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Chief
CSM or PSM 1?
Additional Posts in Accounting
Rising Star
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Rising Star
Curious what the investment timeline is for a lot of these PE firms, and who they have in mind to sell to when they exit. My belief is a lot of these investments are going to become secondaries before the end of the timeline, and more are going to try and replicate what was done with BDO.
I think the ownership will move within the PE sector. Look at Guidehouse. Some sectors might require quick exists. Many traditional firms are looking for exposure to PE and with all the dry powder, PE is a giant eating away at every sector. Ex: Private Credit is booming and looks poised to grab market share from traditional banks.
Chief
Name the firms so we can avoid them like the plague
Yeah BT got bought in the last year when they kicked out their CEO Alan Whitman
As a PE buyer in the space we don’t known what were doing but it’s not going to end well for you guys.
Yep. Specialty MM Fund.
They will come for Big 4 too. PE is hungry. Sports leagues or accounting firms, you name them and they will own them.
Sooner or later those Pe firms are gonna be in capital hills, I can seee it already
It’s already gotten worse here. Three months in. They’re focusing on growth and only growth. Not sustaining it, not making sure we have the staff for it.
It won’t end well. PE chases quick short term profit, with very rare exceptions.
As far as exit goes…PE always structures their deals such that they rarely need an exit to get their money back. They will just let the firm fail and walk away with plenty of positive cash flow for themselves. And then move on to the next victim.
No PE fund enters an investment with the ideal outcome being a pure dividend recap resulting in three company declaring bankruptcy. That is an incredibly moronic investment strategy and no real PE fund would do that.
Define “Top accounting firms” please.
If you know anything about the industry you’d know that they are talking about the IPA top 500 and specifically the top 30 firms by revenue .
They want the advisory and tax businesses to roll them up. The audit businesses at those firms will die off. PE and audit don’t mix. But IPO the next Accenture? You bet.
Growing requirements and scope that auditors continually fail to address. Face it, audit is the lowest of the low when it comes to professional services. There is zero value add from doing audits and audit quality continues to reach new lows at firms of all sizes.