how to remain independent when private equity comes knocking.
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gear up for growth
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- joey havens: the role culture plays in firm growth | gear up for growth
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part of the discussion explores the criteria private equity companies look for and the challenges firms may face in qualifying for pe funding. koltin believes that more than half of the cpa firms in the country don’t make enough excess profitability to create earnings before interest, taxes, depreciation, and amortization (ebitda) to calculate an acceptable enterprise value.
“leaders of these firms tell me they’ll go back and get more profitable,” says koltin. “how’s about, let’s stay as an independent firm. let’s put a level of governance in. let’s make the tough decisions we’ve been talking about forever, and let’s really run it like a business. let’s not be a 501(c)(3) anymore. let’s just pretend we’re in business to make money.”
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