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.
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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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