private equity

Call and Geraci: Future-Proofing Without P.E. | Gear Up For Growth

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Reserves, credit lines, and leadership pipelines fuel expansion.

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Gear Up for Growth
With Jean Caragher
For CPA Trendlines

“Fiercely independent isn’t a strategy, it’s a stance,” says John Geraci, managing partner of LGA CPAs & Advisors. “To truly remain independent, firms must be strategic about how they differentiate themselves, understand the threats posed by private equity, and have the conviction to invest in their people and future leaders.” 

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Geraci and Jeff Call, managing partner of Bennett Thrasher, were guests on Gear Up for Growth, hosted by Jean Caragher of Capstone Marketing.  

As private equity continues to reshape the accounting profession, both leaders agree on two critical factors for firms choosing to remain self-owned: independence must be intentional, and culture is the ultimate differentiator. 

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Shein: No PE? No M&A? No Problem | The Disruptors

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There’s more than one way to scale.

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The Disruptors
With Liz Farr

Steve Shein thought small accounting firms need a different option than private equity or the traditional M&A route. So he founded Franklin Alliance, which operates differently from either of those models.  

Unlike traditional private equity models that typically focus on cost reduction and mandate immediate process changes, Franklin Alliance operates as an investment partner with a fundamentally different structure. “We’re trying to build this intentionally, with the goal of being a differentiated partner, specifically for small firm owners who care about things like culture, autonomy, and their firm identity,” Shein explains. 

MORE STREAMING: Hood and Weber: Time to RISE | Proctor: Turn Dumb Ideas into Brilliant Solutions | Carter-Gray: How 1 Poor Review Strengthened the Firm | Hartman: Upwork to “40 Under 40” in 3 Years | Telka: Transform Fear into Fuel | Woodard: Move Past Reports; Deliver Results | Baker: Find True Purpose to End Burnout | Brolin: The W.I.N. Leadership Formula | Gertrudes: How EOS & “Unreasonable Hospitality” Reshaped GrowthLab | Vilms: The Power of People in a Tech-Driven World | Dickerson: From Diagnosis to Disruption | Kapilovich: Treat People Like People | Martha Yasso: From Wall Street to Main Street | Jackie Meyer: Tax Plans in 90 Seconds? Believe It  | Erica Goode: Build a $200K Firm in 15hrs/Week |

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“We built this platform as an operating company specifically so we’re not a fund,” Shein explains. “It’s backed by venture capital and family offices, which basically means that the profile of the investors that we’ve taken capital from has a longer-term time horizon.” 

This structure enables what Shein calls a “culture of growth rather than a kind of cost rationalization,” which is a better fit for many small firms. The approach contrasts with acquisitions by regional firms, where acquired firms are generally forced to adopt new processes, workflows, and technology within 90 days. 

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Major Accounting Firm IPOs on the Way

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Every year, the 2025 Rosenberg MAP Survey asks the industry’s top consultants to share their observations from CPA firms across the country: How do you think the next 12 months will unfold? Trends? Predictions? Other thoughts? Also, how would you assess the last 12 months? Trends? Observations? Struggles?

Artificial intelligence will affect talent at multiple levels.

By Allan Koltin
 The Rosenberg Survey

The second CPA firm flip (present private equity firm replaced by another private equity firm) of a Top 20 CPA firm will take place in early 2026.

The first “rollup/consolidator” flip (rollups with revenues between $100 and $500 million) will take place. Interestingly, when these rollups sell their equity stake, they won’t be acquired by “mothership” CPA firms but rather will go larger PE firm rollups and/or new PE firms desirous to enter the accounting profession.

MORE: The 2025 Rosenberg MAP Survey is available from CPA Trendlines here.

There will be up to three initial public offerings (IPOs) of significant accounting and consulting firms in 2026 and 2027. One might be a “tax only” CPA firm and the other two might be advisory and consulting firms.

By 2035, there will be six to eight CPA firms that are publicly traded (today CBIZ is the only publicly traded CPA firm).
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Rampe: Make Strategy Stick | Gear Up For Growth

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Five steps turn vision into execution.

This is a preview. The complete episode is first available exclusively to PRO Members | Go PRO here
Sponsored by Poe Group Advisors: Helping accountants buy, build, and sell exceptional firms. See Today’s Special Offer

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Poe Group Advisors consistently excels in helping our clients find the right accounting practice sales opportunity.
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Gear Up for Growth
With Jean Caragher
For CPA Trendlines

On the latest episode of “Gear Up for Growth,” host Jean Caragher interviews Matt Rampe, partner at Rosenberg Associates and author of the forthcoming book, “CPA Firm Strategic Planning: Your Roadmap for Long-Term Success,” about how accounting firms can move beyond ad-hoc retreats to a disciplined, accountable planning process that sticks.

Rampe, who advises firms on strategy, succession, partner development, and profitability, said the book grew out of years of facilitation and coaching with firms of all sizes. “The book was in my brain for a long time before it got put on paper,” he says. “When I started writing, it actually came pretty quickly—but I learned there’s a lot more to making a book than a Word document.”

More Jean Caragher here | Get her best-selling handbook, The 90-Day Marketing Plan for CPA Firms, here | More Gear Up for Growth

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Rampe argues that the profession has reached a disruption point, citing converging pressures including private equity, technology, staffing shortages, succession for retiring Baby Boomers, and a shift toward advisory services. “What worked for us 10 years ago isn’t going to work for us 10 years in the future,” he says. “The old model, where a few partners disappear into a room and come out with a plan, doesn’t work in this age. We need to be nimble.”

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Rosenberg MAP: Staff Turnover Falls to Record Low

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Are CPA firm retention tactics finally paying off?

By CPA Trendlines Research
The Rosenberg Survey

Staff turnover at CPA firms has fallen to its lowest level in years, signaling that the profession’s investments in culture, compensation and flexibility are paying dividends.

MORE: The 2025 Rosenberg MAP Survey is available from CPA Trendlines here.

The 2025 Rosenberg MAP Survey reports average professional staff turnover at 11.1 percent, down sharply from 18.8 percent in 2022 and the lowest since before the pandemic, marking a major shift after years of talent turbulence.

Firms that struggled to recruit and retain staff during the labor shortages of 2021 and 2022 now report greater stability and stronger pipelines.

“This trend may reflect firms’ stronger retention strategies,” the survey notes. “Lower turnover not only reduces recruitment and training costs, but also helps preserve institutional knowledge and maintain stronger client relationships.” READ MORE →