I write the "M&A" update box in Practical Accountant's Profession Watch section, and one of the details we give for firms recently merged or acquired is "Niches/Concentrations."

One niche that pops up a lot is not-for-profits, a durable niche, if one that many firms, in the words of the AICPA's primer on the topic, regard as simply "low-risk" and often engage just to keep staff busy during slow periods. (The Institute maintains that this is a wrong view, as some firms soon find out.) It does seem that few firms trumpet their service to NFPs the way they do to, say, high-net-worth individuals.

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