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Wipfli, is that you?
Don’t think it matters, the minority stake is going to be very loud.
We’re majority owned and it’s a complete a shift in culture and operations. Short term thinking decisions, constant changes on short notice, huge push to sell and cross sell (we’re doing a lot of roll ups), micromanaging, admin work getting pushed down, some benefits were cut, fees increased, added offshore, investment in AI tools (which is helpful), path to parter has a lot more requirements and hoops to jump through. It’s a Wild West. It’s not worth it unless you thrive in that kind of environment.
Makes me wonder if there's a move to eventually merge GT and Wipfli.
As someone who recently left Wipfli and joined a firm that also went through PE transaction, I can tell you that my current firm is nowhere near the crazy house Wipfli became over the last two years.
Yes, there is increasing pressure around utilization, billing, and collections — but that pressure is nothing compared to the 180 Wipfli pulled in 2023–2024
Dang really? Can I ask what firm you went to?
I almost left when they came out with that BS wanting managers do charge 53 hours a week 15 weeks a year. That’s so hard. Thankfully most of my cohort missed the mark and they don’t do anything about it.
As someone who works for a company wholly owned by PE, it is a gradual process. The partners no longer have any control and basically become middle management. You have people controlling the business who may or may not really understand the complexities of the business. Recruitment at lower levels became nonexistent. The goal is to stretch everyone as thing as possible and then start growing the top line. I personally have benefited from it because I am good at winning work.
Rising Star
I was part of a 100 person local CPA firm that was acquired by a top 20 PE backed firm about 3 years ago.
In my experience, it’s been a net positive and all the fear is over blown. You’re already practicing in an industry that has measured your productive hours, realization, etc. PE doesn’t come in and try to squeeze more out of you. The changes are more on the business and admin sides - e.g. raising rates on clients to get rid of bad clients and keep good clients, more admin reporting from partners, new technologies to help efficiencies, etc.
Rising Star
@SM1, no actually the exact opposite and it’s a problem. Prior to combining in, we had small firm benefits and all ran high utilization. Post combination, every one has more PTO and more firm admin time (e.g. firm meetings & events)… so it’s basically a strategy of trying to raise rates on everyone & fire bad clients to bring chargeable hours down + keep billings the same.
F
It depends on what service you provide. If audit, it is bad as PE will push the firm to expand non-audit services, and that is where all the resources will go.
Cuts and more offshoring.