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Any thoughts on public accounting firms getting involved with PE or public spinoffs?
Posted on 12/10/24 at 2:38 pm
Posted on 12/10/24 at 2:38 pm
Gauging the astute money board minds on this if you thoughts. We’ve seen EY try to spin off the non audit business into a public company, PE bought Grant Thornton and other smaller national firms. Other firms either have or are exploring and IPO.
What are the boards thoughts?
What are the boards thoughts?
2
Posted on 12/10/24 at 2:50 pm to Mingo Was His NameO
I left CRI when i heard the rumors of their buy out. Had a partner tell me it was going to be awesome for everyone.
I was at a company that answered to PE before going to public accounting, and I wasn’t going to do that again.
Crazy thing is now we have new clients calling us to leave CRI due to high prices, bad service and unable to get anyone on the phone.
Let the big guys get eaten up by the PE money, I’ll take the smaller clients who aren’t as complex and actually love their businesses and what they do.
I was at a company that answered to PE before going to public accounting, and I wasn’t going to do that again.
Crazy thing is now we have new clients calling us to leave CRI due to high prices, bad service and unable to get anyone on the phone.
Let the big guys get eaten up by the PE money, I’ll take the smaller clients who aren’t as complex and actually love their businesses and what they do.
Posted on 12/10/24 at 7:24 pm to horsesandbulls
quote:
Had a partner tell me it was going to be awesome for everyone.
Yeah I bet. The current partners every where aren’t going to be the bag holders, that’s for sure.
If you are a middle manager and have slaved away for a decade and can see the light at the end of the tunnel what would be the point now?
I would think the market will adjust for new staff by the time they get there, but there’s winners and losers in every deal.
Posted on 12/10/24 at 8:28 pm to Mingo Was His NameO
Besides the PE firms making more money and smaller firm partners cashing out, does anyone else benefit?
Posted on 12/10/24 at 10:05 pm to SaintsTiger
In my experience, PE groups turn everyone into a number. Everyone gets evaluated on what they directly contribute or take away from the bottom line. Doesn’t matter if you are a glue guy who keeps the office morale up, or the secretary who just handles admin tasks. If you aren’t increasing profits, you are gone.
Posted on 12/11/24 at 5:57 am to horsesandbulls
I got laid off from EY in January.
The culture changed for the worse as they tried to make “Everest” happen.
Brought in a lot of new people that were needed to fuel the growth. Have had multiple rounds of layoffs since the announcement in April 2023 that it wasn’t happening to right size the business based on revenue.
The culture changed for the worse as they tried to make “Everest” happen.
Brought in a lot of new people that were needed to fuel the growth. Have had multiple rounds of layoffs since the announcement in April 2023 that it wasn’t happening to right size the business based on revenue.
Posted on 12/11/24 at 6:14 am to Mingo Was His NameO
yeah i do not think the long term impact on staffing is fully appreciated/understood. As the OP mentioned - if you are a seasoned manager and have just seen the carrot ripped away - what is the new incentive.
Also partners that sold but stayed on - employee life is not an easy transition back to.
it will be fascinating to watch it pay out
Also partners that sold but stayed on - employee life is not an easy transition back to.
it will be fascinating to watch it pay out
Posted on 12/11/24 at 8:27 am to Larry Gooseman
quote:
I got laid off from EY in January.
Sorry to hear that, though I assume it wasn’t hard to find another gig.
quote:
Brought in a lot of new people that were needed to fuel the growth. Have had multiple rounds of layoffs since the announcement in April 2023 that it wasn’t happening to right size the business based on revenue.
What I’ve thought about a lot is how would they have gotten tax people to stay on the audit side if the business? You still need someone to verify the provision, etc where you need tax knowledge, and why on earth would you want to stay on the audit side to do that instead of the public company consulting? My guess is they’d either have a revolving door on those positions or have to drop the bag to get people to stay
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