another firm provides opportunities for the next generation or simply capitalizes on market disruptions. For Withum, the focus is on building a better firm through organic growth and strategic acquisitions.

Withum’s philosophy is rooted in stewardship rather than ownership, and the firm sees itself as a custodian of its legacy, aiming to pass on a better firm to the next generation.

While M&A are part of Withum’s strategy, Walsh stresses that organic growth is the ultimate arbiter of success. Organic growth reflects a firm’s ability to provide opportunities for the next generation, invest in technology, and support its communities. Withum’s scale allows it to prioritize such organic growth, ensuring it remains relevant and competitive in the market.

Client relationships and private equity

Walsh notes that clients rarely inquire about firm ownership. Instead, they prioritize the quality of service and expertise provided by their client service team. Whether a firm is owned by its partners or by financial investors, what matters most is the firm鈥檚 ability to deliver exceptional service at a fair price. Walsh acknowledges potential concerns around independence for those clients that are registrants with the Securities and Exchange Commission but adds that he believes the American Institute of Certified Public Accountants (AICPA) is effectively managing these complexities.

The primary competition with private equity-backed firms lies in M&A. Indeed, private equity’s financial incentives can be appealing to firms seeking a larger platform, Walsh says, but Withum’s focus on culture and long-term vision resonates with firms that prioritize stewardship over short-term gains. As for go-to-market activities, Walsh explains that he sees little impact from private equity, emphasizing the importance of being a better firm through efficient management and profitability.

Walsh notes that there are other key issues that Withum had to address (as would any firm that鈥檚 considering growth strategies or private equity investment), including:

Impact on pricing 鈥� The profession has experienced turbulent times, with growth rates soaring during the pandemic. Walsh observes that the current correction is a return to traditional growth patterns, with clients pushing back on pricing. Inflation has decreased, making rate increases more challenging.

Attracting and retaining talent 鈥� To attract and retain talent, Withum strives to be the employer of choice. Walsh highlights initiatives like covering 25% of childcare costs for working parents, which demonstrates the firm’s commitment to its team members. Withum’s culture emphasizes relationships, development, and connectivity, fostering an environment in which employees feel valued and engaged.

The role of culture 鈥� Walsh notes that culture is paramount in both client and team interactions. Withum invests heavily in its culture, hosting events like the State of the Firm, in which all team members gather to celebrate achievements. Walsh asserts that this investment distinguishes Withum from other firms, reinforcing its commitment to people-first values.

Future trends & challenges

Looking ahead, Walsh identifies technology as a key driver of industry transformation. He dismisses fears of AI replacing accountants, likening it to past disruptions like blockchain and QuickBooks. Instead, technology will enable firms to right-size their service offerings and maintain high-quality service with fewer people. Walsh also highlights the importance of leveraging global resources to meet client demands.

In an era of private equity and industry shifts, Walsh’s insights offer a compelling perspective on the future of accounting. Withum’s commitment to stewardship, organic growth, and a people-first culture positions it well as it strives to build a better future for its clients and team members.

As the advisory, tax, audit & accounting profession continues to evolve, Walsh’s emphasis on relevance, relationships, and technology will continue to guide Withum’s path forward.

You can find out more about听the talent challenges facing tax, audit & accounting firms听丑别谤别

These shifts at times feel as if they are occurring at warp speed, which is causing some firms to feel not only left behind but simply lost as to how best they should pursue options for growth 鈥� and in some cases, survival.

To get a better understanding of this continued phenomenon that is upending the industry, we sat down with Doug Lewis, Managing Director at the Visionary Group, an expert with a decade of experience in tax firm practice management and growth strategy.

成人VR视频 Institute: Many people 鈥� including you 鈥� have described the tax, audit & accounting industry as the 鈥淲ild West.鈥� Could you explain what you mean by the Wild West of accounting?

Doug Lewis: Absolutely. The accounting industry is undergoing rapid changes, much like the Wild West. There’s a surge of interest from various entities looking to acquire accounting firms, and it鈥檚 coming not just from traditional players like private equity but also from technology companies, registered investment advisors, and even foreign investors. It’s a dynamic and fast-paced environment, and firms are bombarded with offers and opportunities they鈥檝e never anticipated.

成人VR视频 Institute: What are some of the non-traditional players that are showing interest in accounting firms?

Doug Lewis: We’re seeing a lot of interest from registered investment advisors and wealth managers, which isn’t entirely new but is gaining momentum. More interestingly, technology companies with no prior ties to the accounting sector are showing interest. Additionally, offshoring providers and foreign investor groups are looking to establish a foothold in the US market by acquiring accounting firms.

成人VR视频 Institute: With so many options, how should accounting firms approach their growth strategies?

Doug Lewis: Every firm is at an inflection point. They need to evaluate their internal succession plans first. If a firm lacks a viable internal succession strategy, it should focus on maximizing its enterprise value to attract outside investment or a merger with a larger firm. Also, they should track key metrics, including revenue per professional head and revenue per equity owner. These indicators can help firms understand their performance and potential value in the market.

成人VR视频 Institute: Can you elaborate on these key metrics?

Doug Lewis: Certainly. Revenue per professional head (RPH) is calculated by dividing the firm’s gross revenue by the total number of professionals, excluding administrative staff. We use $200,000 per professional as a benchmark for a healthy firm. Revenue per equity owner is another crucial metric, with firms aiming for $1.5 million to $3 million per equity owner. These metrics provide insights into a firm’s efficiency and scalability.

成人VR视频 Institute: What common challenges do firms face in this evolving landscape?

Doug Lewis: The biggest challenge is the talent shortage. Firms struggle to find the capacity to meet demand, and many firms are underpricing their services, even those who consider themselves premium-level firms. There’s a significant opportunity for firms to optimize their client base, focusing on high-value clients and advisory services to maximize revenue and flatten their revenue curve.

成人VR视频 Institute: How do you see the role of smaller accounting firms in this changing environment?

Doug Lewis: Small firms still have a significant role to play, given the supply-demand imbalance in the accounting profession. However, they also face challenges when taking their practice to market, especially if they lack accompanying talent. The appetite for acquiring small books of business has decreased, so small firms need to ensure they have a robust strategy for growth and succession.

成人VR视频 Institute: What advice would you give to firms that are looking to maximize their value?

Doug Lewis: Firms should focus on building deep client relationships and offering comprehensive advisory services. They should avoid becoming too automated to the point where personal client interactions are lost.

When evaluating potential deals, savvy buyers look for firms with strong client relationships and untapped advisory opportunities. Firms should also ensure their growth strategies align with their long-term goals and market position.

成人VR视频 Institute: Any final thoughts for firms navigating this Wild West?

Doug Lewis: It’s crucial for firms to stay informed and adaptable. The landscape is changing rapidly, and firms need to be proactive in evaluating their options and strategies.

You can find out more about the challenges facing tax, audit & accounting firms here

As private equity firms continue to seek lucrative opportunities, tax firms are increasingly becoming attractive targets. I recently attending the which explored this trend and discussed what tax firms should consider if they are looking to restructure their firms and are wondering whether private equity firms are the best path for them.

Why the trend is taking place

Private equity firms have largely been interested in professional services businesses as these fragmented markets, often full of numerous smaller players, can provide stable revenue and significant opportunity for growth. 鈥淭here is a to drive growth in professional services firms 鈥� which are often constrained in terms of capital by their partnership business models 鈥� by enabling investment in technology and, through acquisition, business line and geographical reach and expertise,鈥� said James Scott, leader of Freshfields鈥� UK private equity team.

Indeed, private equity firms鈥� interest in tax & accounting firms isn鈥檛 new, says Allan Koltin, CEO of Koltin Consulting. What is new, however, is that tax firms are becoming more open to engaging with and accepting PE firms鈥� investment. This shift has largely taken place because as older tax firms partners seek to retire, they鈥檝e looked to cash-rich PE firms to help provide an aggressive exit package and much-needed capital to fund the firm.

In fact, the Summit discussed several reasons that tax firms might want to consider PE firm investments, including

• • • Providing capital to scale operations 鈥� One of the primary reasons tax firms are turning to private equity is the need for capital to scale their operations. Traditional methods of raising capital, such as bank loans, may not always be viable or sufficient. PE firms can provide the necessary funds to support expansion, invest in new technologies, and enhance service offerings. This capital infusion allows tax firms to grow more rapidly and compete more effectively in the market.
    • Enhancing technological capabilities & improving efficiency 鈥� The tax & accounting industry is increasingly reliant on advanced technologies to improve efficiency and deliver better client services. PE firms bring not only capital but also critical expertise in implementing and leveraging cutting-edge technologies. This includes automation, artificial intelligence, and data analytics, which can significantly enhance the operational capabilities of tax firms.
    • Funding strategic growth & expansion 鈥� PE firms often have a strategic vision for growth and expansion, and they can bring a disciplined approach to business operations by focusing on long-term value creation. By partnering with private equity firms, tax firms can benefit from strategic guidance, access to new markets, and opportunities for mergers & acquisitions. This strategic alignment can drive significant growth and better position tax firms for future success.
    • Helping face increased competition 鈥� The entry of private equity into the tax & accounting sector has raised the bar for competition. PE firms bring a level of discipline and efficiency that can transform the way tax firms operate. This includes implementing best practices, optimizing processes, and driving performance improvements. As a result, tax firms are better equipped to meet client demands and achieve ongoing, sustainable growth.

What tax firms need to consider

However, there are several important questions tax & accounting firms need to ask themselves before agreeing to a PE firm鈥檚 investment, including:

• • • Understanding the PE firm’s vision & strategy 鈥� Before partnering with a PE firm, it is crucial for tax firms to understand the PE firm’s vision and strategy. This includes their approach to growth, their expectations for returns, and their plans for the tax firm’s future. A clear alignment of goals and values is essential for a successful partnership.
    • Evaluating the impact on firm culture 鈥� Private equity investments can bring significant changes to a tax firm’s culture, and they first need to consider how the partnership will impact the tax firm鈥檚 existing culture and whether any partnership would align with the tax firm鈥檚 existing values and work environment. It is important to involve both firms鈥� partners and management teams early in the process to ensure a smooth transition and maintain a positive work culture.
    • Assessing the financial implications 鈥� Partnering with a PE firm involves financial considerations, including the terms of the investment, the structure of the deal, and the potential impact on the tax firm’s financial health. Tax firms should carefully evaluate the financial implications and seek expert advice to ensure that the partnership is financially beneficial.
    • Preparing for operational changes 鈥� Private equity firms often bring operational changes to improve efficiency and performance. This can include implementing new technologies, restructuring processes, and introducing new performance metrics. Tax firms need to be prepared for these changes and ensure that their workers have the necessary resources and capabilities to adapt.
    • Ensuring ethical & compliant practices 鈥� In an era of increased scrutiny, it is essential for tax firms to maintain ethical and compliant practices. This includes ensuring that the PE firm’s strategies align with ethical standards and regulatory requirements. Tax firms should prioritize transparency and integrity in their operations to build trust with their existing clients and stakeholders.

Conclusion

The rise of private equity investment in tax firms is a trend that is set to continue, especially as the need for capital, technological advancements, and strategic growth increases. For tax firms, this presents both opportunities and challenges.

However, by understanding the PE firm’s vision, evaluating the impact on firm culture, assessing financial implications, preparing for operational changes, and ensuring ethical practices, tax firms can best position themselves for successful partnerships with PE firms.

If done correctly, collaboration between tax firms and PE firms not only enhances the financial performance of both parties but also drives innovation and growth in an increasingly competitive industry.

You can find more about the听impact of private equity on professional services听here.

More recently, the overall nature of a tax & accounting business has changed, thanks to the rapid speed and advancement in innovative technology often driven by artificial intelligence (AI).

Traditionally, the accounting business has always been seen as stable. Firms for the most part picked their lanes and stayed in them. They approached growth through traditional means such as increasing client services, or possibly expanding into new or additional geographical regions, adding new services like advisory, or even becoming specialists in certain industries. Although many of these strategies were successful, often the work would take longer and scaling up could carry heavy upfront costs. Indeed, a lack of capital to front many of these endeavors was a consistent problem throughout the industry.

The history of private equity in tax & accounting

typically invest in businesses with the goal of enhancing the value of the business (and thus the investment of the PE firm) over a period of time before exiting through a sale or public offering. Historically, PE investment was concentrated in certain select industries such as technology, healthcare, and manufacturing.

Over the past decade, however, there has been a marked increase in PE interest in professional services, including tax & accounting firms. In fact, August 2021 is seen as the landmark year of PE firms鈥� splash into the accounting sector with the announcement by that it was investing in EisnerAmper, a 3,000-employee global tax & accounting firm.

, PE firms have bought stakes in five of the top 26 accounting firms, and this trend is , which can be attributed to a few key factors. First, tax & accounting firms often have stable, recurring revenue streams, which are attractive to PE investors. Second, the presents opportunities for consolidation and economies of scale, also attractive to PE firms. Finally, the increasing complexity of regulatory environments worldwide has driven demand for specialized accounting services, creating growth opportunities.

Opportunities for small accounting firms

Many industry observers would think that it would be unheard off for a private equity firm to be interested in investing in small accounting firms simply because of their size. For PE firms, however, this instead represents a potentially limitless opportunity because the majority of accounting firms are small ones. Indeed, some small firms can be they received from PE firms.

For any small firm leaders weighing whether to move forward with a PE firm investment, there are certain advantages to consider, including:

Access to capital 鈥� One of the most significant opportunities that private equity presents to small accounting firms is access to capital. Many small firms face financial constraints that limit their ability to invest in new technology, hire needed talent, expand service offerings, or enter into new markets. PE investment can provide the necessary funds to overcome these barriers; and this capital infusion can be used for various purposes, including upgrading IT infrastructure, hiring skilled professionals, or acquiring smaller firms to increase market share.

Operational expertise 鈥� PE firms often bring more than just capital to the table 鈥� they also offer operational expertise and strategic guidance. Small accounting firms can benefit from a PE firm’s experience in scaling businesses, improving operational efficiencies, and implementing best practices. This expertise can help small firms streamline their processes, reduce costs, and enhance service delivery, making them more competitive in the marketplace.

Enhanced competitive positioning 鈥� The accounting industry is highly competitive, with large firms often dominating the market. PE investment can level the playing field for small firms by providing them with the resources needed to compete with larger players. With the backing of private equity, small firms can expand their service offerings, enter new geographic markets, and attract higher-profile clients. This enhanced competitive positioning can lead to increased market share and revenue growth.

Talent acquisition and retention 鈥� Attracting and retaining top talent is a significant challenge for many small accounting firms. PE investment can help address this issue by providing the financial resources needed to offer competitive salaries and benefits. Additionally, the growth and expansion opportunities that come with PE backing can make the firm more attractive to potential hires. A strong team of skilled professionals is crucial for delivering high-quality services and driving the firm’s growth.

Exit strategy for founders 鈥� For many small tax & accounting firms, private equity offers an attractive exit strategy for founders and partners who may be looking to retire or move on to other ventures. PE firms can buy out the existing owners, providing them with a lucrative exit while ensuring the continuity of the business. This can be particularly appealing in a market in which succession planning is often a challenge.

Potential challenges

While private equity offers numerous opportunities, it is important to acknowledge the potential challenges as well. PE investors typically seek a high return on their investment within a relatively short timeframe. This pressure to deliver rapid growth and profitability can lead to increased stress and a possible shift in focus from long-term client relationships to short-term financial performance.

Additionally, the involvement of PE firms can sometimes lead to cultural clashes, particularly if the incoming firm’s new strategic direction differs significantly from the target accounting firm鈥檚 previous approach.

Still, the rise of private equity in the accounting sector signifies a pivotal shift, offering small firms unprecedented opportunities to access capital, operational expertise, and other strategic advantages. While the influx of PE investment can pose challenges such as pressure for rapid growth and potential cultural clashes, the benefits may outweigh the drawbacks.

Small accounting firms may now have the chance to position themselves better to compete and attract top talent. And by leveraging the resources and expertise provided by private equity, even small tax & accounting firms can navigate the complexities of modern accounting and achieve sustainable growth.

You can find more about the here.

Growth, however, may mean different things to different firms; and some tax & accounting firms may decide that they need an infusion of private equity money to reach the level of sustainability and operations success their leaders envision.

But how can you tell is your firm is ready for just a big financial step? Below are five key items that should be strongly considered when a firm is thinking about getting a private equity investment and whether such an investment is best for the firm.

Some tax professionals have strong feelings about getting private equity investments and believe the tax firms鈥� business model integrity may be at stake. Like all decisions that can impact the business, private equity infusions could dramatically alter how the firm has operated, including its basic structure. Therefore, much thought must be given to how the business raises cash and what impact that financial decision may have on the business.

Private equity 鈥� the investment of an amount of capital into a private company or firm 鈥� is how private equity firms deploy their capital on behalf of their partners. Leveraging a private equity investment to expand operations or purchase needed technology can be a viable strategy for tax & accounting firms looking to grow their business. Often, the capital that private equity firms provide to companies or firms can help those businesses expand and increase their value over time.

Before a tax & accounting firm leaders decide to partner with a private equity firm, it’s essential they weigh these pros and cons carefully and vet potential partners thoroughly.

Overall, a tax & accounting firm has many advantages in partnering with a private equity firm. It is a straightforward way to access capital, especially if acquiring financing in more traditional ways, such as through a bank, may be challenging. Private equity investments also allow firms to gain expertise in operationalizing the business, since often private equity partners will join the firm or its board and offer their significant expertise. In addition, working with a private equity firm can give tax & accounting firms access to business strategies and efficiencies, especially if the private equity firm can leverage its expertise and reputation to attract additional clients for the tax & accounting firm.

Below are five considerations where it may be most beneficial for a tax & accounting firm to seek out private equity investment into its business:

1. 1. 1. Financial distress 鈥� While a definition may not be necessary, a firm in financial distress may be facing significant financial challenges that are affecting its ability to operate effectively. These difficulties may derive from an economic impact, such as an increase in overhead costs; not charging clients market rates; holding large amounts of account receivables that aren’t closing; loss of clients or employees; and an inability to get enough work done to bill clients. Firms that continuously experience financial distress can be faced with bankruptcy or the dissolution of the business. Working with a private equity firm can provide the capital needed to weather economic difficulties and reposition the company for future growth.
      2. Growth through expansion 鈥� For tax & accounting firms looking to expand into new geographical regions or additional service areas, significant capital may be required. In addition to expanding independently, a more expeditious way to grow is through a merger with another firm or by acquiring another firm. Either strategy requires some capital, and receiving a private equity investment may be the best way to go.
      3. The need for modernization 鈥� There isn’t any question about whether tax & accounting firms need to be modernized. The changes, including the digitalization of taxation, require firms to ramp up their technology solutions to not only keep up with the competition, but also to be able to serve their clients in the most effective and efficient way possible. Such modernization often requires a significant capital infusion, which can be provided by private equity.
      4. Firm legacy and succession planning 鈥� For firms that may not have obvious heirs or succession plans and that wish to continue their business may consider selling their practice to a private equity firm. This can provide a profitable exit strategy for the firm owners and other partners.
      5. Scaling and leveraging industry expertise 鈥� For those tax & accounting firms that are considering the addition of a specific industry to their practice offerings and may not have the expertise in that area, finding private equity professionals that can provide that expertise could give the firm both the knowledge and strategic guidance to achieve needed operational improvements.

Before deciding whether to get involved with private equity firms, tax & accounting firms should contemplate all angles. For example, the tax & accounting firm leaders should understand that they might have to give up control. Quite often, any private equity firm that invests will require a say in the business it runs. Depending on how much capital is invested into the firm, the private equity firm may have a more significant voice in the strategic direction of the business. Indeed, tax & accounting firm owners should work with attorneys or financial advisors to smooth out any changes to the firm’s ownership structure.

It鈥檚 also crucial for tax & accounting firm leaders to remember that a private equity firm’s objectives are often to maximize its investment within a specific timeframe, typically five to seven years. So, their strategic decisions will be made with a timeline of how to increase profits within the short-term, even if it comes at the expense of long-term profitability. Naturally, this may create tension with the firm鈥檚 previous leaders, who may be worried about firm sustainability in the long run. Further, if the tax & accounting firm cannot perform up to the private equity firm’s expectations, there might be issues in repaying the debt to the private equity firm.

So, before a tax & accounting firm leaders decide to partner with a private equity firm, it’s essential they weigh these pros and cons carefully and vet potential partners thoroughly. The goal should be to find a private equity firm that provides capital and aligns with the tax & accounting firm’s strategic vision and company culture.