Investors targeting powerful CFOs
Plus: Addressing the talent shortage in tax and accounting
CFOs are getting some serious attention from investors lately. Turns out, their track record for driving growth is a big factor when it comes to sealing those initial investments. Want to know why so many think the CFO will be a make-or-break role for future success? Let’s dive in!
In Today's Newsletter:
⚫ Cohen & Co. agrees to PE investment
⚫ Shohei Ohtani's 50/50 ball & the IRS
⚫ EY dismisses multi-tasking employees
⚫ New Orleans schools tackle $20 million accounting error
Cohen & Co. secures private equity investment
Cleveland-based Cohen & Co., a top 50 accounting firm, announced on Oct. 25 that it has received a strategic growth investment from Lovell Minnick Partners (LMP), a private equity firm specializing in financial services, business services, and financial technology sectors, becoming the latest to join the private equity trend. The terms of the deal, set to close on Dec. 31, have not been disclosed, and the transaction remains subject to standard closing conditions. (CPA Practice Advisor)
NATP severed ties with Intuit, & Fat Joe vs. BDO
Blake Oliver and David Leary discuss several trending issues in the accounting industry, including the backlash from Intuit's controversial TurboTax ad and the National Association of Tax Preparers severing ties with the company. They also delve into threats against Deloitte, KPMG's endorsement of alternative CPA licensure pathways, and rapper Fat Joe's recent dealings with BDO. (The Accounting Podcast)
What we can’t stop following: This Reddit thread on income transparency, where accountants share insights on pay scales, salary negotiations and fair compensation within the industry.
What we're watching from the archives: Financial literacy isn't just a skill — it’s a lifestyle. Curtis "Wall Street" Carroll, who taught himself to read and trade stocks while incarcerated, shares this powerful message in a TED Talk from 2016. It’s a reminder that it’s never too late to learn to be savvy with your money.
What we're laughing about: This viral TikTok that hilariously sums up what it means to become an accountant — because who says accounting memes can’t be relatable and funny?
$1 million
How much a North Carolina man won when he bought a lottery ticket with $20 he found on the ground (CNN)
- Talent Crisis: NPAG's Jennifer Wilson tackles tax workforce shortages
- Baseball Lawsuit: Shohei Ohtani’s record ball leads to IRS concerns
- $20M Mistake: New Orleans school district hires firm to correct major accounting error
- CPE Controversy: EY fires staff over too many course enrollments
- Red Lobster: New CFO appointed after Chapter 11 restructuring
CFO-led strategy spurs bigger investments
Investors are prepared to boost their initial investment in an organization by an average of 2.6% when the CFO is the primary driver of strategic growth, according to a recent study by OneStream. This figure climbs to 3.6% among the world’s largest asset managers. The research also revealed that nearly 88% of investors and 65% of business leaders believe the CFO's role will become increasingly vital to business success over the next decade. (CFO Dive)
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The Net Gains is curated and written by Paul McCormack and edited by Bianca Prieto.