Key Takeaways from Leading Accounting Firms on Private Equity and M&A
In his popular series of video interviews with accounting firm leaders, LP Partner Russell Shapiro and his guests examine trends impacting today’s firms, what it takes to lead through challenging transitions, and where they see the industry heading in the short and long term. Insights from these conversations offer a master class in leading and growing professional services firms. Here are just a few highlights:
Michelle Thompson, CEO of Cherry Bekaert, on how her firm made the decision to embrace the private equity model:
“Looking at the landscape of the profession, thinking about the heavy investment facing the profession around automation, the challenges around attracting talent, the challenges around the deferred compensation model for accounting firms and how that depends on the continued success of the firm in future generations…and, frankly, acquisition markets started changing the way that it was working …So we stepped back and said, we’re having the best years we ever had, we’re on a great trajectory, we’re in desirable markets…we have young leadership and developed leadership, and we have a strategy we’re excited about. So we want to find a partner that can help us achieve that strategy.”
Watch the full interview here.
Jeffrey Weiner, who served as chairman and CEO of Marcum LLP until it was acquired by CBIZ in 2024, on how he appealed to acquisition targets, and landed and closed deals:
“Accountants are usually careful and think they can get everything as a bargain. Well, if you realize that the low bidder is not going to win the beauty contest, then you go in with that attitude. It was a combination of factors. It was the vision. We approached a lot of firms who had hit the wall, who could only get so far by themselves, but if we could take a lot of the back-office things off their plate — technology, HR, back-office accounting, website, marketing, and branding — and leave the local people to have clients, get clients, and service those clients, it’s a compelling reason to do something.”
Watch the full interview here.
Patrick Walsh, CEO of Withum, on why his firm has chosen to stay independent:
“We think independence is the best course for us because it gives us the final say on how we want to do things… For us to be able to continue to control and have the final say on strategic and operational issues, such as where do we invest our resources, what is meaningful in terms of investing in the market — we would not want to give that ultimate decision to someone else…We think about what the firm is going to look like 10 or 15 years from now, and who is going to be our best partner — it is our partners who are in the room, and we think that’s a valuable asset that we’re not willing to trade at this point in our journey.”
Watch the full interview here.
Other popular interviews in this series include conversations with legendary consultant Allan Koltin on the “secret sauce” of high performers” and more.
Learn more about Russell’s thought leadership and corporate practice here.