ACCOUNTING ARC

Jeremy Dubow: Private Equity as a Catalyst for Growth | ARC

CEO says private equity isn’t about cost-cutting—it’s about investing in technology and talent.

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Accounting ARC
With Donny Shimamoto
Center for Accounting Transformation

The accounting profession is evolving, and if private equity is any indicator, firms like Prosperity Partners are leading the charge. In the latest Accounting ARC episode, host Donny Shimamoto, CPA.CITP, CGMA, speaks with CEO and PE-backed Prosperity Partners LLC co-founder Jeremy Dubow, CPA, about the firm’s innovative approach, private equity backing, and non-traditional practices. 

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“We’re not your traditional firm,” says Dubow, who started the firm with two partners in 2003 as NDH Advisors, and sold a stake to Unity Partners in in 2023, rebranded as Prosperity and launched a series of knock-on acquisitions. “We focus on transformative technologies and people-first culture to redefine what an accounting firm can achieve.” 

Unlike most accounting firms, Prosperity Partners operates without an attest function. “Our roots are in tax and client accounting services,” Dubow explains. This focus has allowed the firm to streamline operations and specialize in high-demand areas such as mergers and acquisitions and litigation support. 

Private equity often faces skepticism in accounting. However, Dubow sees it differently. “Private equity isn’t about slashing costs. It’s about investing in technology, automation, and the people who drive success,” he says. Thanks to these investments, Prosperity Partners has grown from 120 employees to a firm with five offices and a national footprint. 

Dubow attributes much of the firm’s success to its employee-centric approach. “Public accounting faces a talent retention crisis. We’re bucking that trend by fostering a culture where professionals want to stay and grow.” 

Dubow advocates for versatility in accounting. “Specialization is valuable, but versatility enables accountants to provide comprehensive, innovative solutions,” he explains. This philosophy has shaped the firm’s client advisory and internal training approach. 

He adds, “Versatility, not just specialization, is key to being a great advisor.” 

Top 10 Takeaways 

    1. Private equity provides resources for technological innovation in accounting. It allows firms to implement automation, AI, and process improvements that traditional partnerships might not prioritize. 
    2. Specialized firms can thrive without traditional attest functions. Focusing on client accounting services and specialized advisory can create a strong niche. 
    3. Early exposure to accounting can shape future career success. Both Dubow and Shimamoto benefited from high school accounting classes that gave them a head start in college and their careers. 
    4. Generalists—or “versatilists”—are in high demand. Accountants with a broad knowledge base can better identify opportunities, solve complex problems, and provide holistic solutions for clients. 
    5. Building trust and respect within a firm fosters long-term retention. Creating a people-first culture encourages employees to view their roles as careers rather than stepping stones. 
    6. Non-traditional paths can lead to extraordinary results. Dubow’s journey shows that leaving traditional roles, embracing entrepreneurship, and leveraging private equity can create unique opportunities. 
    7. Tax services are more dynamic than they appear. From saving clients millions in M&A deals to solving complex tax structures, tax advisory is a critical and rewarding area of accounting. 
    8. Strong leadership requires empathy and focus. Dubow highlights the importance of understanding team dynamics, creating opportunities for growth, and leading by example. 
    9. Mid-sized firms are increasingly competitive. With the right strategy and investment, smaller firms can challenge traditional powerhouses by offering personalized, high-quality services. 
    10. Adaptability is key to navigating a transforming profession. Whether through adopting new technology, rethinking service models, or adjusting to private equity investment, success comes from staying flexible and forward-thinking.