Private Equity Summit 2025 Recap

If you stay attuned to the news in public accounting, even a little bit, you know how Private Equity in our industry is the topic of a ton of conversation. That’s why this year’s PE Summit felt like stepping into a giant off-the-record group chat where managing partners whisper:

“So… what multiple did you get offered?”
“Do you regret taking the deal?”
“How did your staff take the news?”

I had the privilege of speaking at the event, representing the employee perspective in a room full of PE investors and partner groups - powered by the data tens of thousands of accountants have contributed to Big 4 Transparency, and I’m here to spill the beans.

Before we jump into the content though, I’m going to ask you a huge favour. I love writing this content for you, and am honoured to represent the employee perspective in conversations like the ones happening at the PE Summit. That’s only possible because of the data we collect at Big 4 Transparency.

If you get great value from this newsletter, or the data on our site, don’t worry it’ll keep being free. But if you could take 60 seconds to go make an anonymous submission at big4transparency.com that makes all the difference. Every single submission matters for someone else in your shoes trying to understand what they should expect in terms of compensation, and it helps us sharpen our insights.

The Big Themes Shaping PE in Accounting

1. Multiples Are Still Climbing

If you think valuations cooled off, think again.

Firms once offered 1.25–1.5× revenue are now seeing 2×, 2.5×, and even 3× offers if they’re well-run, profitable, and have clean books.

Why?

Because the remaining top 100 firms who haven’t taken PE are getting few and far between, and investors are aggressively competing for what’s left.

2. The Rise of “Deal-Readiness”

A surprising chunk of sessions focused on how to prepare a firm for a sale… even if you're not planning to sell.

Key levers that boost multiples (and frankly, just make a healthier firm):

• Cross-selling high-margin advisory & wealth services

• Better pricing discipline

• Charging for out-of-scope work

• Killing write-offs

• Fixing realization leakage

• Documented succession plans (even in PE-backed firms!)

Bob Lewis from The Visionary Group put it best:

3. EBITDA Is King

PE doesn’t really care about revenue.

High-margin work → Higher EBITDA → 8–12× EBITDA multiples (sometimes 15× in niche/platform deals)

If a firm has the DNA to become a platform, meaning the “anchor tenant” for future roll-ups, the valuation tends to get a premium. The threshold for a platform firm is usually above $30M in revenue.

4. Succession Isn’t Optional

A shocking insight:
PE isn’t a way to avoid succession planning, it actually requires it.

Firms without future rainmakers:
→ Get penalized with lower multiples
→ Attract only buyers who want to fully absorb them

Firms with a documented plan:
→ Retain autonomy
→ Command better terms
→ Become platform candidates

So an interesting tidbit here is that increasingly if you want to be in a differentiated, highly valued lane, leaning into business development as an employee of a firm might make you indispensable. This is a huge issue at many firms who are worrying about their future right now.

What’s Coming in 2026

PE Moving Down Market

Investor attention is shifting toward sub-$5M firms, driven by scarcity at the top.

This presents opportunities… but also cultural risks.
Small-firm staff often choose that environment precisely to avoid feeling like a number on a spreadsheet feeding into a larger business so this is a tight-rope investors will need to walk very carefully if they want to see positive results.

Multiple PE Flips Incoming

Alan Koltin shared that 3–4 firms are already set to “flip” in 2026, following Citrin Cooperman’s ~ 3.7× return in ~3.5 years.

In other words:
The first cycle is maturing and the money is real, so more capital is coming if the 2026 flips show strong returns.

My Session: What the Employee Data Really Says

I got to present a keynote session and be a part of a panel as a part of this conference, largely speaking for the employee’s perspective in all of these PE deals. Here were some key topics:

1. Job Satisfaction Immediately Drops After PE Announcements

As soon as a deal rumor leaks, we see a decline in satisfaction responses.

By Year 1 post-deal:
🔻 Satisfaction hits its lowest point
By Month 18:
🔺 Satisfaction stabilizes and returns close to baseline

The perception and period of change following a deal are really bad for employees. Once the dust has settled, the reality may be a mixed bag with some PE backed firms actually recording better job satisfaction than most non-PE backed firms.

2. The Firms With the Happiest People Do One Thing Well: Communicate the “What’s In It for Me”

Aprio (a top performer in our satisfaction data) is the prime example:

• Employees receive equity or phantom equity

• They get monthly internal valuations showing their ownership value

• They know exactly what they will earn if the firm sells again

This transparency is a big part of what makes the difference.

Overall in PE backed firms, hours are slightly higher, but wage growth increases by a greater degree than hours within 2 compensation cycles, so there is some value there for employees - particularly where equity is involved- it’s just usually poorly communicated.

3. Employees Fear Restructuring More Than the Deal Itself

If restructuring is coming:
✔️ Do it fast
✔️ Do it clearly

If restructuring is not coming:
✔️ Say that explicitly

Silence = worst-case assumptions.

In most cases, PE is investing with a growth thesis in mind for accounting firms, not one of cost-cutting. That needs to be expressed more clearly in almost every case of these deals happening.

Final Thoughts (and Why This Matters to You)

Standing on that stage was a surreal moment. Not because of the spotlight, but because you gave me the data and platform to represent the employee voice in a room where it's usually ignored. And I want to say a heartfelt thank you for that.

Nearly every other session was tailored to:

• Partner groups

• Investors

• PE strategists

But not the people who actually do the work.

Your participation in Big 4 Transparency - the salary data, the hours, the job satisfaction submissions - is creating a seat at the table for employees across the profession.

Thank you for that.

And if you ever get the chance to attend an accounting conference, I urge you to get out there and do it. Maybe this one is not for you, but they’re a great way to expand your frame of thinking on what’s out there for you in the profession, and meet peers outside of the little bubble of your own firm to keep expanding those horizons.

One last thing - Big 4 Transparency is helping many of our client firms with hiring for some GREAT roles currently. If you take 2 minutes to fill out the form at our talent pool page, you’ll be considered for any of these roles or future roles where there’s alignment between what you’re looking for and the employer is looking for.

• CAS Senior in Chicago

• CAS Manager in Chicago

• CAS Manager (Remote, USA)

• Tax Manager (Remote, USA)