Is Partner Buy-In Outdated? Why Young Accountants Are Saying No to Ownership
For decades, the path to success in accounting was clear: become a partner, buy into the firm, and eventually share in the profits and decision-making. But as Pippa Miller-Hawkes, director at BSN, puts it, that model may be losing its appeal. “Not everyone wants to go mortgage their house or borrow money to become a partner,” she says, pointing to a trend that’s challenging traditional career structures in the accounting world. Many young accountants are now choosing to advance in their careers without assuming ownership, rethinking what it means to lead.
In this blog, we dive into why the next generation of accountants is opting out of ownership and how firms are innovating to meet their needs.
Fancy listening to the full episode? Check out this interview on the M&A Diaries with James Gosling here.
Why Partnership Buy-Ins Are Losing Appeal
The concept of partnership buy-ins has long been central to the accounting profession, but there’s been a cultural shift. For many young accountants, career priorities have changed, and taking on ownership in a firm no longer has the allure it once did.
Pippa has observed that for many, the high cost of a buy-in, combined with the financial risk and time commitment, isn’t worth the sacrifice. “The younger generation is balancing family life, personal goals, and career ambitions in a way that doesn’t always align with traditional partnership,” she explains. Allan Wilson, managing director at Wilson Partners, echoes this sentiment, pointing out that “there are plenty of people who want career progression but aren’t interested in mortgaging their house to become a partner.” For this generation, security and flexibility often trump the notion of long-term financial gain through ownership.
Instead, many young professionals are focused on developing skills and advancing in their roles without the need for formal ownership, signaling a major cultural shift within the industry.
Rethinking Incentives – How Firms Are Redefining Leadership Without Ownership
As young accountants redefine what success looks like, firms are finding creative ways to support this evolution. Allan Wilson’s approach at Wilson Partners is to provide pathways to leadership that don’t require a financial buy-in. By separating career progression from ownership, he offers employees flexibility while aligning with their career preferences.
Pippa, too, has balanced tradition with flexibility. When she structured a buy-in for her team, she designed a fair and gradual payment plan that eased the financial pressure. “I believe that some skin in the game is important,” Pippa shares, “but it shouldn’t come with overwhelming financial strain.” She’s found that this balanced approach encourages leadership without placing an undue burden on employees.
For both Pippa and Allan, aligning incentives with career paths has proven essential to retaining ambitious talent, even if that doesn’t mean full ownership.
Creating Meaningful Development Pathways
Leadership development is a key area where firms can engage and empower their future leaders. At Wilson Partners, Allan launched a Management and Leadership Development Program, which focuses on building soft skills like client management, strategic thinking, and team leadership. “It’s all about recognizing those individuals who make a difference and incentivizing them for long-term growth,” Allan explains. This structure allows high-potential employees to grow in areas that matter most to them without needing to buy into the firm.
Similarly, Pippa has established a “Rising Stars” program at BSN, where high-potential team members contribute to business strategy and growth. By giving young professionals a voice in firm-wide decisions, she fosters a sense of ownership without formal equity. The monthly strategy sessions offer a place to share ideas and take responsibility for implementing them—key leadership skills that build confidence and experience.
Alternative Ownership Models – Are EOTs the Answer?
Employee Ownership Trusts (EOTs) are one alternative to traditional buy-ins, offering a way for firms to transfer ownership to employees. While EOTs come with tax advantages, they also raise questions about how well they fit into an accounting firm’s structure.
Pippa is sceptical, especially for larger firms, noting that “if employees control the company, they might prioritise lifestyle over client service, which could affect the business’s ability to serve clients effectively.” She sees EOTs as potentially better suited to smaller, tight-knit teams where the sense of ownership might translate more directly to accountability.
Allan, too, sees challenges with EOTs. For him, team engagement doesn’t require formal ownership; he believes there are other ways to inspire loyalty and commitment without restructuring the entire business model. For firms where client service and agility are top priorities, focusing on culture and development may offer a more effective path than an EOT.
Encouraging Next-Gen Talent to Innovate and Lead
The next generation of leaders is eager to make a difference, and Allan and Pippa both believe that empowering them through trust and opportunity is essential. Both leaders share success stories that illustrate the value of letting young professionals take the lead.
For instance, Pippa tells of a team member who joined BSN fresh out of university and quickly demonstrated leadership potential. When a new client lead came through, Pippa encouraged him to pursue it independently. He traveled to Southend-on-Sea, built a strong rapport with the client, and returned with multiple engagements. “The enjoyment he got from that experience—it was beyond what a bonus could give,” Pippa shares. This approach teaches young accountants critical skills they’ll need as future leaders and partners.
Allan has seen similar initiative at Wilson Partners. One team member proposed a women’s networking event, requesting a budget to make it happen. Allan agreed, and the event has since become an integral part of the firm’s outreach. “It’s about encouraging initiative and providing support,” Allan explains. “We want to empower our young professionals, not hold them back.”
Is It Time to Rethink the Path to Partnership?
As younger accountants challenge the traditional model of buy-ins, accounting firms are rethinking what it means to lead. Pippa and Allan’s experiences show that there’s no one-size-fits-all approach to leadership development. Some firms, like Wilson Partners and BSN, have found success by separating ownership from leadership, offering alternative ways to engage and retain their top talent.
For firms still clinging to the buy-in model, the shift in expectations among younger accountants is a signal to adapt. By focusing on career development, open dialogue, and opportunities for meaningful contribution, accounting firms can attract and retain future leaders—whether they buy in or not.
As the industry evolves, so too must the pathways to leadership, meeting the aspirations of today’s talent with innovation and flexibility. Ultimately, buy-ins may not disappear entirely, but as Allan and Pippa’s stories show, they’re no longer the only path to a fulfilling, impactful career in accounting. Catch the full discussion on the M&A Diaries with James Gosling. Listen here.
