Accounting Firm Mergers


Merger activity among accounting firms has grown significantly of late. Allan D. Koltin, CEO of Koltin Consulting Group, commented that “2012 was another record year for CPA firm M&A. It represents the fifth consecutive year of increasing M&A activity, and the trend looks as though it will continue for some time. The increase in mergers is due to both succession planning issues as well as increased strategic planning opportunities.” This article addresses the legal aspects and process involved in combining two accounting firms and uses the following terms:

- Partner: An owner of an accounting firm, regardless of the form of entity.

- Partnership agreement: The documents governing the relationship of the owners.

- Selling firm: The firm that is being absorbed into a larger firm.

- Acquiring firm: The larger firm that is absorbing the selling firm.

Originally Published in CPA Practice Management Forum - April 2013.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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