When Boston-based IPA 100 firm Wolf & Company (FY25 net revenue of $105.3 million) reported 16.1% organic growth in this year’s INSIDE Public Accounting Practice Management Survey, there was no acquisition behind the increase.
The Boston-based firm grew net revenue from roughly $90.7 million to $105.3 million during the reporting year, making it IPA’s fastest-growing firm based on organic growth.
But MP Jerry Gagne says there wasn’t a single strategy responsible for the result.
“I think it was several years of investment coming together all at the same time,” Gagne told IPA Executive Director Chelsea Summers on the latest episode of the INSIDE Public Accounting Podcast.
Those investments span industry specialization, business development, talent and offshoring.
Specialization helped drive growth
Wolf’s assurance revenue jumped from $30.7 million to $42.7 million, an increase of about 39%.
Gagne said that growth was intentional. The firm has concentrated on regulated and specialized industries including financial services, digital assets, fintech and life sciences, aligning its industry leaders with client service, marketing and business development around a common strategy.
“We’ve been able to add new clients, but some of our best growth came from becoming more relevant to existing clients and expanding the services to help them seize the business opportunities that they were looking for,” Gagne said.
Growth wasn’t limited to assurance. Wolf also reported gains across tax, client accounting services and advisory as clients looked for fewer providers capable of solving connected problems.
That also shapes how Gagne thinks about advisory.
“It feels like advisory is more of a mindset than an actual service,” he said, pointing to the opportunity to bring an advisory approach to traditional audit and tax work.
Growth follows talent
Wolf’s headcount increased from just under 400 to 425 during the year. Gagne said the firm approached hiring as an input to growth rather than a response to it.
“People aren’t the consequence of the growth. They’re the cause of it,” he said.
Wolf has invested in recruiting, leadership development, employee engagement and career growth, particularly among experienced professionals who combine technical expertise with relationship and leadership skills.
The independent firm is also studying how private equity-backed competitors operate. Gagne pointed specifically to their use of detailed performance data to understand client activity, business development and individual contributions.
“We have to operate our business really well to be able to compete with them,” he said.
Offshoring became part of the growth engine
Wolf also expanded its offshore workforce from just a few professionals to 36 during the reporting year.
Those professionals now work across audit, tax, advisory, cybersecurity and internal functions. Gagne said Wolf views them as part of “One Wolf” rather than a separate labor pool.
“The objective of going offshore was not only capacity, but scalability, bringing in new capabilities and ensuring that we had the quality that we needed,” he said.
The firm expects to continue expanding its use of offshore talent, with a longer-term target of roughly 20% of its workforce or utilization. In the near term, Gagne said the priority is getting greater efficiency from the offshore team already in place.
Building growth that lasts
Gagne expects Wolf to face headwinds, including regulatory changes, greater competition and pricing pressure. The firm is preparing by reassessing its service offerings and continuing to invest in its people.
For other firm leaders pursuing stronger organic growth, his advice is to look beyond any single initiative.
Wolf’s growth, he said, has been built around clear strategy, deep industry specialization, disciplined and repeatable business development processes and a willingness to invest in people before the firm necessarily needs them.
“The growth isn’t to just have a successful year,” Gagne said. “It’s to build a great firm.”
Listen to the full episode of the INSIDE Public Accounting Podcast to hear more about Wolf & Company’s approach to organic growth, specialization, talent and offshoring.
