I recently analyzed 132 deals across 212 accounting firms for 2024. The 2025 predictions I’m about to share are not investment advice, so please take it with a grain of salt and use your own judgement.
With that said, let’s dive in: In 2024, private equity money flooded the accounting M&A market. Top players scooped up niche firms left and right. The $2.3 billion
It’s causing excitement and apprehension in the small-to-midmarket space (some partners are raging at outside capital).
Check out the recent wave:
• Dean Dorton’s Florida pick-up of
• Citrin Cooperman’s spree (
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Not just big names—smaller firms too:
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To put it in perspective:
Mid-market and regional firms are grabbing specialty shops—cannabis (
Five p𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝟮𝟬𝟮𝟱
• Hyper-specialization reigns: Firms will zero in on ultra-niche areas (think AI-driven forensic accounting), leaving generalists scrambling.
• Open architecture models rise: CPA firms will partner with RIAs, ERP consultants and even legal advisors to become one-stop advisory powerhouses.
• Cross-border micro-mergers: Expect global mini-deals, just like
• Tech-centric valuations: Proprietary data analytics or AI stacks will influence deal pricing more than any traditional book of business metrics.
• PE-backed succession solutions: Outside capital will transform partner retirements from liabilities into strategic exit or growth opportunities.
For some, these moves will open the door to scale, differentiate and become indispensable. For others, it’s a stark warning: adapt or risk irrelevance.
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