every year, the 2025 rosenberg map survey asks the industry’s top consultants to share their observations from cpa firms across the country: how do you think the next 12 months will unfold? trends? predictions? other thoughts? also, how would you assess the last 12 months? trends? observations? struggles?
valuations have changed … and risen.
by phil whitman
the rosenberg survey
while many trends will continue, here are my top 10 predictions:
- traditional m&a activity, cpa firm to cpa firm, will continue to be very robust.
not all cpa firms will qualify for investment by private equity and other strategic investors. as such, firms will combine for a variety of reasons including: succession and transitions, increasing profitability and gross revenues, expansion of service offerings, expansion of geographic coverage as well as adding additional depth and breadth in existing service lines.
- valuations of cpa firms will increase as private equity creates bidding wars between each other. we have already seen demand of cpa firms of certain sizes exceeding supply. as such, we believe that even the larger private equity-backed firms will see acquisitions of smaller firms as not only lucrative additions but significantly more supply. approximately 10,000 +\- firms with two or more partners that are members of the aicpa. many of these smaller firms are very profitable and have been seeing multiples of two to three times gross revenues.
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