New reporting examines buyers, valuations and deal terms shaping the choices facing small and midsize accounting firm owners
ENCINITAS, Calif., Oct. 29, 2026 (SEND2PRESS NEWSWIRE) — Advisory List has published “Who’s Buying Accounting Firms, and What It Means for Yours,” a reported article examining how private equity-backed buyers, other accounting firms and individual CPAs are reshaping the market for accounting practices, and what those differences mean for owners considering a sale, merger or continued independence.
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Written by Amanda Smith, the article features interviews with Gavin Raphael, principal at Light & Raphael LLC, who has represented 12 accounting practices, all of which sold, and Tim Brackney, CEO of Springline Advisory, a private equity-backed firm that has made 15 acquisitions.
U.S. accounting and tax firm M&A reached a record in 2025. Nine of the 10 busiest acquirers that year were backed by private capital, according to MarshBerry’s year-end review, cited in the article. For individual owners, the buyer pool depends on a firm’s revenue, profitability and specialty.
In Raphael’s market of practices with less than $3 million in revenue, private equity rarely shows up. His buyers are mostly other accounting firms and individual CPAs. Practices in his market typically sell for 90% to 110% of trailing 12-month revenue, occasionally reaching 120%. Most of his individual buyers use SBA-backed loans. “If the bank says no, there’s no deal,” he says.
Brackney describes Springline’s approach as building a new firm, with acquisitions evaluated on economics, strategic fit and culture. He seeks firms that are already performing well and want to grow faster. “We are not looking to just simply aggregate and synergize for value,” he says. “We haven’t looked for firms that are broken in some way.”
The article also examines how the buyer affects when and how an owner gets paid. With SBA-financed individual buyers, Raphael says sellers typically receive about 90% of the price at closing. Competing firms tend to pay over three to five years, tied to client retention, leaving sellers exposed to decisions made after control changes hands. Private equity-backed buyers often pay part of the price in shares of their own firm, whose ownership may change again.
Consolidation also affects firms that stay independent. Brackney calls private equity investment “a force for good broadly,” while acknowledging that it has intensified some existing problems, including competition for acquisitions. Raphael sees an opening when a local competitor is acquired: “it’s generally a boom for the smaller firms,” he says, because staff often leave and clients follow them.
For owners weighing their next move, the article emphasizes staff retention, a clear understanding of the firm’s value and early planning. Brackney urges sellers to assess culture during due diligence. “They have to find their village,” he says.
Read the full article: https://advisorylist.co/insights/who-is-buying-accounting-firms
Owners who want to discuss an accounting practice sale with Gavin Raphael can contact him through Light & Raphael’s Advisory List profile:
https://advisorylist.co/directory/business-brokers/light-and-raphael-midlothian-va
Accounting firm owners seeking an advisor who specializes in their industry can request a match through Advisory List’s Get Matched service:
https://advisorylist.co/get-matched
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Advisory List is a directory and community platform for small and midsize business mergers and acquisitions. It connects buyers, sellers, investors and advisors through a professional directory, an expert community and concierge matching, and publishes reporting and resources on how deals get done. Learn more at: https://advisorylist.co
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NEWS SOURCE: Advisory List
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