Private Equity - Good or Bad for Accounting Firms?
Is private equity killing or saving public accounting? What does the future hold for the accounting profession in the age of PE and AI?
Rob Brown sits down with Tim Brackney, CEO of a private equity-backed accounting and advisory platform, to discuss the impact of private equity on the accounting profession. With a background in professional services and a current role at the intersection of PE and accounting, Brackney offers a unique perspective on the challenges and opportunities facing the industry.
The conversation delves into the current state of the accounting profession, highlighting the critical talent shortage and the evolving expectations of the younger workforce. Brackney shares his thoughts on how private equity is reshaping the traditional partnership model, driving efficiencies, and potentially offering solutions to long-standing issues in the industry. The discussion also touches on the interplay between private equity and artificial intelligence, and how these forces might shape the future of accounting.
Key Takeaways:
✓ Private equity is not killing public accounting, but rather offering potential solutions to existing problems
✓ The accounting profession is facing a critical talent shortage, with fewer people entering and staying in the field
✓ Private equity is creating both turbulence and opportunities in the accounting industry
✓ The traditional partnership model in accounting firms is being challenged by new structures and expectations
✓ The combination of private equity and AI could drive efficiencies and change the focus of accounting professionals
Quotes:
"Private equity is not killing public accounting. Public accounting, I think, was killing public accounting."
"Talent's looking for a different way to operate. They want more flexibility. They want more ownership."
View this episode in video on YouTube here: https://youtu.be/_FML6KBXYt8
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