PODCAST: EisnerAmper’s CEO on a possible ‘sea change’ for the accounting industry

Charly Weinstein discusses the accounting firm's recent deal with TowerBrook, and how the business's new 'alternative practice structure' could shake up the industry.

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The accounting industry has embraced the partnership model – in which the business is geared toward maximizing partner profits – since the mid-19th century. But TowerBrook’s recent deal with EisnerAmper, which resulted in the separation of the accounting firm’s audit and consulting businesses, may foreshadow a revolution for the industry, according to EisnerAmper CEO Charles Weinstein.

Since that deal, and the creation of a corporate structure to replace EisnerAmper’s partnership structure, two more private equity investments into accounting firms have been announced, with one also resulting in what the industry calls an “alternative practice structure.”

In this episode of Spotlight, Private Funds CFO editor Graham Bippart speaks with Weinstein about the deal, and why he thinks more accounting firms are likely to see deals with private equity sponsors and changes to their longstanding business models.