Home / Insights / Selling

Selling to a private equity roll-up or selling direct

A high headline multiple is worth less if clients leave and staff are cut while the buyer integrates the firm. Owners choosing a buyer should weigh the price and what happens after completion.

Practice Group11 min read · July 2026

Key points on roll-up offers

  • The highest headline number often carries the most contingent consideration
  • Clients and staff are most affected by what happens after completion
  • In a fast-moving roll-up, the seller has little say over that stage
Contents
  1. How consolidators integrate the firms they buy
  2. What a seller can lose during integration
  3. Selling direct to a buyer who will run the firm
  4. Choosing between a consolidator and a direct buyer
  5. Questions

General information for practice owners, current at the time of writing (July 2026). Figures are as reported by industry sources; rules and deadlines change — check the current position and take your own advice.

Private-equity-backed consolidation in accountancy has grown fast: reportedly, fewer than 200 PE investments in accounting firms led to some 900 follow-on transactions in 2025. If you own a practice, you may well have had approaches. Consolidators are now under pressure to integrate the firms they have bought, and that affects any owner deciding who should buy their firm.

How consolidators integrate the firms they buy

Consolidators are moving from buying platforms to optimising them: integrating systems, standardising processes and cutting cost to justify the multiples they paid. For a firm already inside a roll-up, this stage can disrupt clients, put pressure on staff and remove the local character the firm was known for. Even large, well-funded consolidations have reportedly struggled to find onward buyers at their headline valuations, which adds pressure on the firms inside them to hit their numbers.

What a seller can lose during integration

Client continuity
Relationships get reshuffled and re-priced during integration
Your team
Cost savings from integration often come from headcount reductions
Local character
Standard group processes replace the firm's own ways of working
Your legacy
The firm is run as one unit in a larger group

Selling direct to a buyer who will run the firm

Selling direct to a buyer who will run the practice differs in three ways. First, you deal with the person who will run the practice, so you can judge whether they will look after clients and staff. Second, the deal is shaped around your timeline and priorities. Third, the buyer intends to run the firm for the long term, so keeping clients happy is in their own interest. See broker vs direct for the mechanics, and who we are.

Choosing between a consolidator and a direct buyer

For some owners a PE-backed sale is the right outcome. A larger buyer with a higher headline number does not always give a better result for the clients and staff you care about. In a cooling market, with headline prices already falling, the buyer's fit and intentions deserve as much weight as the price.

Frequently asked questions

Andy Jackson
Andy JacksonCo-founder, Practice Group

Ask your own question →

Are PE roll-ups a good way to sell my accountancy practice?

They can be right for some owners, and consolidators are now under pressure to integrate the firms they have bought. Fast-growing roll-ups often pay with heavy contingent consideration and, in the 'optimisation' phase, can disrupt clients and cut staff. Weigh the buyer's intentions and deal structure alongside the headline number.

What is the 'optimisation phase' in accountancy consolidation?

It is the stage where a consolidator moves from buying firms to integrating them and cutting their costs to justify the multiples paid. For acquired firms it can mean client re-pricing and client losses, staff reductions, and loss of local character.

Why might selling direct be better than to a consolidator?

With a direct buyer who will run the firm, you deal with that person, can judge how they will treat clients and staff, and can shape the deal around your timeline. They intend to run the practice for the long term, so keeping clients happy is in their own interest.

Does a bigger buyer mean a better price?

Not necessarily. The highest headline number often carries the most contingent, retention-linked consideration, so the amount you receive depends on what happens after completion. In a cooling market especially, buyer fit and deal structure matter as much as the top-line figure.

Talk to us about a direct sale

Practice Group buys accountancy practices directly. Book a confidential call to talk through a sale, a gradual step back or help with your back office.

Book a confidential call
Andy Jackson, co-founder

Related

Have valuations peaked?Read →Broker vs direct buyerRead →