For decades, accounting firms relied on a predictable formula for growth and ownership transition: Partners funded the next generation, firms financed growth from operations, and independence was the default path forward. That model is increasingly under pressure.

Accounting Today’s 2025 research revealed that one in three firms now report needing capital, driven by rising technology and AI investments, acquisition opportunities, talent challenges, and the growing cost of partner succession. At the same time, aging ownership groups and rising firm valuations are making traditional partner buyout models harder to sustain, forcing firm leaders to reconsider how they fund growth, transition leadership, and remain competitive.

This opening session will explore the structural forces creating capital pressure across the profession and examine the strategic choices firms now face.

• Why are some firms actively seeking outside capital while others remain committed to independence?
• What alternatives exist beyond private equity?
• And how can firm leaders determine the right path for their firm’s future?

Our conference co-chairs sit down with Dan Hood for a candid discussion on the changing economics of firm ownership, the realities of succession planning in today’s market, and the funding models that will shape the next generation of accounting firms.

Accounting firm leaders have more strategic options than ever before. From independence and mergers to ESOPs, private equity, and alternative capital models, the path forward is no longer one-size-fits-all. In these opening remarks, we’ll set the stage for CPA Insights by exploring the forces reshaping firm ownership, growth, and succession—and the critical decisions leaders face as they plan for the future.

Before the broader PE Summit community arrives, join an exclusive group of accounting firm leaders for an evening of candid conversation and peer networking. As firms navigate an unprecedented number of strategic options—from independence and mergers to ESOPs and private equity—this reception offers an opportunity to exchange ideas, build relationships, and set the stage for the discussions ahead. Open exclusively to accounting firm attendees participating in CPA Insights.