Many CPA firms have been expanding rapidly, both organically and through mergers and acquisitions. This has included significant geographic expansion beyond the firms’ core locations. It has also included expanding into new areas such as IT-related advisory services.
Firms that have not expanded think seriously about the need to expand and whether they can remain independent if they don’t. As firms have grown, several different business models have emerged, each with distinct advantages and critical success factors. Comparing these models and weighing their respective strengths and weaknesses with your firm’s growth and governance needs should be a key aspect of your strategic planning.
