Welcome to the Accounting Influencers Podcast, going live every Monday to 150 countries and 30,000 accounting practitioners, fintech specialists and influencers in the accountancy, CPA and bookkeeping space.
In today’s episode 6, “Private Equity Impact in Accounting”, Rob Brown talks to Gary Shamis about his experience in the accounting industry, from working for one of the Big Eight accounting firms to growing his own accounting firm and eventually selling it to BDO. He also discusses private equity in the accounting industry and the challenges facing the industry.
Key Takeaways
➤ Private equity firms increasingly invest in various industries, including accounting and financial services. As a result, many accounting firms are shifting their focus to represent private equity and portfolio companies to maintain business and grow their revenue.
➤ Private equity partners often have a controlling interest in the companies they invest in and their primary focus is on a return on investment. This can create tension with managing partners trying to implement growth strategies and manage the company’s complex operations.
➤ Private equity deals between young and old partners are critical, as there may be differences in goals and priorities. It’s important to consider these differences and how they may impact the partnership’s success.
➤ There has been consolidation within the accounting industry due to the rise of alternative practice models and rollups, which have been the subject of lawsuits and controversy. Large companies such as American Express, H&R Block, and CBIZ have been involved in this consolidation trend.
You can also watch this on youtube
Guest Bio
Gary Shamis is a former top 40 US accounting firm managing partner who sold to BDO in 2015. He is now CEO of Winding River Consulting, a high-level strategy consulting for the Restaurant, CPA, and professional services industries. Gary won EY Entrepreneur of the Year and is a Top Ten Managing Partner Elite (Accounting Today) among many other accounting accolades. He was called the “very model of the modern managing partner. He was awarded Most Admired Peer (INSIDE Public Accounting) and has over a dozen appearances on the Most Influential list (Accounting Today). He has served within the American Institute of Certified Public Accountants ranks. He co-authored How to Manage Your Accounting Practice: Taking Your Firm from Chaos to Consensus.
◣━━━━━━━━━━━━━━━━━━━━◢
If you like the show, we’d truly appreciate a review on whatever platform you listen. We’d love to get to know you!
Main show website. For access to every single show with full shownotes: https://accountinginfluencers.com/podcast
For announcements of published shows, tagging guest so you can build your network and offer feedback on the show: https://www.linkedin.com/company/accountinginfluencers
For videos of all podcast interviews and bonus video content: https://bit.ly/AI-youtube
https://www.instagram.com/accinfluencers
https://twitter.com/accinfluencers
https://www.facebook.com/accountinginfluencers
Thanks to our sponsors:
Accountex. Accountex will return to ExCeL London UK on the 10-11 May 2023. Bringing together 250+ top fintech companies and cutting-edge start-ups, visitors can browse new software and stay up to date with the latest technology, tools and ideas in accountancy and finance. Alongside the exhibition, attendees will take away actionable tips from the CPD-accredited seminar programme, led by 200+ thought leaders shaping the profession.
Accountex is Europe’s largest annual event for the accounting and finance profession. It attracts 8,000+ attendees and 250+ exhibitors. Attendees can get up to 16 CPD hours with 200+ free seminar sessions across 12 theatres.
