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As Indian businesses expand globally, regulatory complexity increases and clients increasingly seek integrated, technology-enabled and multidisciplinary professional services, the traditional model of the small, partner-centric practice is being challenged. There is consequently a growing conversation and market need for mergers, consolidation and the creation of firms of scale, width and depth. The aspiration is not merely to create larger CA firms in terms of headcount or fee income. It is to build Indian professional institutions with the depth, geographical reach, specialist capabilities and institutional resilience to serve businesses of increasing size and complexity.
But mergers require something that the profession has historically not needed to discuss with the same intensity: valuation. A Chartered Accountant may spend decades building a practice. Clients are acquired, relationships deepen, people are trained, systems are established and a reputation is painstakingly built. Yet when the time comes to admit a new partner, merge with another firm, induct the next generation or plan succession, one deceptively simple question arises:
