MERGERS & ACQUISITIONS

Ruparel: Boost Productivity by 3X | Big 4 Transparency

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Equity pathways, training, and culture—not payouts—will determine which firms thrive in the PE era.

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Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

Brace yourself: Revenue per employee is projected to grow 2.7 times over the next decade, while 87% of the workforce will have less than 10 years of experience by 2035.

That dual pressure, Nishaad Ruparel, president of private equity-backed Ascend, tells Dom Piscopo in today’s episode of Big4 Transparency, demands a rethinking of ownership, training, and culture across the profession. And it’s why the most progressive firms are not grabbing payouts—they’re betting on equity pathways, people-first strategy, and selective centralization to compete in the PE era.

MORE Dominic Piscopo | MORE Private Equity | MORE Pay & Compensation

“These firms are looking at their clients and saying, ‘I’ve served this market for 50 years – how do I keep doing that in a way that’s synonymous with excellence?’” Ruparel explains. “Then they look at their people, at their deep bench, and ask how they can secure their future. And they realize: the cost of independence is rising fast.” 

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Six Questions for Assessing a Merger

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Two men shaking hands as woman stands with one

And three reasons that firms hesitate.

By Marc Rosenberg
CPA Firm Mergers: Your Complete Guide

As a generation of aging Baby Boomer partners marches towards retirement, thousands of firms are seeking the only exit strategy available to them – merge into another firm. Thus has a voracious appetite for mergers been created at all size levels, particularly:

  • Sellers who are sole practitioners and multipartner firms under $2 million
  • Buyers with annual revenues of $3 million and larger

MORE by Marc Rosenberg
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Do mergers work?

Ask a partner from a smaller firm that merged upward whether the match has proven successful, and the likelihood is you’ll get a less than enthusiastic response. Why isn’t this partner jumping for joy? Is it because the merger didn’t work? Usually not.
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Dillon: A Sustainable, No-Debt Path to Firm Expansion | Big 4 Transparency

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Acquisition isn’t assimilation—it’s alignment.

This is a preview. The complete video episode, with commentary and transcript, is first available exclusively to PRO Members | Go PRO here
Sponsored by “It’s NOT Just the Numbers: How to Move Beyond the Numbers and Deliver REAL Value for Your Clients.”
by Penny Breslin and Damien Greathead. See Today’s Special Offer

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Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

On the latest episode of The Big 4 Transparency Podcast, Marcus Dillon, founder and president of Dillon Business Advisors, offers a rare behind-the-scenes look at the art of accounting firm acquisitions and what happens after the deal closes. Having completed 15 M&A transactions, Dillon has quietly built a hybrid growth model that blends strategic purchasing with equally strategic divestitures, helping him scale while staying lean and focused. 

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MORE M&A

Dilon’s approach flips conventional acquisition thinking on its head. Rather than simply absorbing the full book of business, Dillon’s team audits each client against their firm’s service model and values, and often sells off the clients who don’t fit. “We apply the 80/20 rule early in the due diligence phase,” he explains. “Twenty percent of the clients typically generate 80 percent of the revenue, and the rest are often where the frustration lies.” That filtering strategy, he says, allows for faster onboarding, better client service, and less internal chaos

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Considering a Merger? Be Smart About It

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view from below of four people, each holding a jigsaw puzzle piece and matching it to the others

Plus 10 tips for buyers.

By Marc Rosenberg
CPA Firm Mergers: Your Complete Guide

“Alone we can do so little but together we can do so much.” – Helen Keller

“When you look at a deal and its structure looks like an octopus or a spider, just don’t do it.” – Timothy Sloan CFO Wells Fargo

All businesses boost their top and bottom lines with mergers. It’s a common strategy for growth and strong performance.

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CPA firms largely failed to recognize this until the start of the century. Today, firms clearly understand that mergers can and should be a major contributor to growth, profitability and success.
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Succession Takes the Driver’s Seat in Private Equity Boom

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PE Specialists: Top row: Fligel, Pellen, Onefater. Bottom: Whitman, Wurtzbacher, O’Donnell

As Wall Street turns its eyes on mid-sized firms.

By CPA Trendlines

Succession is fast emerging as the defining force behind the private-equity-fueled M&A surge, transforming the accounting profession.

Partners in their late 50s, 60s, and 70s — many of whom never documented a transition plan — stare at retirement without successors. That urgency is pushing small and mid-sized CPA firms into the arms of private equity buyers and national consolidators at unprecedented rates.

GET MORE: Ask CPA Trendlines about the private equity boom

ALSO: Private Equity in Accounting | Private Equity Update: 53 Deals, $29 Billion | Deal or No Deal? The P.E. Dilemma for CPAs | Johnston: Private Equity, Shady Vendors, and Broken Software | Brannon Poe: PE Drives Prices–And Change | Behind Sorren’s Roll-Up: $170 Million, 1,000 Employees, 85 Partners | Kopelman: Culture & Capital Fuel Aprio’s Rise | Gear Up For Growth | Ira Rosenbloom: M&A Money’s Easy – Culture Fit’s Hard | Gary Shamis: The Private Equity Hazards for Young Partners | Alex Drost: Firms Get Scrappy Against PE-Backed Competitors | Tim Brackney: Don’t Blame Private Equity. Blame the Accountants |

“It’s no longer a question of whether you need a plan — it’s whether you have the right one,” says James S. Pellen, managing partner at Hertz Herson CPA LLP, speaking at a New York CPA society event. “Succession isn’t just about retiring; it’s about ensuring the firm survives and thrives after you’re gone.”

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Big Four Vets Launch $300M PE-Backed, AI-Powered CFO Advisory Firm

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Born for scale, built to sell, and run like a tech company.

Unity Advisory: Ex-PwC UK Managing Partner Marissa Thomas and former EY UK Chair Steve Varley.

By CPA Trendlines Research

A new $300 million entrant is challenging the Big Four’s lock on Fortune 500 advisory—and it may be the next big thing.

MORE Private Equity in Accounting | Private Equity Update: 52 Deals, $28 Billion | Xero Buys Melio for $3 Billion in Race for ‘The Active GL’ | Brannon Poe: PE Drives Prices–And Change | Accounting Influencers | Behind Sorren’s Roll-Up: $170 Million, 1,000 Employees, 85 Partners

Unity Advisory, a London-based firm launched by former EY UK chair Steve Varley and ex-PwC UK managing partner Marissa Thomas, is taking direct aim at the CFO suite with a venture capital mindset, AI at its core, and no legacy constraints.

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Brannon Poe: PE Drives Prices–And Change | Accounting Influencers

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What forces are really driving firm sales—and what separates the sellable from the stagnant?

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Accounting Influencers
with Rob Brown

The great reshuffle in accounting is underway.

With three-quarters of the profession approaching retirement age and M&A activity reaching historic highs, many firm owners ask the same question: What’s my practice worth?

Brannon Poe, CPA, founder of Poe Group Advisors, joins the Accounting Influencers to offer a rare, inside look at how deals are being made, what buyers are looking for, and how firm owners can prepare for a successful exit, whether it’s five weeks or five years away.

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Moss Adams-Baker Tilly Merger: Bigger Isn’t Better. Better Is Better.

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Whitman

The one that got away.

By Alan Whitman

As CEO of Baker Tilly from 2015 to 2023, Whitman increased the firm’s revenues from $500 million to $1.5 billion, expanded into 15 new U.S. markets and completed more than 20 domestic and international mergers and acquisitions.

“More than a merger. A multiplier.”

That’s how Moss Adams and Baker Tilly described their recent merger, and I can’t think of a better way to depict such a game-changing deal.

MORE Alan Whitman: Unlocking the Secrets to Smart Growth | Stop Accepting the Status Quo | MORE in Mergers & Acquisitions

After leading 20-plus successful mergers and acquisitions that fueled our growth at Baker Tilly during my tenure as CEO from 2015-2023, I’ve learned that any merger should be evaluated based on the mindset: bigger isn’t better; better is better.

It’s not about size. It’s about how the two firms elevate the game by combining forces.

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How Private Equity Is Impacting Accounting

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And how these deals compare to traditional CPA firm deals.

By Marc Rosenberg
The Rosenberg Practice Management Library

One of the biggest game changers in the CPA profession since the dawn of the 21st century has been the introduction of private equity in merger transactions.

MORE by Marc Rosenberg
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Prior to roughly 2020, 99 percent of all CPA firm mergers were between two CPA firms. An early exception was the “consolidator” phase of the CPA industry from the mid-1990s through the early 2000s. This is when three companies, the consolidators – American Express, H&R Block and CBIZ – acquired a few hundred CPA firms, spawning the creation of alternative practice structures. Because CPA firms must be majority owned by CPAs, this new structure featured the attest function spun off as a separate but related entity, owned primarily by CPAs while the remainder of the firm was owned primarily by the consolidators.
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Deals 2024: Over 100 CPA Firm Mergers and Acquisitions

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Howard

Buckle up for 2025.

By CPA Trendlines Research

Curious about the deals that went down in 2024 and how they might inform your next move? Marc Howard is, too. So, he compiled a comprehensive list.

Howard is a serial entrepreneur in the accounting space, Host of the Pitch Your Firm podcast, founder of Firmlever, founder of Taxplow, co-founder of BizPayO, and creator of Tax Advisor GPT.

Howard found upwards of 115 deals in 2024, ranging from the first deal of the year, ATA CPAs’ takeover of  Whitehorn Tankersley & Davis on Jan. 3, to the last, Platform Accounting Group’s roll-ups of Midwest Advisors and Crossroads Advisors on Dec. 23.

Some of the most active buyers on his list include CBiz, which counted Marcum among its three deals; Citrin Cooperman, with eight deals; CLA, Crowe, and Doeren, each with three; and Eisner, with four deals.

He predicts an even busier 2025 for the profession.

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