Baker Tilly thrives with a unique people-first approach, achieving record revenue without aiming to be a Big Four. Embracing private equity, the firm focuses on efficiency and innovation, redefining success in the accounting world.
Francesca Lagerberg, the helm leader of Baker Tilly—one of the world’s top 10 accounting firms—shows no interest in mimicking the Big Four giants.
While the Big Four may be the gold standard in the accounting world, they have recently been struggling to maintain their growth momentum, and their once loyal consultants have been jumping ship.
Meanwhile, Baker Tilly is thriving, boasting a record $5 billion revenue for the year ending December 2023, a notable 11% increase from the previous year.
The crux of Baker Tilly’s strategy isn’t to become a Big Five, but to carve out its niche.
Lagerberg’s approach is refreshingly different—she aims to redefine success outside the shadow of the Big Four.
“Am I ambitious? Yeah, very,” she says.
“But am I ambitious to be a lesser version of something else?”
Her words resonate with a profound yet straightforward truth: success doesn’t necessarily mean being the biggest; it could mean being the best at what you do.
What sets Baker Tilly apart is its unique culture, a people-first approach that echoes throughout the organization.
While many firms tout similar services on paper, Lagerberg argues it’s the manner and culture in which these services are delivered that truly distinguish one firm from another.
The firm prides itself on flexible working arrangements, including unlimited holidays—an attractive proposition for employees looking for work-life balance.
Moreover, in a bold and strategic move, Baker Tilly US embraced the private equity wave, selling a majority stake to private investment groups Hellman & Friedman and Valeas.
This decision underscores a crucial transformation within the mid-tier sector, bringing both challenges and opportunities.
While private equity injects much-needed capital, fostering technological evolution, it also shakes up long-standing cultures and partner dynamics.
Yet, as Lagerberg astutely points out, these external stakeholders introduce a new level of rigor, focusing on efficiency and financial returns.
In an era defined by economic volatility, businesses must strive to be ‘future fit,’ as Lagerberg puts it.
While no company can predict every twist and turn, they can position themselves to seize opportunities as they arise.
In this uncertain landscape, Baker Tilly’s steadfast resilience and innovative approach make it a force to be reckoned with.
Ultimately, Lagerberg’s vision is clear: success is not about being a carbon copy of the giants; it’s about forging a distinct path, driven by values and a commitment to excellence.
As Baker Tilly continues to buck industry trends, it stands as a testament to the power of redefining success on one’s own terms.
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