Introduction: What Makes Centurica Different
If you are buying a small business or an online company, Centurica is a name you have likely encountered. Operating since 2013 out of Missoula, Montana, Centurica has carved out a niche as a due diligence provider specifically focused on SMB and digital acquisitions. Unlike traditional accounting firms that offer due diligence as one of many services, Centurica was built from the ground up to analyze businesses from a buyer’s perspective.
In 2022, Centurica was acquired by Nate Ginsburg, an entrepreneur and operator in the online business space. This ownership change brought renewed energy and a more operator-centric philosophy to the firm. The team positions themselves not just as number-crunchers but as business operators who understand the practical realities of running and growing the types of companies their clients are looking to acquire.
In this review, we will examine Centurica’s approach to due diligence, evaluate their strengths and weaknesses, and explore how their services integrate with SBA financing through GoSBA Loans.
Firm Overview
Key Facts
- Founded: 2013
- Location: Missoula, Montana
- Ownership: Acquired by Nate Ginsburg in 2022
- Specialization: Due diligence for online businesses and brick-and-mortar SMBs
- Services: Financial due diligence, operational due diligence, commercial (market) due diligence
- Experience: Thousands of businesses reviewed over the past decade
- Typical Timeline: 3–4 weeks per engagement
The Three Pillars of Centurica’s Due Diligence
Centurica organizes their due diligence around three core areas, which they call their three pillars. This framework is straightforward and gives buyers a clear understanding of what they are getting.
1. Financial Due Diligence
The fundamental question: “Are the seller financials accurate?” Centurica rebuilds the profit and loss statement from scratch to verify that the business is worth its asking price. This involves:
- Rebuilding the P&L from source data
- Identifying discrepancies between reported and actual financials
- Analyzing revenue trends and sustainability
- Evaluating expense normalization and owner add-backs
- Assessing the quality of earnings
2. Operational Due Diligence
The risk question: “What are the biggest risks?” This pillar goes beyond the numbers to examine how the business actually operates. Centurica analyzes and calculates operational risks while also identifying value creation opportunities. This includes:
- Supplier and vendor dependency analysis
- Customer concentration risk
- Key person dependencies
- Process documentation and transferability
- Technology and platform risks for online businesses
- Growth opportunity identification
3. Commercial (Market) Due Diligence
The growth question: “Where are the biggest growth opportunities?” This analysis examines the market landscape to determine whether the business has a sustainable future and room to expand. It covers:
- Market size and growth trajectory
- Competitive landscape assessment
- Industry trend analysis
- Sustainability of the business model
- Identification of untapped growth channels
Strengths of Centurica
- Operator Mindset: Centurica explicitly differentiates themselves from CPAs by emphasizing that their team consists of business operators. They argue, and rightly so in many cases, that CPAs are excellent with numbers but often lack the operational experience to identify business-level risks. For buyers of online businesses especially, this operator perspective can catch issues that a traditional accountant would miss entirely.
- Digital Business Expertise: If you are buying an e-commerce store, content site, SaaS product, or Amazon FBA business, Centurica has likely reviewed hundreds of similar businesses. This pattern recognition is incredibly valuable because they know exactly what to look for in digital business models.
- Volume and Experience: Having reviewed thousands of businesses over a decade gives Centurica a robust benchmark library. They can quickly compare your target business against similar companies they have analyzed, identifying outliers and anomalies faster.
- Three-Pillar Framework: The structured approach covering financial, operational, and commercial analysis ensures nothing falls through the cracks. Many buyers make the mistake of focusing solely on financials, and Centurica’s framework naturally broadens the scope.
- Transparent Pricing: Centurica offers instant quotes through their website, which is refreshingly transparent compared to the “contact us for pricing” approach of many competitors. The price depends on business size and desired scope, but at least you can get a quick estimate before committing.
- Reasonable Timelines: A 3–4 week turnaround is competitive for the industry, and much of the timeline depends on seller responsiveness rather than Centurica’s capacity.
Potential Limitations to Consider
- Not a CPA Firm: While Centurica positions their non-CPA status as an advantage, some lenders and investors specifically require due diligence reports from licensed CPAs or accounting firms. If your SBA lender requires a CPA-prepared Quality of Earnings report, Centurica’s report may not satisfy that requirement. This is an important consideration for SBA-financed acquisitions.
- Less Suited for Large or Complex Deals: Centurica’s sweet spot is SMB acquisitions. For middle-market deals with complex corporate structures, multi-entity setups, or sophisticated tax issues, a larger accounting firm with dedicated tax and audit practices may be more appropriate.
- Ownership Transition: The 2022 acquisition by Nate Ginsburg represents a significant change. While new ownership can bring positive changes, it also means the firm is still evolving under its current leadership. The team and processes may differ from what earlier clients experienced.
- Limited Tax Analysis: Without a CPA practice, Centurica’s ability to assess complex tax exposures, state nexus issues, or potential tax liabilities may be more limited than firms that have integrated tax departments.
- Geographic Limitations for Brick-and-Mortar: For online businesses, location does not matter much. But for brick-and-mortar acquisitions, having boots on the ground to visit the physical location and assess local market conditions can be valuable, and a Missoula-based firm may have limitations here.
Who Is Centurica Best Suited For?
- Buyers acquiring online businesses including e-commerce, SaaS, content sites, and Amazon FBA
- First-time buyers who want an operator’s perspective, not just an accountant’s analysis
- Acquisitions in the $100,000 to $5 million range
- Buyers who value operational and market analysis alongside financial review
- Search fund operators and independent sponsors acquiring SMBs
- Buyers working through online business brokerages and marketplaces
How GoSBA Loans Complements Centurica’s Due Diligence
Once Centurica has validated that the business you want to buy is solid, the next step is securing financing. This is where GoSBA Loans provides tremendous value, especially for small business acquisitions.
- 50+ Lender Network: GoSBA works with over 50 SBA-approved lenders. This is critical because different lenders have different appetites for different business types. An e-commerce business that one lender declines may be exactly what another lender specializes in. GoSBA’s broad network ensures your deal gets in front of the right lender.
- $320 Million+ Funded: With over $320 million in SBA loans facilitated, GoSBA has the track record and relationships to navigate complex lending situations.
- Completely Free Service: GoSBA charges borrowers nothing. Their fee comes from the lending side, so you get professional loan brokerage without adding to your acquisition costs.
- Free Business Plan ($2,500–$5,000 Value): Every SBA acquisition loan requires a business plan, and GoSBA creates one for you at no charge. This alone saves you thousands of dollars and weeks of effort.
Bridging Due Diligence and Financing
There is a natural handoff between Centurica’s due diligence report and GoSBA’s loan packaging process. The financial analysis from Centurica provides the data foundation that lenders need to evaluate the deal. GoSBA’s team knows how to translate due diligence findings into the language that SBA underwriters want to see.
One important note: if your SBA lender requires a CPA-prepared QoE report, you may need to supplement Centurica’s analysis with a report from a licensed CPA firm. GoSBA can advise you on specific lender requirements so you know exactly what documentation you need before you spend money on due diligence.
Final Verdict
Centurica is a strong choice for buyers of online businesses and smaller acquisitions who want an operator’s perspective on due diligence. Their three-pillar framework provides comprehensive coverage, and their experience with thousands of businesses gives them valuable pattern recognition. The firm’s focus on digital and SMB acquisitions means they understand the specific risks and opportunities in these deal types better than most generalist accounting firms.
However, buyers pursuing SBA-financed acquisitions should verify whether their lender will accept Centurica’s reports in place of CPA-prepared documents. And for larger, more complex deals with significant tax considerations, a traditional accounting firm may be more appropriate.
Regardless of which due diligence firm you choose, having the right financing partner is equally important. GoSBA Loans can help you navigate the SBA lending landscape and pair due diligence findings with the optimal loan structure for your acquisition.
Ready to secure SBA financing for your business acquisition? Contact GoSBA Loans today for a free consultation and complimentary business plan.
