The accounting profession is undergoing a significant transformation as more non-CPAs acquire CPA firms. While private equity firms buying large CPA practices may make headlines, a more impactful shift is happening beneath the surface. A growing number of non-CPA buyers are acquiring multiple CPA firms to build scalable, regional, and niche accounting businesses. These buyers see opportunities to modernize operations, leverage technology, and implement new service models that traditional CPA firm owners may not have explored.
This white paper explores why non-CPAs are buying firms, the challenges they face, and how they can leverage technology and direct ownership offshoring to build and scale modern CPA practices.
The Trend: Why Are Non-CPAs Buying CPA Firms?
A growing number of financial advisors, tech entrepreneurs, and small investment groups are acquiring CPA firms. Unlike traditional private equity acquisitions, these buyers are typically non-accredited buyers and are acquiring multiple smaller firms to build scalable accounting businesses.
This movement is driven by several factors that make CPA firm ownership an attractive and viable opportunity for investors and entrepreneurs outside the profession:
A. Aging Ownership and a Surge in Sellers
The “Silver Tsunami” of retiring CPA firm owners is creating increased acquisition opportunities. As more firm owners look to exit, buyers have a growing selection of potential acquisitions. This shift has opened the door for non-CPA buyers looking to enter the accounting profession.
B. Stable and Recurring Revenue
CPA firms benefit from strong client retention and predictable revenue streams. The subscription-like nature of tax, audit, and advisory services makes these firms attractive to investors seeking long-term, stable returns. Non-CPA buyers recognize this reliability as a key factor in making acquisitions viable.
C. New Leadership Models in the CPA Profession
Traditionally, the key person in a CPA firm was the individual handling the technical work—whether tax preparation or auditing. However, there has been a shift in the mindset. People now realize that there is another way to lead a CPA firm—the key person can be the one managing the people doing the work, rather than the one performing the technical tasks. This evolving perspective has made CPA firm ownership more attractive to non-CPAs, who bring strong operational, financial, and leadership skills to build and grow firms successfully.
D. Technology as a Catalyst for Efficiency
Cloud accounting, automation tools, and AI-powered software have transformed how firms operate. These technologies reduce manual work, enhance accuracy, and allow owners to focus on growth rather than day-to-day execution. Non-CPA buyers can tap into these tools to streamline workflows and deliver consistent client experiences.
E. Direct Ownership Offshoring for Value Creation
Direct ownership offshoring is emerging as a practical and strategic option for non-CPA firm buyers. Unlike traditional outsourcing, this model allows firms to build and manage their own offshore teams, providing more control and alignment with their operations. What once required significant capital, compliance effort, and local knowledge has become more accessible due to post-COVID infrastructure improvements and new support services. This shift offers a valuable opportunity for buyers to expand capacity, standardize delivery, and improve margins—especially when scaling across multiple acquisitions.
F. Unlocking Scale Through Multi-Firm Ownership
Non-CPAs are acquiring multiple firms to achieve economies of scale and expand service offerings. By combining firms, they can optimize costs, introduce new revenue streams, and standardize operations across multiple locations, creating a competitive advantage in the market.
G. Success Stories Driving Momentum
As more non-CPA buyers succeed in acquiring and growing CPA firms, their stories are attracting attention. These visible wins create proof points for others considering the path, offering inspiration and a sense of possibility. Word-of-mouth, podcast interviews, and social media posts have all helped accelerate interest in this new ownership model.
Challenges for non-CPA Buyers
Non-CPA buyers bring fresh perspectives but also face unique challenges when acquiring and operating CPA firms.
A. Building Trust with Sellers
Many CPA firm owners are protective of their legacy and client relationships. Buyers must demonstrate a clear plan to maintain service quality and preserve the firm’s culture to gain seller confidence.
B. Building Trust with the Team
Just as buyers must earn the trust of sellers, they also need to build trust with their new team. CPA firms are traditionally resistant to change, and new owners must navigate any transitions carefully. Employees need reassurance that changes won’t be abrupt, and that leadership understands the firm’s established ways of working. Taking the time to build relationships and communicate a clear vision will help gain the team’s confidence and ease the transition process.
C. Navigating the Operational Learning Curve
Understanding firm workflows, compliance requirements, and client service expectations is essential. Non-CPA buyers must have strong leadership and structured processes to bridge the operational knowledge gap.
D. Client and Employee Retention
When a non-CPA acquires a firm, they must work harder to retain both clients and key employees. Longstanding relationships, trust, and continuity of service are critical in CPA firms. Buyers need to invest time in relationship-building, cultural integration, and clear communication to reduce disruption and ensure smooth transitions.
E. Securing Financing and Business Model Validation
Banks scrutinize non-CPA buyers more closely than traditional CPA firm buyers. Buyers must present a strong acquisition strategy, demonstrate financial stability, and articulate a clear operational plan to secure funding.
The Playbook: How Non-CPA Buyers Can Scale CPA Firms
Successfully acquiring and growing a CPA firm, especially as a non-CPA requires more than just capital – it requires thoughtful planning, a strong foundation, and clear execution. This playbook outlines the key steps new owners should take before and after an acquisition to build and scale a modern, efficient, and growing CPA practice.
A. Identify Your Why
Buying a CPA firm is not for the faint of heart. Before you start, be clear about your motivation. Are you looking for long-term cash flow, industry impact, or a platform to build something bigger? A strong and well-defined reason will guide your decision-making through the ups and downs.
B. Can You Do It?
Take time to understand what it takes to run a CPA firm. You’ll need to know how the business works, what clients expect, and what makes the firm successful. Bankers will ask these questions—and you should have clear answers. Before going too far, do an objective and thorough analysis of your skills, experience, and mindset to make sure you’re ready for the responsibility and complexity of owning and operating a CPA firm.
C. Build Relationships with Bankers
Start early and treat bankers as partners. Ask for their input, understand how strong your profile is, and learn what they’re looking for in a borrower. These early conversations can help shape your approach and significantly improve your chances of getting funded.
D. The Firm Search
Your banker can introduce you to brokers and professionals who specialize in accounting firm transactions. These relationships can open doors and speed up your search for the right firm.
E. Laying the Foundation After Acquisition
Once the deal is done, your focus should shift to building trust with the team, retaining key employees, and learning how the business really runs. Take time to get certified if needed and avoid rushing into change. Your success depends on your ability to lead effectively without disrupting what already works.
F. Leverage Technology
Use cloud software, automation, and data analytics to improve efficiency, reduce manual work, and make smarter decisions. Technology can help you standardize workflows across multiple firms and deliver consistent service at scale.
G. Do Direct Ownership Offshoring
Direct ownership offshoring is becoming a more practical and cost-effective option for CPA firm buyers. Unlike traditional outsourcing, this approach enables firms to fully own and control their offshore operations. Improvements in remote work infrastructure, reduced compliance burdens, and the rise of support services have made this model increasingly accessible and highly attractive for today’s buyers.
Buyers should strongly consider this model as part of their post-acquisition playbook. They can work with consulting firms that provide guidance on strategy, implementation, best practices, and training. These advisors also offer help in navigating complex situations and delivering on-the-ground support. Instead of registering a local entity, firms should (at least initially) use a PEO or EOR to stay compliant — making it easier to establish offshore operations without high upfront costs or legal complexity.
This model brings three core advantages. First, buyers retain all the cost savings from operating in a lower-cost location, which leads to stronger profit margins. Second, they gain access to skilled global professionals—an important step toward addressing the U.S. talent shortage. Third, by owning the offshore operation, firms maintain control over hiring, training, and quality, leading to more consistent results and better integration across the business.
These offshore operations are typically set up after the acquisition using the firm’s working capital—not SBA loan proceeds. It’s a good idea to plan your capital deployment accordingly as you build your post-acquisition roadmap.
H. Repeat the Model
Once the systems are in place, acquiring additional firms becomes easier. The key is to refine your approach, stay disciplined in execution, and continue building a strong operational foundation with each acquisition.
Conclusion & Next Steps
The accounting profession is evolving, and non-CPA ownership is reshaping firm acquisitions. The biggest trend isn’t just private equity—it’s smaller, non-CPA buyers acquiring multiple firms to create scalable, tech-enabled accounting businesses. This wave of activity is unlocking new potential across the profession, bringing fresh ideas and operational models that are accelerating modernization and growth.
For buyers considering CPA firm acquisitions, the path forward begins with clarity and preparation. Start by identifying your motivation and evaluating whether you’re well-equipped to lead a firm. Build relationships with bankers early and treat them as strategic partners. Once you acquire a firm, focus on building trust, retaining key employees, and learning the business before implementing changes. From there, use technology to improve workflows, explore direct ownership offshoring to scale effectively, and prepare to repeat the model if multiple acquisitions are part of your long-term plan.
About the Authors
Shannon Hay
Shannon Hay is a recognized thought leader in CPA firm financing and acquisitions. As the Senior Vice President of Commercial Lending at United Midwest Savings Bank, he has funded over 400 CPA firm acquisitions, totaling more than $50 million in deals annually. His expertise in firm valuations, deal structuring, and acquisition financing has made him a trusted advisor for buyers looking to scale and modernize their CPA practices.
LinkedIn: https://www.linkedin.com/in/shannon-hay-1b6bb88/
Anshul Agrawal
Anshul Agrawal is a leading voice in helping CPA firms leverage global talent to address their biggest challenges. As the founder of June15 Consulting, he pioneered the direct ownership offshoring model, allowing CPA firms to establish their own offshore teams with direct and complete ownership. He also hosts the Accounting Trailblazers Podcast, where he explores trends in the profession, innovative solutions, and the evolving landscape of CPA firm growth.
LinkedIn: https://www.linkedin.com/in/anshul12/
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