FOFA Enters Accounting Roll-Up Mode with Toone & Associates Acquisition

Family Office of America, Inc. (“FOFA”), a growing provider of integrated wealth, tax, and family office services, has announced a significant strategic acquisition: Toone & Associates, a respected CPA firm based in Maryland that caters to affluent individuals and families. The deal signals FOFA’s commitment to scaling its business model by acquiring core accounting practices - combining traditional CPA capabilities with a broader family office platform.

Deal Summary

• Acquirer: Family Office of America, Inc. (FOFA), headquartered in Centennial, Colorado.
• Target: Toone & Associates, a Maryland-based CPA firm specializing in tax planning, accounting, and estate services for high-net-worth clients.
• Geographic Focus: The transaction expands FOFA’s presence in the Mid-Atlantic, specifically in affluent Maryland markets.
• Service Expansion: By acquiring Toone, FOFA brings on a team experienced in complex tax, accounting, and estate strategies - while giving Toone clients access to FOFA’s broader advisory services, including investment advisory and risk management.
• Strategic Rationale: FOFA views this acquisition as the first in a broader roll-up strategy of acquiring CPA practices in wealthy regions, building a national family office platform.
• Technology & Growth Levers: FOFA plans to boost operational efficiency through AI, citing a generational opportunity as many CPAs reach retirement, and intends to use technology to scale both productivity and acquisition volume.

Industry Context

The accounting and family office landscapes are increasingly overlapping. While many CPA firms focus on compliance and tax, platforms like FOFA are emerging to offer integrated wealth management, estate planning, and risk advisory. This model attracts firms that want exit solutions and greater service reach, and it appeals to high-net-worth clients who prefer a unified provider for their financial needs.

Consolidation in this space also reflects demographic trends: many traditional CPA leaders are nearing retirement, and capital-backed platforms represent a structured succession path. At the same time, clients demand more holistic services, including tax-efficient investment strategies, making the combined family office + CPA proposition compelling.

Lower-Middle-Market Roll-Up Perspective

From a roll-up standpoint, FOFA’s strategy checks several important boxes:

1. Targeted Acquisition: The Toone deal is not about volume but about quality - high-end, technically capable CPA talent aligned with FOFA’s family-office vision.
2. Succession Solution: Acquiring established firms helps FOFA tap into retiring CPA ownership while preserving client relationships.
3. Technology Leverage: FOFA’s AI-driven operating model is designed to augment traditional accounting workflows, improving margins and scale.
4. Platform Building: This is the first of many expected acquisitions. FOFA explicitly plans to consolidate CPA practices in affluent areas, building a national integrated advisory business.
5. Value Creation: By combining accounting services with wealth planning, FOFA can cross-sell and deepen relationships, capturing more share of clients’ financial lives.

Why This Sector Is Attractive for Roll-Ups

• Fragmented CPA Market: Many high-quality CPA firms remain independent and serve niche, affluent clients.
• Retirement Wave: A significant portion of CPA owners are nearing retirement, creating a pipeline for acquisition.
• Integrated Advisory Demand: Ultra-high-net-worth clients increasingly expect holistic service across tax, investments, and estate planning.
• Tech-Enabled Efficiency: Platforms that deploy AI and modern systems can improve productivity and scale more cost-efficiently.
• PE Interest: Firms like FOFA, backed by capital, can execute consolidation while investing in growth and innovation.

Conclusion

FOFA’s acquisition of Toone & Associates marks a deliberate and forward-looking pivot: from a pure family-office advisor to a full-fledged, integrated accounting + wealth platform. By combining Toone’s technical CPA capabilities with FOFA’s broader advisory infrastructure, the firm is positioning itself to capture a growing slice of the market serving affluent families.

For CPA firms seeking a stable succession path, FOFA offers not just an exit, but a future where their legacy continues under a platform that values both financial expertise and client relationships. For investors, this is a classic roll-up strategy - but one augmented by tech and a clear long-term vision for scaling family office services through acquisition.