plus: how the merger picture hasn’t changed.
by marc rosenberg
the rosenberg map survey
an extraordinarily perfect storm was experienced by cpa firms in 2020: the endless tax season plus the virus. in mid-july, five months after the virus’s onset, no one knew anything for sure going forward – neither the science of the virus and people’s health nor the economic impact of the virus on the business world.
more: pandemic highlights value of digital files | remote work success helps solve staffing shortages | you like being remote, but what about your clients? | covid-19 shakes up m&a activity | we adapted to remote work … now what?
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here is data from a survey we took of 61 cpa firms in mid-june. virtually all firms had annual revenue of $35 million or less, with the average being about $10 million. it is important to understand these firm sizes because the top 25-50 firms were making more drastic operational moves (mainly layoffs and partner draw reductions) than typical local cpa firms.
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