A Rawlings Bolton update | September 2026
Earlier this year, Rawlings Bolton released Beyond Succession. The paper set out our view on the Australian accounting profession. It focused on accounting firm succession, changing client needs, technology, and the role aligned capital could play in supporting practitioner-led firms.
At the time, much of this was still a thesis. That is starting to change. The market has moved. So have we.
In short, the opportunity is no longer theoretical. Succession pressure is increasing. Firm owners are looking for practical options. We believe aligned capital can help the right firms invest, grow and transition without losing their identity.
Late last year, we completed our first platform investment. We took a minority stake in a leading Queensland-based accounting and advisory firm. Since then, that platform has completed acquisitions, expanded capability in several areas, and strengthened its senior partner group with specialist hires, including senior tax talent from the Big 4.
The thesis remains simple
The accounting profession is still highly fragmented. Many firms are owner-led. Many are profitable and well respected. But many also sit below the scale needed to invest properly in people, technology, governance and growth.
Succession remains the main pressure point. Many principals are approaching retirement. Internal succession is often hard to fund. Younger professionals may not want the same partnership model their predecessors accepted.
We believe there is another path. It is not control for the sake of control. It is not a roll-up at any cost. It is aligned capital, minority ownership where appropriate, and support for firms that want to keep building.
What we have seen since release
The level of discussion around accounting firms, succession and external capital has increased. That is not surprising. The pressures are real. Firm owners are thinking about continuity, leadership, staff retention and client care.
The best conversations are not only about valuation. They are about fit. They are about legacy, future leadership and the type of support that will help a firm grow without losing what made it successful.
That is where our conviction has increased. We continue to see room for a differentiated model. One centred on practitioner leadership, long-term alignment and patient support.
Our role
Rawlings Bolton comes at this from inside the profession. Our heritage gives us a practical view of how firms operate. We understand partner dynamics, client relationships, governance and succession.
Our role is to support great practitioners. This includes capital. But it also includes investment in people, technology, systems, governance and strategic growth. The aim is to build stronger firms while preserving culture and client trust.
We do not believe every firm needs external capital. We also do not believe every capital model fits the profession. The right model needs patience, alignment and respect for practitioner judgement.
Continuing the conversation
We are continuing to build relationships with quality accounting firm leaders. We would welcome introductions to managing partners or firm owners who may enjoy a thoughtful discussion about the future of the profession.
In particular, we are interested in speaking with growth-minded firms of four or more partners. These conversations do not need to start with a transaction. Often, the most useful first step is simply a discussion about ambition, succession and what the next chapter could look like.
We are always glad to meet practitioner-led firms with ambition. If that describes your firm, or a firm you advise, contact Heath Shonhan at heath@rbco.au for a confidential discussion about the road ahead.
