With the deal for Brauel & Brauel, TSG projects revenue of $6.5 million. It will have 34 employees and serve some 4,000 clients, both on the commercial and personal side.
The Westbrook accounting firm TSG (formerly the Swanson Group) said Tuesday it is acquiring a North Conway, N.H., firm.
With the deal for Brauel & Brauel, TSG projects revenue of $6.5 million. It will have 34 employees and serve some 4,000 clients, both on the commercial and personal side.
TSG claims to be Maine’s largest woman-owned tax and accounting firm. Overall, the firm ranks No. 10 among Maine's largest accounting firms, according to the 2026 Mainebiz Book of Lists, which cites 2024 revenue of $4.8 million and 30 Maine employees.
This is TSG's seventh acquisition in the past decade, but its first outside of Maine.
Tabitha Swanson is principal at the Swanson Group. COURTESY / THE SWANSON GROUP
“We are looking forward to expanding into New Hampshire and building our local reputation,” Tabitha Swanson, principal and founder of TSG, said in a news release. “Morale has never been higher here, and I think it's due to our team approach to building the company."
She underscored her commitment to "local ownership and maintaining brick and mortar locations."
Going forward
All Brauel & Brauel clients and staff will transition to TSG for the 2026 tax season, but will be serviced by principal Richard Brauel and the staff there.
“I never want to retire,” said Brauel. “But when I met Tabitha and she affirmed her commitment to maintaining a local presence in our community, I knew it was a perfect fit for our clients and staff, and a great step forward for the regional accounting industry."
A changing field
The acquisition comes at a time of transition in the industry, with many accountants aging out. The industry is losing talent at historic levels, according to the American Institute of CPAs. Since 2021, the Bureau of Labor Statistics reports that 300,000 accountants have exited the profession.
Even with gains in AI technology, accounting firms are spending more to hire and retain workers. Small and large accountancy firms are selling out to private equity firms to ease the labor challenges.
“Maine is an older state, which exacerbates the issue,” said Patricia Brigham, executive director of the Maine Society of CPAs, in the news release. “I receive two to three calls per week from businesses and residents looking for local CPA services, but most firms are not taking on new clients. We wish more firms could maintain a local growth strategy that builds economies and fosters personal connections with clients."
TSG, which was founded in 2012 and is based on Main Street in downtown Westbrook, is in the process of transitioning to an employee stock ownership plan. Even with the industry "on the brink of dramatic transformation," she remains committed to the independent model.
"I have no plans to sell out to private equity or subcontract the jobs overseas, like many firms are doing,” Swanson said.
