Accounting firm M&A has changed. A decade ago, most owners were choosing between selling to their employees or merging with a larger firm. Today, the range of available buyers is meaningfully broader, and the differences between them matter. If you’re still weighing whether the timing is right at all, 10 Signs It Might Be Time to Sell is a useful place to start.
The buyer you choose shapes what happens to your firm, your people, your clients, and your own financial outcome. Understanding each option clearly, before you’re in a conversation, puts you in a better position to make the right call.
In this series, Baysora CEO DJ Dorff walks through the five most common buyer types in the tax and accounting market today. Each video covers the advantages, the trade-offs, and the kind of owner each path tends to fit.
Selling to Your Employees
The employee buyout has historically been the most common path for firm owners. You know the buyer, the transition is gradual, and your legacy stays in familiar hands. DJ covers why this option remains viable for many owners, and where the valuation, deal structure, and timeline can create friction. If you want a baseline on what your firm is worth before any conversation, the Baysora Valuation Calculator takes under three minutes.
Selling to Another Firm
A strategic acquirer is another accounting or CPA firm, typically larger, with structured systems and an organized way of running things. The buyer knows the industry, and owners who want to step away from the firm relatively quickly after closing often find this path appealing. DJ walks through the trade-offs around autonomy, brand continuity, and deal structure.
Selling to an Entrepreneurial Acquirer
The entrepreneurial acquirer is an individual who has partnered with outside capital specifically to buy and operate a single firm. Deal structures tend to be flexible, the handoff is personal, and brand and operations typically stay intact. DJ covers the variance in experience across this buyer type and what owners should know before pursuing this path.
Selling to Private Equity
Private equity has dominated accounting firm M&A headlines in recent years. Valuations are competitive, and PE-backed firms bring resources for growth, succession, and acquisitions. DJ walks through what the structure of these deals actually looks like after closing, including performance expectations, timelines, and integration considerations. For a deeper look at how PE deals work and where they tend to fall short for boutique firm owners, Baysora co-founder Chris Shelton wrote about it directly: The Truth About Private Equity.
Selling to a Long-Term Holding Company
Long-term holding companies operate without a fund cycle or exit timeline. The intent is to own and support the firm indefinitely, not hand it off to the next buyer in two to three years. DJ covers what owners should look for, what alignment questions matter most, and who this path tends to fit. To see what this looks like in practice, Ryan Rees of Hartle & Rees shares his experience partnering with Baysora.
The right buyer depends on what you want the next chapter to look like for you, your people, and your clients. For the full comparison of every buyer type, download the Owner’s Guidebook.
