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Richard Kopelman

Chief Executive Officer at Aprio Advisory Group

Atlanta, Georgia

RK
Why they matter

As CEO who took Aprio through its first PE raise and 45+ tuck-in mergers, Kopelman is a direct read on accounting roll-up economics and PE-firm dynamics.

Background

Richard Kopelman, CPA, CGMA, has served as CEO of Aprio (operating as Aprio Advisory Group LLC / Aprio LLP) since 2013, building it into one of the fastest-growing accounting and business advisory firms in the U.S. He holds a B.S. in Accounting from the University of South Florida and has more than 25 years of public accounting experience serving clients from startups to billion-dollar enterprises. Under his leadership Aprio has completed 45+ mergers, expanded to 31 U.S. offices and two international locations, and grown to over 2,100 professionals serving clients in all 50 states and 50+ countries.

Notable deals

  • 2024
    Led Aprio's first institutional capital raise, a strategic growth investment from Charlesbank Capital Partners
  • 2024
    Expanded into Chicago via acquisitions of KRD, Ltd. and Burkett & Beattie, Inc.
  • 2025
    Agreed to acquire RSM US LLP's Professional Services+ practice covering the U.S. and Canada
  • 2025
    Acquired Mize CPAs Inc. and Prism Financial Group LLC, adding $1.8B AUM and 300+ professionals

Call-prep brief

Background

  • CEO of Aprio since 2013; CPA/CGMA with 25+ years in public accounting.
  • Grew Aprio from a regional firm to a top-25 U.S. advisory/accounting firm (~$485M FY24 revenue), 2,100+ professionals, 31 U.S. offices plus international presence.

Current Focus

  • Integrating Charlesbank Capital Partners' 2024 growth investment — Aprio's first institutional capital.
  • Running an aggressive tuck-in M&A cadence (Chicago, Oregon, Kansas, RSM PS+ practice) to hit scale targets, including a stated plan to reach 1,000 Midwest professionals within three years.
  • Building out Aprio Wealth Management (now ~$5B AUM post-Prism deal) as a cross-sell engine alongside core tax/advisory.

What He Cares About

  • Preserving "culture and capital" balance — has spoken publicly (Gear Up for Growth podcast) about not letting PE backing erode firm culture.
  • Talent retention/development amid rapid M&A integration.
  • Positioning Aprio as a national platform, not just a regional CPA firm.

Potential Sensitivities

  • Alternative practice structure (Aprio LLP for attest vs. Aprio Advisory Group for non-attest) was built specifically to accommodate the PE deal — regulatory/independence questions are a live topic in the profession and he may be guarded discussing structure mechanics.
  • Terms of the Charlesbank deal were not disclosed; expect reluctance to discuss valuation or ownership split.

Questions to Ask

  1. How is the alternative practice structure (LLP/Advisory Group split) actually working operationally post-Charlesbank, and would he recommend it to peers?
  2. What's the underwriting logic behind acquisition targets (e.g., Mize, RSM PS+) — geography, AUM, partner headcount — and how is integration paced?
  3. With Charlesbank as a platform investor, is Aprio positioned for further institutional capital or a future sale/IPO, and on what timeline?

Outreach draft

Subject
Perspective on accounting roll-up economics
Hi Richard, I've been following Aprio's trajectory — the Charlesbank investment, the alternative practice structure, and the string of tuck-ins (KRD/Burkett & Beattie, RSM's PS+ practice, Mize/Prism) are a really instructive case study in how accounting-firm roll-ups actually get built and financed. I'm part of a deal team studying the accounting services roll-up space, and given your seat running one of the more successful platforms in the sector, I'd value 20-30 minutes to hear your read on what's driving consolidation right now, how you think about integration pacing, and what private equity gets right (or wrong) as a partner to firms like yours. Would you be open to a short call in the next couple of weeks? Happy to work around your schedule. Best, [Placeholder Name]

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