Leaders must decide whether to follow the money—or protect their independence.

Accounting Influencers
With Rob Brown

In a striking shift that’s redefining the accounting profession, private equity is no longer circling—it’s landed. On a recent episode of the Accounting Influencers Podcast, host Rob Brown breaks down what might be the most transformative trend facing accounting firm leaders today: the rapid influx of private equity (PE) into the industry.

"Would you sell half of your accounting firm to a private equity firm for a billion dollars?" Brown asks. “Because some of the biggest names in our industry already have.”

And they’re not small names. Baker Tilly, the 10th largest U.S. accounting firm, recently sold more than 50% of its business to a private equity firm. Grant Thornton did the same. The motivations are clear: stay competitive, invest in technology, attract top-tier talent, and survive the pressures of a changing profession.

The episode lays out the perfect storm: firms are grappling with shrinking margins, relentless competition, and a talent shortage unlike any in recent history. Against this backdrop, private equity offers a lifeline—cash, resources, and a roadmap for accelerated growth.

But the promise comes with caveats.

“With that capital comes leverage and debt,” Brown warns. “Is this injection of cash helping firms stay relevant, or is it putting them at risk of losing their independence?”