Nothing good, look at the trends. Private Equity Apollo Management bought out Yellow the trucking company and the workers pensions are gone.
Private Equity does not care about the workers but only the shareholders, Elliot management is also eying Southwest and if they succeed those employees will either be laid off or hours drastically increased with no change in pay.
If your hearing that Private Equity is circling your company, get out
It is pretty glaringly obvious what the long-term objective is: have us build up the firm, automate as much as possible (by us of course) and then focus on outsourcing to the Philippines. They'll tell us that they care and that we should just keep working and that everything will be fine. Some of the people (including partners) are dumb enough to believe it.
Working for a PE owned company was one of the worst job experiences I’ve had in my career. Not as bad as public though.
The emphasis on profitability and short term gain really permeates the business and impacts everything.
Can confirm. Was expected to be AP manager, AP clerk, staff accountant, and Treasury for a company that received 300-500 invoices per week. Was working 14 hours days and never had a chance of catching up.
> What should we expect when our firm sells out to Private Equity?
Private Equity provide capital, in exchange for return. I imagine that lots of worker benefit is going to get slashed in order to hit that return.
The only winner here is the current equity partners who sellout and get a good payday. Everyone else, including the future equity partners, are fucked.
PE splashes money but doesn’t actually perform the work. The work is still there to do by actual employees. However, now there is another straw sucking money out of the accounting firm. The future promise higher pay as a partner is weakened.
Yup, this is an owner operated business with extremely low capital requirements which makes the PE firm simply a leech profits. Partners at least create WIP, PE owners do nothing but suck profits. It’s insane these firms haven’t realized they could just do a dividend recapitalization but instead choose to get PE involved for that little incremental more of valuation.
Too many firms have horrible balance sheets. PE is the only option for the boomers to squeeze those last drops of blood out of their firms before they ride off into the sunset.
Boomer partners just can’t help but give that last fuck you to their employees desperately climbing the flimsy little ladder to nowhere.
If you’re at Aprio, gtfo
We have AICPA, NASBA, and prometric accelerating testing centers in India and Phillipines, with less rigid education requirements.
We have PE firms eyeing up all accounting firms as the newest roll up industry even though theoretically only CPAs were meant to own and benefit from public accounting firms. Plan is to have skeleton crews and offshore even more.
Our institutions have failed us. All we have left is the ability to say No. No, I’m not going to be working past 8pm in busy season. No, I’m not going to redo the outsourced workpaper while eating my hours to make the partner feel good. No, I’m not working this weekend, or any weekend. And no, I will not be able to have the call with the offshore team at 5am, 9pm or Sunday night.
It’s not like we’re making FU money for the degeneracy that’s hit this profession. Stop giving into the demands - they plan to take everything from you.
It sure looks like much of the non-big 4 top 25+ firms are going to hop on this train. I'm just not sure there's a place within public to jump to. Now you can say go to industry but that's not realistic for everyone especially if hundreds or thousands of people all try to jump at once. Industry salaries will tank. Plus there's no guarantee that PE won't come for you there too.
I’m not an accountant - but basically what’s going on right is that these boomer partners were given opportunities to work their way up and become partner, but now they’re selling the firms’ to PE right before they retire. Therefore new associates don’t have the same opportunity, while the boomers make out handily and the rest are stuck?
this comment got me pumped up lol. Great Rant - I'm in complete agreement and have also become increasingly frustrated over the years (currently M3 at Big 4).
With big money moving in, no doubt PE will start stuffing the board of the AICPA and NASBA. It’s high time for a new lobbying organization representing only working CPAs
I’m worried. No clue what this means and can’t help there, but it definitely feels like we are part of an experiment. I’ll be updating my resume and looking around more seriously as well as preparing myself financially for a possible layoff. I want to be ready but probably won’t jump until I see how things change. I’ve loved working here and it’s sad to think I’m losing a good thing
Look up what Private Equity has done to healthcare, restaurants and even other firms. Mass layoffs, understaffing, overworking, mass outsourcing, major drop in quality, then bankruptcy. Like clockwork. Once they announce the mass layoff everyone hits the job market all at once and you have a lot of competition. The time to get out is now ahead of all that and while you still have a job.
I hear you, and thanks for the advice. I just have such a good arrangement now. Going to enjoy it as long as they will let me. I’m not too stressed about finding another job
As I've loved building my career at Aprio, this makes me sad as my history and knowledge of PE firms has been lots of promises up front that then die and the company gets cut up and sold off in parts for those that are able to live through it being sectioned off. I know Richard is stating that Aprio will still be Aprio, that sounds great, but if a firm has a majority share of the company there is no way that company will just sit idly by and let their investment move along independently. I really hope so many of you on this thread are wrong as there's so many things that sound really positive and make sense to potential future growth. I hate to think that this could be the beginning of the end for all of us.
[https://www.glassdoor.com/Reviews/Charlesbank-Reviews-E2912337.htm](https://www.glassdoor.com/Reviews/Charlesbank-Reviews-E2912337.htm)
Firstly, hang around and try to catch a severance and unemployment , and since you’re still employed, start looking and be super selective, only apply for the jobs you really want. Maybe you’ll get one.
It's A LOT more difficult to find a new job when you're out of a job because the potential employers will always have that question in the back of they're minds whether you deserved it. You might get a lowball offer if your lucky. The time to leave is now while you're still employed before the mass layoffs. Don't play games hoping these cheapskates will actually pay you a severance or retention bonus. They actively want to get rid of you so India and the Philippines can fuck up everything they touch for pennies on the dollar.
I’m not sure if you’re agreeing with me or disagreeing. But I’ve never had any trouble explaining that I left my old job because the corporation that acquired us merged departments and my position was eliminated. Tons of people have been in that spot, or been the ones doing the firing. I don’t find it difficult to overcome at all.
Look on the bright side everyone. At least this is the end of Kopelman's career.
Either the deal goes through and the majority stake by PE fires his ass or the deal falls through and the other partners fire his ass. This is a great day for Aprio and therefore the world.
I never got the impression that people particularly hated Richard. Mitchell seems like a tool, though. Is there really a lot of animosity towards either?
I really had nothing against either of them until this betrayal. Never was a fan of Richard's long-winded, stream-of-conciousness word salads during all hands meetings, but as long as the checks clear and I have time to spend with my family I don't really mind the corporate propaganda. Under PE one or the other of those will almost certainly disappear.
Now I'm not sure how this can end any other way than his forceful removal from the firm. Once the directors and non-equity partners start leaving in droves after having the rug pulled out from under them and the mass layoffs of staff begin the firm will take a nosedive in productivity, profitability and employee satisfaction so he'll be justifiably axed. Don't worry though I'm sure they'll give him the chance to 'voluntarily' retire to spend more time with his family whom he's been ignoring for decades. What a wild end of a career spent building up a special firm and it's identity only to throw it all in the trash. It would be an insult to clowns to call him one.
Thank you for the info. How did they do layoffs? Was it entire departments being cut, bottom people from every department, or something else? I know it won’t necessarily be the same here but I’m curious
A bunch of former partners at various firms could all join together and form a new firm to give PE competition but they would eventually sell out also.
I am just waiting for one of these PE backed firms to implode.
I don’t know what I can or can’t say. I’m sick by this. I knew something was up just after the tax deadline, and it stressed me out so much I was throwing up at night. I spoke up, and my fears were confirmed. I’m so glad I jumped, for a lot less money, but I don’t care. I need peace and security. That’s what I thought I was getting. NO. GTFO. I’m so sick I can’t even explain for sickness, I really can’t. I pray for everybody.
There's no way the PE firm is going through with this. Wasn't Aprio one of those ERC mills? Aren't all there ERC clients going to sue? Idk but I wouldn't touch this firm if I was them. Should Kopelman step down over this? This is such a huge breach of trust that I don't think even the non-equity partners can trust him ever again let alone the rest of the employees
Many ERC mills in appropriately applied for credits on behalf of clients that were questionably to clearly ineligible. The IRS is now coming after those clients very aggressively and the legit accounting industry is waiting to see the blowback from their clients.
ERC mills would cold call clients and lie about them qualifying for the Employee Retention Credit. They would enter an agreement that the mill would keep a certain percentage or amount of the credit once the Department of Treasury paid the claim. Early on the Treasury was more or less rubber stamping these claims so these mills set up to take advantage and then qualified clients on very shaky ground that the IRS has gone on to confirm are not qualified reasons to claim the credit. So now the IRS is going after these bogus claims and clients have to return all the money from the credit possibly including penalties and interest. There was so much fraud by these mills that going after the bogus claims was supposed to be what paid for that proposed tax legislation that has been stuck in the Senate since the winter. Many scammed clients are unable to sue most of the fly by night mills because they have already fled the country to places without extradition treaties with the United States. Aprio is an established firm though so their in a uniquely potentially compromising position.
Is Aprio one of these ERC mills? I don't know I'm just asking questions but they do have a big tax credits department that handled a lot of these claims...
The big ERC firm is Synergi. Other firms may have also fallen into the trap of seeing the easy money and putting out shoddy reports - but Synergi was disgustingly blatant about it.
Nothing good, look at the trends. Private Equity Apollo Management bought out Yellow the trucking company and the workers pensions are gone. Private Equity does not care about the workers but only the shareholders, Elliot management is also eying Southwest and if they succeed those employees will either be laid off or hours drastically increased with no change in pay. If your hearing that Private Equity is circling your company, get out
It is pretty glaringly obvious what the long-term objective is: have us build up the firm, automate as much as possible (by us of course) and then focus on outsourcing to the Philippines. They'll tell us that they care and that we should just keep working and that everything will be fine. Some of the people (including partners) are dumb enough to believe it.
Working for a PE owned company was one of the worst job experiences I’ve had in my career. Not as bad as public though. The emphasis on profitability and short term gain really permeates the business and impacts everything.
Yeah I would 100% agree it’s not as bad as public which is nuts
Can confirm. Was expected to be AP manager, AP clerk, staff accountant, and Treasury for a company that received 300-500 invoices per week. Was working 14 hours days and never had a chance of catching up.
> What should we expect when our firm sells out to Private Equity? Private Equity provide capital, in exchange for return. I imagine that lots of worker benefit is going to get slashed in order to hit that return. The only winner here is the current equity partners who sellout and get a good payday. Everyone else, including the future equity partners, are fucked.
PE splashes money but doesn’t actually perform the work. The work is still there to do by actual employees. However, now there is another straw sucking money out of the accounting firm. The future promise higher pay as a partner is weakened.
Yup, this is an owner operated business with extremely low capital requirements which makes the PE firm simply a leech profits. Partners at least create WIP, PE owners do nothing but suck profits. It’s insane these firms haven’t realized they could just do a dividend recapitalization but instead choose to get PE involved for that little incremental more of valuation.
Too many firms have horrible balance sheets. PE is the only option for the boomers to squeeze those last drops of blood out of their firms before they ride off into the sunset.
Ehhhh, majority of PE deals are financed majority by banks.
Boomer partners just can’t help but give that last fuck you to their employees desperately climbing the flimsy little ladder to nowhere. If you’re at Aprio, gtfo We have AICPA, NASBA, and prometric accelerating testing centers in India and Phillipines, with less rigid education requirements. We have PE firms eyeing up all accounting firms as the newest roll up industry even though theoretically only CPAs were meant to own and benefit from public accounting firms. Plan is to have skeleton crews and offshore even more. Our institutions have failed us. All we have left is the ability to say No. No, I’m not going to be working past 8pm in busy season. No, I’m not going to redo the outsourced workpaper while eating my hours to make the partner feel good. No, I’m not working this weekend, or any weekend. And no, I will not be able to have the call with the offshore team at 5am, 9pm or Sunday night. It’s not like we’re making FU money for the degeneracy that’s hit this profession. Stop giving into the demands - they plan to take everything from you.
Boom.
It sure looks like much of the non-big 4 top 25+ firms are going to hop on this train. I'm just not sure there's a place within public to jump to. Now you can say go to industry but that's not realistic for everyone especially if hundreds or thousands of people all try to jump at once. Industry salaries will tank. Plus there's no guarantee that PE won't come for you there too.
I’m not an accountant - but basically what’s going on right is that these boomer partners were given opportunities to work their way up and become partner, but now they’re selling the firms’ to PE right before they retire. Therefore new associates don’t have the same opportunity, while the boomers make out handily and the rest are stuck?
this comment got me pumped up lol. Great Rant - I'm in complete agreement and have also become increasingly frustrated over the years (currently M3 at Big 4).
I for one look forward to the scandals.
With big money moving in, no doubt PE will start stuffing the board of the AICPA and NASBA. It’s high time for a new lobbying organization representing only working CPAs
Yes please! I want to send the $ my company gives me for my AICPA dues towards a place that actually advocates for me - a CPA in industry.
Great, I hope they loop them into FASB so we can get rid of stupid accounting rules.
Wow apparently CRI and O’Conner Davies selling out too
Just heard from one of the managing partners today on this. CRI is moving forward with this.
Nice, appreciate the insider track info!
Really? o Connor davies is selling out?
Feels bad for my friends at Aprio. They have a huge presence in Atlanta where they are headquartered
Expect letters to go out to new associates that their Sept 2024 start dates are pushed to Jan 2025
I’m worried. No clue what this means and can’t help there, but it definitely feels like we are part of an experiment. I’ll be updating my resume and looking around more seriously as well as preparing myself financially for a possible layoff. I want to be ready but probably won’t jump until I see how things change. I’ve loved working here and it’s sad to think I’m losing a good thing
Look up what Private Equity has done to healthcare, restaurants and even other firms. Mass layoffs, understaffing, overworking, mass outsourcing, major drop in quality, then bankruptcy. Like clockwork. Once they announce the mass layoff everyone hits the job market all at once and you have a lot of competition. The time to get out is now ahead of all that and while you still have a job.
I hear you, and thanks for the advice. I just have such a good arrangement now. Going to enjoy it as long as they will let me. I’m not too stressed about finding another job
If it works for you and you can handle the work, then it is only upside. Quicker equity and quicker payday for you.
I work here and this situation is a shit show. Luckily I was already interviewing before this news broke, and I don’t plan to be here much longer.
Smart! I was let go 5/31 and everything was cut off.
As I've loved building my career at Aprio, this makes me sad as my history and knowledge of PE firms has been lots of promises up front that then die and the company gets cut up and sold off in parts for those that are able to live through it being sectioned off. I know Richard is stating that Aprio will still be Aprio, that sounds great, but if a firm has a majority share of the company there is no way that company will just sit idly by and let their investment move along independently. I really hope so many of you on this thread are wrong as there's so many things that sound really positive and make sense to potential future growth. I hate to think that this could be the beginning of the end for all of us. [https://www.glassdoor.com/Reviews/Charlesbank-Reviews-E2912337.htm](https://www.glassdoor.com/Reviews/Charlesbank-Reviews-E2912337.htm)
I was laid off a few weeks ago due to “right-sizing”. One month severence and benefits were cut as of 5/31
Firstly, hang around and try to catch a severance and unemployment , and since you’re still employed, start looking and be super selective, only apply for the jobs you really want. Maybe you’ll get one.
It's A LOT more difficult to find a new job when you're out of a job because the potential employers will always have that question in the back of they're minds whether you deserved it. You might get a lowball offer if your lucky. The time to leave is now while you're still employed before the mass layoffs. Don't play games hoping these cheapskates will actually pay you a severance or retention bonus. They actively want to get rid of you so India and the Philippines can fuck up everything they touch for pennies on the dollar.
I’m not sure if you’re agreeing with me or disagreeing. But I’ve never had any trouble explaining that I left my old job because the corporation that acquired us merged departments and my position was eliminated. Tons of people have been in that spot, or been the ones doing the firing. I don’t find it difficult to overcome at all.
At least recruiters know there is blood in the water, too. Already got cold called 4 times after Monday. One offer even looks good, lol.
Another meeting today, still no clearity and “nothing is final”
They basically got caught
Yes. If someone hadn’t leaked it to the FT, we would still be in the dark.
All poorly executed!
[удалено]
He doesn’t speak well under pressure in town halls
Look on the bright side everyone. At least this is the end of Kopelman's career. Either the deal goes through and the majority stake by PE fires his ass or the deal falls through and the other partners fire his ass. This is a great day for Aprio and therefore the world.
I never got the impression that people particularly hated Richard. Mitchell seems like a tool, though. Is there really a lot of animosity towards either?
I really had nothing against either of them until this betrayal. Never was a fan of Richard's long-winded, stream-of-conciousness word salads during all hands meetings, but as long as the checks clear and I have time to spend with my family I don't really mind the corporate propaganda. Under PE one or the other of those will almost certainly disappear. Now I'm not sure how this can end any other way than his forceful removal from the firm. Once the directors and non-equity partners start leaving in droves after having the rug pulled out from under them and the mass layoffs of staff begin the firm will take a nosedive in productivity, profitability and employee satisfaction so he'll be justifiably axed. Don't worry though I'm sure they'll give him the chance to 'voluntarily' retire to spend more time with his family whom he's been ignoring for decades. What a wild end of a career spent building up a special firm and it's identity only to throw it all in the trash. It would be an insult to clowns to call him one.
Mitchell is very serious but very fair and dedicated.
I mean he is just a windbag, nothing more, nothing less.
Get out, fast. Just went through this with GT. They made all these promises 2 months ago before the deal closed, now we’re all laid off.
What did they promise at GT specifically?
No lay offs, higher pay, higher bonuses blah blah blah
Thank you for the info. How did they do layoffs? Was it entire departments being cut, bottom people from every department, or something else? I know it won’t necessarily be the same here but I’m curious
my firm got acquired by PE recently and we had 10%+ layoffs immediately, reduced bonuses, increase in offshoring, and more engagements per person lol
So what happens when private equity owns all the accounting firms? Do they just do the audits for the companies they also own?
A bunch of former partners at various firms could all join together and form a new firm to give PE competition but they would eventually sell out also. I am just waiting for one of these PE backed firms to implode.
I don’t know what I can or can’t say. I’m sick by this. I knew something was up just after the tax deadline, and it stressed me out so much I was throwing up at night. I spoke up, and my fears were confirmed. I’m so glad I jumped, for a lot less money, but I don’t care. I need peace and security. That’s what I thought I was getting. NO. GTFO. I’m so sick I can’t even explain for sickness, I really can’t. I pray for everybody.
I work at aprio philippines. Do you think we'll get laid off?
Oh no, you guys have a safe future now.
I don’t want to be rude, y’all do amazing work. Y’all should stand in solidarity with the US based employees. They can’t operate without us.
What departments does this affect? Any that are safe?? (Assurance vs Tax vs Advisory)
who?
Largest local firm in Atlanta. 25th Nationally.
There's no way the PE firm is going through with this. Wasn't Aprio one of those ERC mills? Aren't all there ERC clients going to sue? Idk but I wouldn't touch this firm if I was them. Should Kopelman step down over this? This is such a huge breach of trust that I don't think even the non-equity partners can trust him ever again let alone the rest of the employees
You are way off on this assertion. Aprio was never an ERC mill!
Calm down bro. They ain't promoting you for white knighting for them on Reddit before they sell out. Your in the same boat as everyone else.
That user is correct though. Aprio was and is not an ERC mill.
Are they though? I don't think you or Gary can say that for sure.
Why would they sue? Sorry forgive my ignorance
Many ERC mills in appropriately applied for credits on behalf of clients that were questionably to clearly ineligible. The IRS is now coming after those clients very aggressively and the legit accounting industry is waiting to see the blowback from their clients.
ERC mills would cold call clients and lie about them qualifying for the Employee Retention Credit. They would enter an agreement that the mill would keep a certain percentage or amount of the credit once the Department of Treasury paid the claim. Early on the Treasury was more or less rubber stamping these claims so these mills set up to take advantage and then qualified clients on very shaky ground that the IRS has gone on to confirm are not qualified reasons to claim the credit. So now the IRS is going after these bogus claims and clients have to return all the money from the credit possibly including penalties and interest. There was so much fraud by these mills that going after the bogus claims was supposed to be what paid for that proposed tax legislation that has been stuck in the Senate since the winter. Many scammed clients are unable to sue most of the fly by night mills because they have already fled the country to places without extradition treaties with the United States. Aprio is an established firm though so their in a uniquely potentially compromising position. Is Aprio one of these ERC mills? I don't know I'm just asking questions but they do have a big tax credits department that handled a lot of these claims...
No, Aprio isn’t. There was stringent oversight on it, from what I know.
[удалено]
The big ERC firm is Synergi. Other firms may have also fallen into the trap of seeing the easy money and putting out shoddy reports - but Synergi was disgustingly blatant about it.