[IMGCAP(1)]Public accounting is undergoing significant transformation through consolidation of small and midsize firms. Much of the consolidation is occurring through mergers and acquisitions by regional and national firms at an incredible rate.

Firms that have existed for more than 50 years have been acquired or are considering being acquired. One predominant reason is the dearth of younger professionals in place to successfully continue the practice and its legacy in order to fund the buy-outs and retirement obligations of the existing partners. There may be other incentives or motivations for acquisitions, but in my view, this is the principal motivation.

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