Operating Company Enters the Accounting Profession with Bement & Company Deal

Franklin Alliance Debuts in the Accounting Industry with a Focus on Small CPA Firms

Franklin Alliance, a newly established operating company, has entered the accounting profession, announcing its first acquisition: Bement & Company CPAs, based in Bountiful, Utah. This marks the launch of an innovative platform designed to partner with smaller CPA firms and offer them resources for sustainable growth while preserving their unique identities and cultures. 

A Hybrid Model for Growth 

Franklin Alliance positions itself as an alternative to traditional private equity (PE) or CPA consolidators. Unlike PE funds, Franklin Alliance operates as a company offering a hybrid approach that blends scalability and operational support with the preservation of local firm autonomy. Its focus is on CPA firms with annual revenues under $10 million, helping them tackle challenges such as succession planning, human capital management, technology adoption, and growth opportunities. 

Steve Shein, Franklin Alliance co-founder, emphasizes the importance of empowering smaller firms that are often overlooked by traditional PE strategies. “We don’t view boutique firms as add-ons to larger firms; we view them as firms with a unique culture and legacy that should both endure and thrive for generations to come,” Shein said. 

Why Bement & Company Chose Franklin Alliance 

Brent Bement, owner of Bement & Company, sees Franklin Alliance as an ideal partner for his firm’s growth while maintaining its personalized client service. “Small to mid-sized business owners, investors, and individuals are often underserved, caught between tax preparation shops and large corporate CPA firms that lack personal attention. While exploring potential CPA platform partnerships, I found many did not share my vision: to add real value to clients and employees while achieving sustainable growth without sacrificing the personal touch. That vision is what drew me to Franklin Alliance,” Bement shared. 

Bement has joined Franklin Alliance as a co-founder, strategic advisory board member, and investor. 

Industry Experts Endorse Franklin’s Approach 

The accounting industry is undergoing significant transformation due to the influx of private equity, which brings growth capital but can impose rigid structures and cultures that clash with traditional CPA firm values. Allan Koltin, CEO of Koltin Consulting Group, highlights Franklin’s distinctive model: “The Franklin Alliance model avoids the constructs and potential constraints of traditional private equity funds. It’s uniquely positioned to add value to smaller accounting firms where firm cultures are normally less institutionalized.” 

Rich Dreher, former managing partner at Wipfli and now a strategic advisor to Franklin Alliance, also praised the platform’s focus on smaller firms. “This unique platform approach, specifically targeting smaller firms often overlooked by larger firms and private equity in their roll-up strategies, is particularly intriguing,” Dreher noted. 

Future Growth Plans 

The acquisition of Bement & Company is just the beginning for Franklin Alliance. The company has announced that it has several other accounting firms under contract, signaling its intent to build a network of boutique CPA firms that can thrive without losing their individuality. 

This bold move offers a refreshing alternative for smaller CPA firms seeking growth and support while staying true to their roots, positioning Franklin Alliance as a transformative force in the accounting profession.