Introduction: The Weight of a Top 50 Firm
When you are making the biggest financial decision of your life, acquiring a business, the credibility and depth of your advisory team matters enormously. HBK CPAs & Consultants, ranked #44 among the largest accounting firms in the United States by INSIDE Public Accounting, brings institutional weight that few competitors in the due diligence space can match.
Founded in 1949, HBK has been serving businesses and individuals for over 76 years. That is not a typo. While many due diligence firms have been around for a decade or two, HBK has been advising clients through recessions, booms, industry transformations, and every kind of economic cycle imaginable. Their client satisfaction score runs nearly 2x the industry average, which earned them the Best of Accounting award for client satisfaction excellence.
In this review, we examine HBK’s transaction advisory and due diligence capabilities, assess their strengths and limitations for business buyers, and explore how their services integrate with SBA financing through GoSBA Loans.
Firm Overview
Key Facts
- Founded: 1949 (76+ years in operation)
- National Ranking: #44 largest accounting firm in the U.S. (INSIDE Public Accounting)
- Client Satisfaction: Nearly 2x the industry average; Best of Accounting award winner
- Core Services: Accounting, tax, audit, transaction advisory, HR business services, wealth management
- Industry Specializations: Cannabis, construction, automotive dealerships, healthcare, manufacturing, nonprofit
- Recognition: Consistently ranked among top CPA firms nationally
Transaction Advisory and Due Diligence Services
HBK’s transaction advisory practice is where their due diligence capabilities live. As a full-service CPA and consulting firm, their transaction work is backed by the full depth of their audit, tax, and consulting practices. This integrated approach is one of HBK’s most significant advantages.
Financial Due Diligence
HBK’s audit-trained professionals bring rigorous analytical skills to financial due diligence engagements. Their work typically includes:
- Quality of Earnings (QoE) analysis with CPA attestation
- Historical financial performance review
- Working capital normalization and analysis
- Revenue quality and sustainability assessment
- Identification of non-recurring items, owner adjustments, and add-backs
- Balance sheet analysis and hidden liability identification
- Cash flow analysis and debt service coverage evaluation
Tax Due Diligence
With a robust tax practice, HBK can evaluate the full spectrum of tax risks in a potential acquisition:
- Federal and state tax compliance review
- Sales and use tax exposure analysis
- Employee classification and payroll tax review
- Tax structure optimization for the acquisition
- Assessment of tax positions and potential liabilities
- State nexus analysis for multi-state operations
HR and Workforce Due Diligence
One unique differentiator for HBK is their HR business services practice. Many due diligence firms overlook the human capital side of acquisitions, but employee-related issues can be some of the most expensive surprises post-closing. HBK can assess:
- Employee benefits and compensation structure analysis
- Retirement plan compliance and liability review
- Employment contract and non-compete evaluation
- Key employee retention risk assessment
- HR compliance and regulatory exposure
- Workforce integration planning
Industry Expertise
HBK has developed deep specializations in several industries, which is particularly valuable for due diligence work. When your advisory firm understands the specific dynamics, benchmarks, and risks of your target company’s industry, they can identify issues that generalist firms would miss.
Notable Industry Practices
- Cannabis: One of the most complex industries from an accounting and tax perspective. HBK understands the unique challenges including 280E tax implications, state-by-state regulatory differences, and cash-intensive operations.
- Construction: Percentage-of-completion accounting, bonding requirements, change order management, and retainage analysis are all areas where HBK brings specific expertise.
- Automotive Dealerships: LIFO inventory, floor plan financing, manufacturer relationships, and dealership-specific financial metrics require specialized knowledge that HBK possesses.
- Healthcare: Revenue cycle management, payer mix analysis, regulatory compliance, and reimbursement rate evaluation are critical due diligence areas for healthcare acquisitions.
- Manufacturing: Inventory valuation methods, cost accounting systems, supply chain risk, and capital expenditure requirements need specialized analytical approaches.
- Nonprofit: Fund accounting, grant compliance, donor restrictions, and nonprofit-specific regulatory requirements demand unique expertise.
Strengths of HBK CPAs & Consultants
- CPA-Attested Reports: As a licensed CPA firm, HBK’s due diligence reports and Quality of Earnings analyses carry the weight that lenders and investors expect. This is not a consulting report from an advisory firm; it is a CPA-prepared analysis that meets the standards SBA lenders require.
- 76 Years of Institutional Knowledge: The depth of experience accumulated over seven decades means HBK has seen virtually every type of business issue, economic condition, and transaction complication. This institutional memory is invaluable when evaluating complex deals.
- Multidisciplinary Team: The integration of audit, tax, HR, and consulting specialists under one roof means HBK can assemble the right team for any transaction. You are not getting a one-size-fits-all analysis; you are getting a tailored team matched to your deal’s specific needs.
- Industry Depth: Their specialized industry practices mean they bring relevant benchmarks, industry-specific risk knowledge, and sector expertise to every engagement. A generalist firm analyzing a construction company will miss things that HBK’s construction specialists will catch.
- Client Satisfaction Track Record: Scoring nearly 2x the industry average for client satisfaction is a meaningful metric. Due diligence is a high-stakes, often stressful process, and working with a firm that consistently delivers positive client experiences matters.
- Post-Acquisition Support: Because HBK offers ongoing accounting, tax, and HR services, they can continue as your advisors after the acquisition closes. This continuity means the team that identified issues during due diligence is the same team helping you address them post-closing.
Potential Limitations to Consider
- Pricing: As a Top 50 national firm, HBK’s rates reflect their size, reputation, and capabilities. For smaller acquisitions, particularly those under $1 million, the cost of engaging HBK for full due diligence may be disproportionate to the deal size. Smaller deals may be better served by boutique firms with lower overhead.
- Engagement Process: Larger firms typically have more formal engagement processes, including conflict checks, engagement letter negotiations, and internal approval requirements. This can slow down the initial setup compared to smaller firms that can start work more quickly.
- Less Focus on Digital Businesses: HBK’s industry specializations lean toward traditional industries like construction, manufacturing, healthcare, and automotive. If you are acquiring an online business, e-commerce brand, or SaaS company, their industry-specific expertise may be less relevant.
- Geographic Concentration: While HBK serves clients nationally, their office locations and deepest relationships are concentrated in certain regions. For deals outside their primary markets, some of the network and local market advantages may be diminished.
- Overkill for Simple Deals: If you are buying a straightforward small business with clean financials and no complex tax or HR issues, HBK’s comprehensive approach may provide more analysis than you need. Sometimes a focused QoE report from a smaller firm is sufficient.
Who Is HBK Best Suited For?
- Buyers acquiring businesses in the $2 million to $50 million+ range
- Acquisitions in industries where HBK has deep expertise: construction, healthcare, manufacturing, automotive, cannabis, nonprofit
- Deals with complex tax structures, multi-state operations, or significant employee-related considerations
- Buyers who want a CPA-attested QoE report that meets the highest lender standards
- Transactions where post-acquisition accounting and advisory continuity is valuable
- Deals where HR due diligence including benefits, compensation, and employment compliance is critical
- Buyers seeking institutional credibility that a Top 50 firm name provides to lenders and sellers
How GoSBA Loans Complements HBK’s Transaction Advisory
HBK provides the analytical firepower to evaluate a deal. GoSBA Loans provides the financing expertise to close it. Together, they form a powerful combination for business buyers.
- 50+ Lender Network: GoSBA maintains relationships with more than 50 SBA-approved lenders. After HBK delivers their CPA-attested QoE report, GoSBA ensures that report is submitted to the lender most likely to approve your specific deal. Different lenders have different appetites for different industries, deal sizes, and borrower profiles, and GoSBA’s network maximizes your options.
- $320 Million+ Funded: With over $320 million in SBA loans facilitated, GoSBA brings deep experience in packaging acquisition loans. They understand how to present HBK’s detailed financial analysis in a way that resonates with SBA underwriters.
- Completely Free Service: Given that HBK’s engagement fees reflect their Top 50 status, the fact that GoSBA’s loan brokerage is completely free to borrowers is significant. You are already investing in top-tier due diligence; your financing support should not add to that cost.
- Free Business Plan ($2,500–$5,000 Value): GoSBA provides a complimentary SBA-ready business plan that incorporates the findings from your due diligence. This saves you $2,500 to $5,000 and ensures your business plan is consistent with HBK’s financial analysis.
The Premium Acquisition Stack
For buyers who want the highest quality acquisition process, consider this combination: HBK CPAs & Consultants for comprehensive, CPA-attested due diligence covering financial, tax, and HR dimensions, paired with GoSBA Loans for free SBA loan packaging, business plan development, and access to 50+ lenders. This gives you institutional-quality analysis on the diligence side and expert, cost-free support on the financing side.
Final Verdict
HBK CPAs & Consultants represents the gold standard for transaction advisory and due diligence in the traditional accounting firm model. Their 76-year track record, Top 50 ranking, CPA-attested reports, and industry-leading client satisfaction scores make them a compelling choice for serious acquisitions. The added dimension of HR due diligence sets them apart from competitors who focus solely on financial and tax analysis.
For larger deals, complex transactions, and acquisitions in industries where HBK has deep expertise, they are hard to beat. Smaller deals or digital business acquisitions may be better served by more specialized or cost-effective alternatives. But when credibility, comprehensiveness, and institutional backing matter, HBK delivers.
Pair HBK’s thorough due diligence with GoSBA Loans’ free financing support to create the most robust acquisition process possible.
Ready to finance your next acquisition? Contact GoSBA Loans today for a free consultation, complimentary business plan, and access to 50+ SBA lenders.
