Private Equity Has Big Plans for Small Firms
About a year ago at AICPA & CIMA ENGAGE, small firm owner Amber Goering, CPA, CGMA, teamed up with David Wurtzbacher, the founder and CEO of a private-equity-backed strategic partner for regional firms, to lead a panel discussion titled, "Small Firm Succession — Are You Ready for the Next Wave of M&A?"
Soon after, and to her surprise, Goering realized she was ready.
"I had never even thought about private equity being interested in our firm or me being interested in it," Goering said at this year's ENGAGE. "We're very excited to be part of this. This revitalizes my energy for my profession."
Wurtzbacher and Ascend, backed by private-equity firm Alpine Investors, struck a deal with Goering & Granatino, P.A., less than four months after the 2023 conference, buying into the nonattest side of the Kansas-based firm and naming that side of the business GG Advisors LLC.
In the past, new names were just the tip of the iceberg when it came to the concerns that firms had when considering deals with private equity. But Goering's firm has maintained its identity, keeping the culture and spirit of independence that Goering and her partner began building a decade ago while also benefiting from tools for growth and success that Ascend provides that are beyond the means of a 40-person firm.
