TWR Podcast Episode 129: Profit vs. Purpose: The Future of Accounting in a PE World - With Jennifer Wilson

In Episode 129 of The Woodard Report Podcast, Heather Satterley interviews Jennifer Wilson, partner and co-founder of ConvergenceCoaching, a well-known consultant and thought leader in the accounting profession. Jennifer brings over 25 years of experience advising firms on leadership development, succession planning, and strategic transformation—and in this conversation, she shares candid insights about the seismic shifts reshaping the profession.

Navigating the private equity wave in accounting

The influx of private equity (PE) investment in accounting firms has created massive change across the industry. Jennifer describes how PE-backed firms are speeding up innovation and disrupting the traditional partnership model.

“They can buy the best tech… They can invest in the best processes. They can pay for the best marketers. They can hire a true C-suite,” she says. “That is not how we’ve done it traditionally. We have had partners serve in those roles, which creates burnout and distracts them from serving clients.”

Jennifer emphasizes that PE is neither good nor bad—it’s simply a different way to run a firm. She encourages professionals to understand the implications and explore options, including the possibility of joining, forming, or selling to a PE-backed organization.

The leadership crisis in accounting

Jennifer doesn’t shy away from hard truths. In this episode, she calls out the industry’s widening leadership gap as older professionals retire and emerging leaders struggle to step up.

“We are seeing a huge exodus of leaders in our profession,” she says, describing the increasing number of seasoned professionals who are “racing to the exits.” The cost of this leadership void? Poor engagement, ineffective succession planning, and declining firm performance.

“You’ve got to be willing to have a new vision,” Jennifer says. “You’ve got to be willing to change the way you do things, or you will become irrelevant.”

Redefining firm strategy for the next generation

So, how should firms respond?

Jennifer urges firms to rethink everything—from their org structure to service offerings. She highlights the importance of clearly defining leadership roles, investing in talent development, and creating better employee experiences. She advocates for distributed leadership, where multiple professionals lead across different functions instead of relying on overextended partners to do it all.

Her advice to firms? Create capacity before it’s urgent. Build systems that support work-life harmony. And stop waiting to change until things are on fire.

“It’s the courage to say: ‘We’re going to do it differently,’” Jennifer says.

Empowering firm transformation

As the founder of ConvergenceCoaching’s Transformational Leadership Program and developer of the Remote and Flexible Work Survey, Jennifer has been at the forefront of helping firms adapt. She references her team's current work raising awareness around PE and exploring how firms can thrive with or without outside capital.

She also offers free tools and learning resources, including:

• “Fast Track to Partner” guide: https://convergencecoaching.com/fast-track-to-partner/
• “Managing Partner” program: https://convergencecoaching.com/managing-partner-bootcamp/
• “HR Huddle” video series: https://convergencecoaching.com/hr-huddle/

Her message is consistent: the firms that will succeed are the ones that embrace transparency, courage, and authentic leadership.

Final takeaway: Change is hard—but worth it

Jennifer closes the episode with an encouragement to firm leaders: Don’t wait to be perfect to begin transforming. “You can reshape your firm to attract and retain great talent and do great work,” she says. “You just have to be brave enough to go first.”

🎧 Listen to The Woodard Report Podcast Episode 129: Leading Through Change at woodard.com/podcast.

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This article was drafted with the help of AI and edited by a human.