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Founder / Operator·Accounting Roll-Ups

Michelle Loyd Thompson

CEO at Cherry Bekaert Advisory LLC

Raleigh, NC

ML
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Why they matter

CEO of a Parthenon Capital-backed advisory platform actively rolling up middle-market accounting firms — a direct comp and potential co-investor or target relationship for any accounting roll-up thesis.

Background

Michelle Loyd Thompson joined Cherry Bekaert in 1998 and built the firm's Risk & Accounting Advisory Services practice from scratch before rising to Managing Partner of Assurance Services and, in 2018, CEO of Cherry Bekaert LLP. When Parthenon Capital's 2022 investment split the firm into an attest entity and an advisory entity, she became CEO of Cherry Bekaert Advisory LLC, the PE-backed platform now executing an active accounting roll-up strategy across the Southeast and beyond.

Notable deals

  • 2022
    Led Cherry Bekaert Advisory LLC as CEO through Parthenon Capital's strategic (alternative practice structure) investment, splitting the firm into an attest entity and a PE-backed advisory entity
  • 2026
    Announced and quoted on Cherry Bekaert Advisory's acquisition of Calvetti Ferguson ($43M revenue, 16 partners, 5 Texas/Nashville offices)
  • 2024
    Named to Forbes' inaugural Top 200 CPAs list alongside Cherry Bekaert managing partner Collin Hill
  • 2024
    Appointed to the Board of Managers of The Innovate Fund, a Community Development Entity deploying New Markets Tax Credits across six Southeastern states

Call-prep brief

Background

  • CEO of Cherry Bekaert Advisory LLC since the 2022 Parthenon Capital investment split the firm into attest (Cherry Bekaert LLP) and advisory entities.
  • 25+ year Cherry Bekaert veteran; built the firm's Risk & Accounting Advisory Services practice from the ground up starting in 1998.
  • Named a 2024 Forbes Top 200 CPA and three-time AICPA "Most Powerful Woman in Accounting" (2019, 2022, 2024).

Current Focus

  • Running an active M&A-driven roll-up: Cherry Bekaert Advisory has acquired multiple firms (Cordia Partners, MCM CPAs, PKF Mueller, Calvetti Ferguson, ArcherPoint, Kerr Consulting) since the PE investment, growing toward $900M+ in firm revenue and 58 offices.
  • Explicitly prioritizes "geographical and service-oriented" alignment in acquisition targets — a stated, repeatable thesis.

What She Cares About

  • Middle-market client service quality and "shared culture" fit in deal integration.
  • Technology/infrastructure investment as a growth lever (cited as the rationale for taking PE capital).
  • Diversity & inclusion and community development (AICPA D&I commission, Innovate Fund board).

Potential Sensitivities

  • As CEO of a PE-backed platform, she may be constrained from discussing Parthenon's economics, future fundraising, or exit timeline.
  • Any conversation implying a competing roll-up strategy should be framed carefully given her fiduciary role.

Questions to Ask

  1. What criteria make an accounting firm target attractive vs. a pass in the current roll-up environment?
  2. How has integration (culture, tech stack, partner comp) evolved across the six-plus acquisitions since 2022?
  3. What's Parthenon's continued appetite for follow-on capital to fund further M&A?

Outreach draft

Subject
Perspective on accounting firm roll-up strategy
Hi Michelle, I've been following Cherry Bekaert Advisory's acquisition pace since the Parthenon Capital investment — Calvetti Ferguson, MCM CPAs, Cordia, and others make for one of the more active playbooks in the accounting consolidation space right now. We're doing diligence on the broader accounting roll-up landscape and would value 20-30 minutes to hear your perspective on target selection, integration, and where you see the market heading over the next few years. Happy to work around your schedule. Would you be open to a short call in the coming weeks? Best, [Placeholder Name]

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