{"id":88501,"date":"2021-09-13t22:06:20","date_gmt":"2021-09-14t02:06:20","guid":{"rendered":"\/\/www.g005e.com\/?p=88501"},"modified":"2021-11-29t23:27:38","modified_gmt":"2021-11-30t04:27:38","slug":"is-private-equity-the-new-source-of-growth-capital-for-cpa-firms","status":"publish","type":"post","link":"\/\/www.g005e.com\/2021\/09\/13\/is-private-equity-the-new-source-of-growth-capital-for-cpa-firms\/","title":{"rendered":"analysis: is private equity the new source of growth capital for cpa firms?"},"content":{"rendered":"<figure id=\"attachment_88503\" class=\"thumbnail wp-caption alignright\" style=\"width: 424px\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-88503 size-medium\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-424x214.png\" alt=\"\" width=\"424\" height=\"214\" srcset=\"\/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-424x214.png 424w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-300x152.png 300w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-600x303.png 600w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-849x429.png 849w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-768x388.png 768w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot-1536x776.png 1536w, \/\/www.g005e.com\/wp-content\/uploads\/2021\/09\/esposito-and-zecca-two-shot-mug-headshot.png 1600w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><figcaption class=\"caption wp-caption-text\"><strong>eyes wide open:<\/strong> esposito and zecca<\/figcaption><\/figure>\n<p><strong>the details matter. go in with eyes wide open.<\/strong><\/p>\n<p style=\"text-align: left;\"><em>by<a href=\"\/\/www.g005e.com\/author\/domenick-j-esposito\/\"> dom esposito<\/a> and <a href=\"\/\/www.g005e.com\/author\/zecca\/\">anthony zecca<\/a><\/em><\/p>\n<p>from time to time, we hear news in the profession about private equity transactions occurring within the ranks of midsized to larger cpa firms. just recently, eisneramper did such a transaction with towerbrook capital partners.<\/p>\n<blockquote><p><strong>more on private equity for cpa firms:<\/strong><\/p>\n<p><a href=\"\/\/www.g005e.com\/2021\/09\/22\/charly-weinstein-on-taking-private-equity-for-growth-funding\/\">exclusive:\u00a0 ceo charly weinstein explains the private equity deal<\/a><\/p>\n<p><a href=\"\/\/www.g005e.com\/2021\/09\/23\/flash-briefing-a-call-to-arms-after-private-equity-deal\/\">flash briefing webinar: a \u201ccall to arms\u201d after eisner private equity deal, with dom esposito and anthony zecca<\/a><\/p>\n<p><a href=\"\/\/www.g005e.com\/2021\/09\/14\/will-private-equity-rescue-the-cpa-business\/\">analysis by esposito and zecca: how outside capital can remake cpa firms<\/a><\/p>\n<p><a href=\"\/\/www.g005e.com\/2021\/09\/11\/big-deal-private-equity-takes-stake-in-eisneramper-cpas-2\/\">eisneramper gets private equity backing<\/a><\/p>\n<p><strong>esposito<\/strong> is author of &#8220;<a href=\"\/\/www.g005e.com\/shop\/esposito-8\/\">8 steps to great: driving success at the world\u2019s largest cpa firms and how to apply the lessons at firms of all sizes<\/a>.&#8221; more by\u00a0 <a href=\"\/\/www.g005e.com\/author\/domenick-j-esposito\/\">dom esposito here<\/a>.<\/p>\n<p><strong>zecca<\/strong> is the author of <a href=\"\/\/www.g005e.com\/shop\/az21edg\/\">&#8220;leading from the edge \u2013 the new growth handbook with bonus toolkit<\/a>.&#8221; more by <a href=\"\/\/www.g005e.com\/author\/zecca\/\">anthony zecca here<\/a>.<\/p><\/blockquote>\n<p>while at first glance, a private equity infusion could appear to be an effective growth and wealth creation vehicle for cpa firms, there are elements of structure, due diligence, and corporate governance to be considered.<\/p>\n<p><!--more-->historically, private equity firms have found midsized to larger cpa firms somewhat attractive investments because they are predominantly annuity-based. cpa firms within the $30m-$40m revenue range seem to be the most appealing although there have been smaller transactions as well as larger ones. private equity firms are attracted to these cpa firms because:<\/p>\n<ul>\n<li>they generally have valuations that are low.<\/li>\n<li>their balance sheets are void of heavy debt.<\/li>\n<li>they usually have strong cash flow.<\/li>\n<\/ul>\n<p>as cpa firms slowly transition from a traditional accounting firm compliance model to a higher margin, more progressive professional services model with a focus on providing advisory and consulting services, private equity firms are eager to invest in them and are out \u201cdroning\u201d for opportunities. cpa firms not offering advisory and consulting services are not likely candidates for investment. private equity firms are looking for a combination of both tax compliance and consulting, and see more value in the consultancy business. for private equity firms, the cpa firm\u2019s client portfolio could provide them access to new clients that they may never have had entr\u00e9e to previously.<\/p>\n<p>in our opinion, private equity might hit singles and doubles from an investment in a midmarket cpa firm, but generally not a home run which is what private equity is very attracted to. private equity firms and lenders consider acquiring midsized to larger cpa firms the trailing edge of their investment strategy as cpa firms are not hugely scalable and therefore not in their sweet spot.<\/p>\n<p>so why would you consider a private equity infusion? aligning with a private equity firm can certainly be attractive to many cpa firms. one of the primary reasons is that it can be a vehicle to accelerate growth and bring an infusion of cash. such funds can then be used to invest in people and technology, further propelling growth. it could also be seen as a strategy with an end goal of taking the advisory business public. a private equity transaction can attract employees by providing enhanced compensation packages, which may include stock options, it may also be an intermediary tactic to gather wealth as part of partners\u2019 longer-term exit strategy.<\/p>\n<p>generally, we see that the valuation of these transactions is plus or minus 3x annual partner distributions or about one-time collected revenues.<\/p>\n<p><strong>what are the trade-offs?<\/strong><\/p>\n<p>first, keep in mind that engaging with a private equity firm may cause a major shift in the way a cpa firm is managed.<\/p>\n<p>there are several possible compromises and reasons why private equity firms and midsized and larger cpa firms have not traditionally mixed well, including:<\/p>\n<p>typical of any acquisition transaction, there could initially be a tug-of-war over who is in charge of daily operations and overview strategies.<\/p>\n<p>partners could feel a loss of independence if the private equity firm is \u201cin charge,\u201d as we have found that many cpa firms are tightly managed by partners, many of whom may have been founders.<\/p>\n<p>to create immediate cash flow for the private equity firms, there could be an initial haircut in partner compensation. earn-out periods may need to be achieved. partner perks and discretionary expenses could be brought down to minimum amounts as well.<\/p>\n<p>there may be a change in corporate culture, as private equity firms are often less collegiality and have a diminished sense of partnership comradery as they are focused on performance goals. there could be greater pressure and oversight of firm leadership to achieve the financial and performance goals firm-wide.<\/p>\n<p>inherent in the type of models each pursues, there could be a conflict between the mindsets of the cpa firm and its private equity investor, as cpa firms tend to manage and think longer term, while private equity firms focus on short-term roi.<\/p>\n<p>personnel issues often emerge as cpa firms tend to cultivate a caring environment and the senior partners truly see their employees as their most important assets. this conflict and the fact that employees may be displaced in a transition is often not palatable to many firms.<\/p>\n<p>additionally, senior partners, who would be viewed as key players initially to ensure that clients are properly serviced and transitioned, may find their roles diminished or receded over time.<\/p>\n<p>private equity firms may load up on debt that could amount to at least three-to-four times ebitda.<br \/>\ncash management of receivables and payables will be run very tightly.<\/p>\n<p><strong>case histories: for good and bad<\/strong><\/p>\n<p>given the confidentiality of agreements, there is little known about the structures of the deals, goals or projections of the entities at the onset of their agreements, but cbiz and uhy are examples of successful private equity transactions.<\/p>\n<p>cbiz is now public and doing well (nyse: cbz). with more than 100 offices and 4,800 associates in major metropolitan areas and suburban cities throughout the u.s., cbiz delivers full-service accounting and business consulting, financial and benefits, and insurance services to organizations of all sizes, as well as individual clients.<\/p>\n<p>uhy us, initially a roll-up, remains private as a mid-market firm and is growing nicely. it is part of a cohesive international network of independent member firms providing audit, accounting, tax, and business advisory services across the globe.<\/p>\n<p><strong>known \u201cbusts\u201d<\/strong><\/p>\n<ul>\n<li>in 2007, private equity purchased about 80% of philadelphia-based accounting firm, smart and associates, for $60m by refinancing $60m of debt and liabilities. smart was combined into publicly-traded consulting firm lecg and went out of business in 2011.<\/li>\n<li>goldstein, golub &amp; kessler was acquired by american express and was subsequently spun out.<\/li>\n<li>mcgladrey was acquired by h&amp;r block and was subsequently spun out.<\/li>\n<\/ul>\n<p>dependent upon a cpa firm\u2019s size and mix of service offerings, they may be a prime candidate for private equity investment. the timing might just be right: private equity firms are out actively pursuing midsized to large cpa firms in an effort to broaden their client portfolios.<\/p>\n<p>for some cpa firms, private equity investment could be the path to growth and building wealth for partners.<\/p>\n<p>but such arrangements do not come without trade-offs and compromises.<\/p>\n<p>there could be major shifts in corporate culture, goals, and structure. with few success stories out there, we advise partners to look at such arrangements with their eyes wide open.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>the details matter. go in with eyes wide open.<\/strong><\/p>\n<p style=\"text-align: left;\"><em>by dom esposito and anthony zecca<\/em><\/p \n\n\n<\/p>\n","protected":false},"author":17,"featured_media":54237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2254,2371,3120,3002,2298],"tags":[],"class_list":["post-88501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth","category-mergers-acquisitions","category-pro-member-exclusive","category-special","category-succession"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - 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