What Private Equity Means for Small and Midsize CPA Firms | Rebekah Brown Olson

Rebekah Brown Olson didn't plan to lead a state CPA society. A single leadership assessment during a firm training session reframed how she saw her own strengths, and thirteen years later she's the CEO of the Maryland Association of CPAs, connecting firm leaders across the profession every day. In this conversation, Brannon Poe talks with Rebekah about what's really driving change in accounting right now, and why she believes community, not information, is what separates firms that thrive from firms that struggle.

Rebekah shares an encouraging read on the student pipeline, pointing to strong turnout and impressive second-career candidates at a recent University of Maryland accounting graduation event. She also walks through her theory on where private equity is headed: a barbell shaped profession, with large firms formed through consolidation on one end and a new wave of small, independent firms on the other, as CPAs who leave newly acquired environments choose to build something of their own.

For firm owners thinking about their own exit, Rebekah's advice centers on two habits: treating strategy as something to revisit constantly rather than a plan that sits on a shelf, and involving the people around you early, since real alignment comes from letting your team weigh in on where the firm is headed.

The Conversation Covers:

How a leadership assessment redirected Rebekah's entire career pathWhy community may be the biggest differentiator for CPA firms over the next decadeHow private equity could reshape the profession into a barbell-shaped structureWhy small firms are positioned to specialize and move faster than larger competitorsHow involving your team early creates real strategic alignment ahead of a transitionWhy choosing the right private equity partner matters more than the deal itself

Rebekah closes with a story from her college years at Ohio State, working as a football field manager during a live scrimmage, that ties back to the same theme running through the whole conversation: what it looks like when a community shows up for someone.

This Episode Is For:

Firm owners curious about how community and connection shape long-term successLeaders ready to think through a 5 to 10 year exit and succession planPractitioners wondering how private equity might change hiring, retention, and cultureAnyone interested in how small firms can compete through specialization and speed

Book Recommendation:

The Upside of Stress: Why Stress Is Good for You, and How to Get Good at It by Dr. Kelly McGonigal Amazon link

Timestamps:

00:00 - Brannon Poe intro and podcast welcome 00:14 - Introducing Rebekah Brown Olson, CEO of the Maryland Association of CPAs 00:57 - How a quarter-life crisis and a leadership assessment changed Rebekah's career path 01:41 - From CPA firm senior to curriculum developer at the Maryland Association of CPAs 03:12 - Working part time, then full time, then becoming CEO three years ago 04:02 - What Brannon and Rebekah share: burning out of public practice and finding a better fit 04:45 - What Rebekah gets to do now: advocate for the profession and connect people across it 05:06 - The big picture view: what the Maryland Association of CPAs CEO is seeing right now 05:31 - Why getting good at change is the most important capability for any accounting firm 06:00 - Why community is the competitive advantage when complexity and change accelerate 06:34 - Why you can't know everything but you can know a lot of people 07:19 - Recruiting new students: are the numbers moving and what kind of students are coming in 08:15 - Why the pipeline alarm is starting to work and what recent graduation events are showing 08:40 - Accounting as a stable major during economic uncertainty 09:07 - What the new wave of accounting students looks like: different backgrounds, strong leaders 09:30 - Retention: are people staying in the profession better than they used to? 10:01 - The historical reality of planned attrition in CPA firm hiring 10:45 - The move from public to private still happens but may be slowing 11:10 - Brannon's theory on PE-driven salary increases and the poaching risk that comes with it 11:37 - Why starting salaries in accounting need to keep rising to compete for talent 12:00 - How private equity is creating a barbell-shaped profession 12:40 - What the disappearance of the midsize CPA firm looks like and why it matters 13:29 - How small firms can win through specialization and speed on technology 14:25 - What Rebekah would tell a CPA firm owner who is 5 to 10 years from an exit 15:17 - Why a 5 to 10 year plan has to be iterative, not static 15:43 - Involving your team in strategy: why it changes buy-in, retention, and execution 16:08 - The Business Learning Institute and working with small to midsize firms on strategy 16:32 - Why the best insight sometimes comes from the person scheduling client appointments 17:53 - Vision casting as a retention tool: why people stay when they know where the firm is going 18:45 - What happens when someone is not bought in: it's okay, not every culture fits every person 18:56 - What Maryland Association of CPAs members are saying about private equity and succession planning 19:25 - The top-level conversation: are we picking the right PE partners? 20:06 - The case for remaining independent and why different firm models are healthy for the profession 20:50 - What non-decision-makers feel about PE: caution, valid concerns, and fear of change 21:17 - Why settling on a PE buyer too soon is one of the biggest risks in a sale process 21:42 - Why every PE firm is different and why comparative analysis matters more than people realize 22:23 - Football story: handing the ball to Troy Smith and getting tackled by Ted Ginn Jr. 25:17 - What the experience after the tackle taught Rebekah about community showing up for people 26:45 - Book recommendation: "The Upside of Stress" by Dr. Kelly McGonigal

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