Developing Leaders in 2025: What Firm Leaders Have to Say

In 2025, leaders across the accounting industry are grappling with a convergence of challenges that demand innovation and forward-thinking leadership. But for many firms, developing the next generation of leaders who’ll tackle these issues is presenting a real challenge. 

The AICPA reports that 75% of CPAs are set to retire within the next 15 years. Fewer and fewer new CPAs enter the profession each year. Combined, these pressures have produced a talent crisis. With no solutions on the horizon, it’s a challenge that’s only going to get worse. 

The success of any CPA firm is driven by the caliber of its people. But today, many CPA firms find themselves fighting over a talent pool that’s only growing smaller. That leaves the question: what steps can firm leaders take to ensure their firm is an attractive proposition to the next generation of accounting leaders? 

At Winding River Consulting, that’s a question we ask many firm leaders who join us on our podcast, Making Waves. Below, we’re sharing their perspectives, highlighting how a wide variety of firms are approaching leadership development in 2025 and beyond. 

How Today’s Firm Leaders Are Developing Their Teams

In recent months, we’ve hosted conversations with leaders from all kinds of firms. From small, regional firms to PE-backed juggernauts, we’re focused on keeping our finger on the pulse of all the issues that matter the most to our profession. And today, one of the things that’s top-of-mind for every leader is developing the next generation of talent.  

In our conversations with firm leaders, several key themes have emerged when it comes to the strategies firms are putting in place to nurture their future leaders. Below, we’ve summarized some of the key principles we see leaders of firms adopt in their approach to developing their people.

Investing in Employees: Building a Culture of Growth and Opportunity

Today, many leaders at accounting firms understand that their success hinges on the growth and satisfaction of their people. Whether it’s providing clear pathways for advancement, aligning roles with individual interests, or enhancing workplace benefits, many firms are investing in creating environments where employees can thrive.

At Nichols & Company, a small firm in Westerville, OH, the focus is on identifying and nurturing talent at every level. CEO Gwen Nichols likens her approach to developing leaders to a fountain: “The talent is the water: you constantly have to be bringing new people in and moving them upstream. If things aren’t moving, the water becomes stagnant.” 

This philosophy is reflected in the firm’s efforts to develop paraprofessionals and administrative staff, giving them opportunities to transition into roles like tax preparers or leaders in marketing and communications. Developing leaders at all levels of the organization––not just at the partner level––is central to leveling up the firm as a whole. 

Saasetti, a $10m firm based outside of Chicago, is focused on growing its business in a way that’s aligned with its employee’s passions and expertise. It’s a move that’s created a culture of purpose and fulfillment, according to Managing Partner Jessica Freiburg: “We spent a lot of time over the past two years really digging in to understand the areas our people want to work in the most, and are now focusing our growth efforts in those areas.”

Beyond professional development, creating balance and representation are also key priorities at Sassetti. Freiburg points out that seeing women in leadership positions, like herself—a Managing Partner with four children—sends a powerful message about the firm’s values. “It shows we’re a firm that promotes diversity in leadership positions,” she says, which is critical for attracting and retaining top talent.

For Brown Edwards, a firm with 12 offices across the Mid-Atlantic, improving the employee experience starts with listening. A recent survey revealed key areas for enhancing satisfaction, prompting the rollout of initiatives like a new bonus program and additional PTO for hourly employees. “People are at the heart of everything we do and we’re constantly looking at ways we can make our employees’ lives better,” explains CEO Laura Sprouse.

Attracting Motivated Leaders: A New Playbook

To bring in dynamic, forward-thinking leaders, accounting firms are reimagining what they offer and how they operate. It’s not just about filling roles; it’s about creating opportunities that resonate with ambitious professionals while providing a compelling answer to the question facing many firms today: whether to seek investment from a private equity firm. 

At Nichols & Company, reframing roles as “entrepreneurial accounting roles” has transformed their hiring process. “We serve small businesses and interface directly with the people that own those businesses,” explains CEO Gwen Nichols. “It’s really beneficial for our clients to connect with entrepreneurially-minded people who have the interests of their business close at heart.” This fresh approach attracts candidates eager to make a tangible impact, and Nichols & Company has found success in integrating solo practitioners.

Regardless of the size of the firm, attracting motivated leaders is top of mind for leaders. David Wurtzbacher, CEO of Ascend, the PE-backed platform that’s gone from zero to a Top 30 firm in the nation in the past two years, sees private equity as a powerful tool for appealing to top talent. He comments: “Private equity wants to make businesses better, and I think most people want to work somewhere that’s always striving for better,” he says. “Plus, the PE model allows people to make more money, in a more tax-efficient way, than existing partnership models.”

Elevating the Role of the Firm Leader

To be effective leaders, Managing Partners and CEOs are being forced to rethink their roles. The goal across many firms? To free leaders up to strategy, vision, and execution, rather than being entrenched in day-to-day operations and client work.

At Ascend, the shift begins with language. “We don’t call them Managing Partners,” explains Wurtzbacher. “We call them CEOs. That’s not just semantics: we’re trying to rewire their approach to leadership and management.” 

For Tim Petrey, Managing Partner of HD Growth Partners, stepping back from client-facing work was a critical, but challenging, transition. “I say this humbly, but I’m a great practitioner. It’s been a huge driver of our growth over the years. Stepping out of those client relationships was intimidating – what if I wasn’t a great CEO?” While Petrey may have had some doubt, his intentional shift has been a great success: his firm has been recognized by Accounting Today as one of the Best Accounting Firms to Work For. In 2024, they joined Wurtzbacher’s Ascend platform.

Building Community and Investing in Leadership Education

The demands of leadership can be isolating, but all of the firm leaders we talked to agreed that developing a community of peers and attending leadership development programs makes all the difference. For many accounting firm leaders, these connections and learning opportunities provide essential support and guidance.

Michael Simpson, Managing Partner of Brinker Simpson, emphasizes the importance of surrounding yourself with experienced peers. “Get involved with an organization where you can surround yourself with people who are doing what you’re doing, and have been doing it for 15 or 20 years,” he advises. For him, programs like Winding River Consulting’s Managing Partner Bootcamp were the perfect venue, offering a structured program for leaders to gain insights from seasoned professionals. “We just had one of our recently promoted partners join Basic Training Bootcamp, and I’m a graduate of Managing Partner Bootcamp. Both have been invaluable,” Simpson adds.

For Laura Sprouse, CEO of Brown Edwards, the connections forged during her time in bootcamp have had a lasting impact. “Four years in, I’m still close to people in my cohort and look forward to catching up with them at conferences and events. Having a peer group in a similar position to myself is invaluable.” These relationships not only provide a sounding board for challenges but also create opportunities for collaboration and shared learning.

Beyond external programs, fostering community within the firm is equally important. Ben Wilson, Managing Partner & CEO of Adams Brown, shares how a recent leadership summit helped unite his team. “We brought all of our leaders together, and a major focus of those conversations was culture. While we want to be highly specialized to provide value to our clients, we’re one firm. We want to share resources and experiences and bring everybody into the fold under one common culture.”

Whether through external programs or internal initiatives, building a strong leadership community ensures that leaders feel supported, empowered, and prepared to drive their firms forward.

Securing the Future: Elevate Your Leadership Team Today

As the accounting industry navigates the challenges of 2025 and beyond, one thing remains clear: the future of every firm depends on the strength of its leaders. Whether it’s investing in employee development, reimagining roles and compensation strategies to attract top talent, or creating a culture of collaboration, firms must prioritize leadership development to thrive in an increasingly competitive landscape.

At Winding River Consulting, we understand the unique demands facing today’s accounting leaders. Through our leadership development programs, we provide rising and established partners with the tools, insights, and community they need to succeed. Our tailored approach equips firm leaders to refine their vision, enhance their strategic thinking, and build stronger, more resilient organizations.

If you’re ready to elevate your leadership team and secure your firm’s future, Winding River Consulting is here to help. Explore our leadership development programs or contact us today to learn which program is right for you.