This comparison covers four advisors serving practices of different sizes and using different sales approaches, ranging from listing-driven brokerage to targeted outreach aimed at strategic and private equity buyers.
- Salt Creek Advisory is our top choice among these four advisors for founder-owned accounting firms seeking direct principal involvement and a success fee with no upfront retainer.
- Poe Group Advisors fits smaller accounting practices, including cloud-based firms, that want an accounting-specific intermediary.
- Accounting Practice Sales suits solo and small-partnership practices that prefer a listing-driven process with access to a large buyer pool.
- Whitman Advisory fits firms that need succession planning or partner recruitment alongside transaction advice.
Why accounting firm sales look different right now
CPA retirements and limited succession planning are pushing more accounting-firm owners to consider external sales. An industry analysis reports that 75% of CPAs plan to retire within 15 years, while AICPA survey data cited by Skillability found succession plans at 46% of multi-owner firms and 6% of sole practices. Internal transitions often stall because the intended successor cannot finance the purchase or is not prepared to own and manage the firm.
Private equity has added a distinct external buyer path for accounting-firm owners. PE firms often invest through an alternative practice structure, which separates regulated attest work from all non-attest services, including tax and advisory work. The CPA-owned attest entity preserves licensing and professional independence, while investors hold an interest in the non-attest business under a shared-services arrangement. The structure itself predates the current boom, but TowerBrook's 2021 investment in EisnerAmper's advisory business is widely cited as the deal that touched off today's wave of large-scale private equity investment in accounting firms.
Owners now have to compare paths with different economics and responsibilities. An internal successor may offer greater continuity but often needs seller financing. A regional accounting firm may provide an established home for clients and employees, while a PE-backed platform may offer more cash or rollover equity but require continued partner involvement.
Choose an advisor based partly on the buyer paths you want to test. Some brokers specialize in matching small practices with individual or regional buyers. Salt Creek Advisory can run a broader process that includes strategic firms and PE-backed platforms while comparing price, payment terms, culture, and closing risk.
How we built this list
We included only advisors whose public materials verify their transaction focus and explain their services or fees. We compared each firm by typical client size, accounting-sector experience, geographic coverage, fee structure, and sale process. We also considered how clearly each advisor explains upfront and contingent payments, including earnouts and rollover equity.
What to look for in an accounting M&A advisor
Fit by size. Choose an advisor who regularly handles practices near your revenue and earnings level. A broker focused on solo practices may lack the buyer relationships needed for a larger firm, while an investment bank may give a small sale limited attention.
Fee transparency. Ask about upfront retainers, minimum fees, success fees, and expenses before signing. Axial’s M&A brokerage data shows that 24% of advisors use no retainer, while others charge fixed or monthly retainers.
Accounting and PE fluency. Your advisor should understand recurring revenue, client retention, partner dependence, and licensed attest work. PE-backed transactions can use alternative practice structures that separate attest services from the business receiving outside capital.
Deal structure knowledge. Compare cash at closing with earnouts, seller notes, retention payments, and rollover equity. A higher headline price may expose you to greater performance risk or require longer post-closing involvement.
Geographic reach. Confirm that the advisor can reach buyers beyond your immediate market when appropriate. National outreach can help you compare external buyers with internal succession options without assuming the nearest buyer offers the best fit.
Salt Creek Advisory
Best for: Salt Creek is our top choice among these four advisors for founder-owned or partner-owned accounting practices that want principal access, a competitive sale process, and no upfront retainer. Its typical clients generate $2 million to $75 million in revenue and at least $500,000 in adjusted EBITDA.
Salt Creek Advisory says Jack and Connor Pitts work directly with owners throughout preparation, buyer outreach, negotiation, due diligence, and closing rather than handing the engagement to a junior team after the initial meeting.
The success-fee model reduces the owner’s upfront financial commitment. Standard sell-side engagements carry no retainer, and Salt Creek earns its advisory fee only when a transaction closes. Owners should still review the engagement agreement for minimum fees and the treatment of earnouts or rollover equity before signing.
The lower-middle-market focus suits established practices that need more than a public listing. Salt Creek researches strategic and financial buyers, approaches qualified prospects confidentially, and helps the owner compare price, payment terms, cultural fit, and closing risk. A competitive process can be useful when a PE-backed platform has made an unsolicited offer but the owner lacks other bids for comparison.
Pros:
- Jack and Connor remain directly involved throughout the engagement.
- The targeted buyer process can compare regional firms and PE-backed platforms alongside other qualified acquirers.
- No upfront retainer applies to standard M&A engagements.
- National coverage gives owners access to buyers beyond their local market.
Cons:
- Salt Creek does not offer the staffing depth of a large investment bank, which may matter on a complex transaction involving several offices or business lines.
- The firm advises companies across several industries. Owners seeking an advisor devoted exclusively to accounting-practice transactions may prefer a niche specialist.
- Practices below Salt Creek’s usual size or profitability range may fit better with a small-practice broker or listing marketplace.
Pricing: Salt Creek charges a success fee when a transaction closes and does not charge an upfront retainer for standard M&A engagements. Salt Creek sets the fee based on transaction complexity as well as the practice’s size and expected value. For context, only 24% of advisors in Axial’s network reported working without a retainer, though that survey covers general M&A advisors rather than accounting-firm specialists.
Poe Group Advisors
Best for
Poe Group Advisors serves solo owners and lower-middle-market accounting practices that want an intermediary focused on the accounting sector. Poe Group Advisors also fits cloud-based and virtual bookkeeping firms.
What it is
Poe Group Advisors reports more than 20 years of accounting M&A experience. Founder Brannon Poe is a CPA with Big Four experience, and the firm works with buyers and sellers across the United States and Canada.
The firm offers confidential valuations, practice listings, and a defined five-step sale process. Its listings cover practices priced below $500,000, between $500,000 and $1 million, and above $1 million. These listing-price tiers suggest a focus on small and lower-middle-market practices.
Poe Group Advisors maintains separate resources for private equity transactions and cloud-based practices. For virtual-firm owners, this specialization can reduce the time needed to explain remote delivery, distributed staffing, and cloud-based client workflows during sale preparation.
Pros
- The firm brings a long operating history focused specifically on accounting practices.
- Its focus on cloud-based practices may suit owners selling virtual bookkeeping and accounting firms.
- Its private equity focus may be relevant to owners comparing consolidator interest with other buyer options.
- Coverage includes the United States and Canada.
Cons
- The listing component may feel less targeted than a confidential process built around direct outreach to selected buyers.
- Owners of larger regional firms should confirm that the firm regularly handles transactions of comparable size and complexity.
- Public information does not establish typical closing timelines or transaction volume.
Pricing
Poe Group Advisors does not publish a standard fee schedule on its website. Owners should ask about retainers, success fees, minimum commissions, valuation charges, and any buyer-side fees before signing an engagement agreement.
Accounting Practice Sales
Best for
Accounting Practice Sales suits solo owners and small partnerships that prefer broad marketplace exposure and a listing-driven sale process.
What it is
Accounting Practice Sales operates a broker network and marketplace focused on tax and accounting practices. Sellers submit firm information for a free valuation estimate. They can then list the practice for registered buyers to review.
The firm reports roughly $2 billion in completed deals, 301 practices sold in 2025, and more than 140,000 registered buyers. Accounting Practice Sales reports these figures, and no independent audit is cited. Even with that limitation, the reported deal and buyer counts indicate substantial marketplace activity. Its website and practice listings cover the United States and Canada.
Pros
- A large registered buyer pool broadens exposure for smaller practices with straightforward financials, though it does not guarantee a fast or competitive sale.
- Accounting specialization allows sellers to discuss recurring tax work, client retention, and transition obligations with brokers already familiar with those issues.
- The free valuation tool gives owners an initial estimate before they commit to a sale process.
Cons
- A listing reaches registered buyers, but it may provide less control than targeted outreach to selected regional firms or PE-backed platforms.
- Public information does not specify typical transaction sizes or how brokers manage competitive bidding.
- Owners seeking detailed advice on rollover equity or complex PE terms may prefer a more targeted M&A process.
Pricing
Accounting Practice Sales does not publish standard seller fees on its website. Owners should confirm commissions, minimum fees, exclusivity terms, and payment timing before signing an engagement.
Whitman Advisory
Best for
Whitman Advisory best serves CPA firms that need to recruit a successor or lateral partner before deciding whether to sell.
What it is
Whitman combines succession planning and lateral-partner recruiting with transaction advice and fractional CFO services. Owners can use those services to assess whether new leadership could preserve the firm’s independence.
Transition Advisors merged with Whitman Business Advisors in 2022 to form Whitman Transition Advisors, and Peony’s profile of Whitman Advisory reports the firm has since rebranded to Whitman Advisory. Its principals report involvement in more than 1,000 CPA firm transactions, according to that same profile.
Whitman operates as a consultant rather than a registered broker-dealer, working under the federal M&A-broker exemption that allows advisors to facilitate the sale of privately held companies without FINRA registration. Owners should confirm the firm's current registration status and services directly, since publicly available information about Whitman is more limited than information about Poe Group Advisors and Accounting Practice Sales.
Pros
Whitman can address leadership recruiting alongside sale planning, which suits firms whose succession options depend on finding qualified partners.
Cons
Whitman publishes limited information about its typical transaction sizes and engagement terms, so owners should confirm fit directly.
Pricing
Whitman does not publish a standard fee schedule. Owners should ask about retainers, success fees, recruiting fees, and any separate consulting charges before signing an engagement.
How the four advisors compare
Match the advisor to your practice and preferred sale process, then confirm that its accounting expertise is sufficient. ✅ indicates a clear strength, while 🟡 signals a limitation or information you should confirm.
| Advisor | Typical client size | Fee structure | Sector specialization | Geographic reach | Deal process style |
|---|---|---|---|---|---|
| Salt Creek Advisory | ✅ $2M to $75M revenue | ✅ Success fee with no upfront retainer | 🟡 Broad business-services experience, not CPA-only | ✅ Nationwide | ✅ Targeted buyer outreach with direct principal involvement |
| Poe Group Advisors | ✅ Small to lower-middle-market practices | 🟡 Confirm engagement terms | ✅ Accounting practices, including cloud firms | ✅ United States and Canada | ✅ Accounting-specific intermediary process |
| Accounting Practice Sales | ✅ Solo and small-partnership practices | 🟡 Confirm engagement terms | ✅ Tax and accounting practices | ✅ United States and Canada | 🟡 Listing-driven broker process |
| Whitman Advisory | 🟡 Public size criteria are limited | 🟡 Confirm engagement terms | ✅ CPA succession, recruiting, and M&A | 🟡 Coverage details require confirmation | ✅ Consultative succession and talent-focused process |
Matching the advisor to your situation
Very small or solo practices may prefer Accounting Practice Sales or Poe Group Advisors. Accounting Practice Sales fits owners who want a listing-driven process and access to individual or regional buyers. Poe Group Advisors focuses exclusively on accounting practices, including cloud-based firms.
Founder-owned firms evaluating regional buyers and PE platforms should start with Salt Creek Advisory. Jack and Connor remain directly involved, and the success-fee model carries no upfront retainer for standard engagements. A targeted buyer process can help you compare an unsolicited offer with other qualified buyers based on financial terms and cultural fit.
Firms that lack a clear internal successor may benefit most from Whitman Advisory. Its recruiting and succession services can help them evaluate whether adding a partner could preserve independence before they pursue a sale. Any internal transfer may still require seller financing, so the successor must be able to operate the firm profitably while funding the buyout.
Practices near the edge of an advisor’s stated market should verify fit before signing. Salt Creek reports a typical client range of $2 million to $75 million in revenue, while Poe Group’s public listings span multiple price tiers. Accounting Practice Sales and Whitman publish less detail about typical transaction size, so owners should request examples of recent deals involving comparable practices.
Choose an advisor whose services match your likely buyer path. Internal transfers call for succession planning, while regional sales call for buyer matching. For a PE transaction, seek careful review of the proposed payment terms and post-closing employment terms.
How buyers value accounting firms and structure deals
Buyers usually value established accounting firms using normalized EBITDA rather than gross revenue. EBITDA measures earnings before interest, taxes, depreciation, and amortization. Normalized EBITDA adjusts reported earnings for owner compensation, personal expenses, one-time costs, and the market-rate cost of replacing each working partner.
Buyer type affects the multiple. Accounting-specific valuation estimates place internal partner buyouts around 3x to 5x normalized EBITDA and local or regional acquisitions around 4x to 7x. PE-backed buyers may pay 7x to 12x for platform-quality firms. Higher figures generally require meaningful scale, recurring advisory revenue, steady growth, and management depth. These ranges are sector estimates rather than universal M&A benchmarks.
The traditional 1x-revenue rule ignores profitability and can produce a poor estimate of a practice’s value. Consider a hypothetical firm with $2 million in revenue and $700,000 in normalized EBITDA. A 6x multiple implies $4.2 million of enterprise value, while the revenue shortcut implies $2 million. Client retention, recurring service mix, staff depth, and dependence on one partner can move the final multiple.
Accounting firm offers often divide the purchase price across several forms of payment. Cash at closing provides immediate proceeds, while an earnout pays additional consideration only if the practice meets agreed retention or performance targets. Rollover equity gives the seller ownership in the buyer’s platform, so its value follows the platform’s future performance and exit timing.
Internal transitions may rely more heavily on deferred payments funded by future firm earnings, while regional buyers may tie payments to client retention. PE-backed transactions often include rollover equity and longer employment obligations. Owners should compare cash at closing, contingent payments, post-closing duties, and total potential consideration rather than relying on the headline enterprise value.
Why Salt Creek is worth a conversation
Salt Creek is most relevant when an owner wants to test multiple buyer paths without paying an upfront retainer. Its model of direct principal involvement is especially useful when deal structure, post-closing obligations, and buyer fit require senior attention throughout the process.
An unsolicited PE offer can provide a useful starting point, but one proposal cannot show how other buyers might value your practice. Salt Creek can evaluate the price and terms, identify qualified alternatives, and compare factors such as cash at closing, rollover equity, employee treatment, and closing certainty.
If you are weighing a sale, you can request a confidential conversation with Jack and Connor or try the free preliminary valuation tool.