Synopsis

For its first 55 years in business, Atlanta-based Aprio—then known as HA&W—focused on providing accounting services as a single-office CPA firm. In 2007, the company began implementing a bold merger and acquisition (M&A) strategy that would result in a major expansion of its locations, services, standing, and revenue.

In 2023, Aprio was recognized as the fastest-growing full-service CPA-led business advisory firm in the United States. It provides tax planning, tax return preparation, financial and estate planning, and advisory services.

Aprio has partnered with Truist throughout its growth and expansion. Learn about how this long-standing relationship is helping Aprio achieve its goals for today—and tomorrow.

Challenges

  • Aprio wanted to acquire other CPA firms via equity transaction, which required access to significant amounts of working capital.
  • Aprio needed funds to remodel its office space, which was leased and therefore not a source of collateral.
  • The firm needed ongoing working capital and treasury solutions to support its continued expansion.

Solutions

  • Truist increased Aprio’s revolving line of credit to $40 million to improve the firm’s access to working capital.
  • Truist approved a $13.5 million leasehold loan to upgrade Aprio’s new office space.
  • Truist established a $15 million term loan to support Aprio’s ongoing acquisition activity.
  • Truist provided Aprio with lockbox service, a digital payment processing tool that helps speed up payment collection and improve cash flow.

Aprio

A wall inside Aprio’s Atlanta headquarters reads, “The Aprio Way.”

Headquarters: Atlanta, Georgia; founded in 1952

Industry: Accounting and business advisory services

Employees: 2,100+

Annual revenue: $420 million (2023)

Website: aprio.com

Relationship: Truist client since 2009

“We’ve moved fast, and Truist has moved fast with us.”

Since 2007, Aprio has closed 27 M&A deals in a whirlwind period of growth that’s included a revamped strategic vision, a culture shift, and a forward-thinking rebranding. For Richard Kopelman, managing partner and CEO, it’s all about living Aprio’s tagline: “Passion for what’s next.”

“We have a vision for what we want to be, and that’s a brand that’s fresh and innovative—one that breaks the mold,” says Richard.

Truist has been helping Aprio realize this vision with financial support and business advisory solutions since 2009. Richard says that partnership has been a key factor in Aprio’s success so far.

“We’ve moved fast,” says Richard, “and Truist has moved fast with us.”

Reimagining the culture in a traditional industry

Before its rebranding, Aprio had been run like most other CPA firms, right down to how it was named—HA&W, for its founding partners. For Richard, who became CEO in 2013, building a new future meant starting at the foundational level. He worked with a rebranding agency to change the company’s name, which he says is grounded in the root words for “head” and “heart.”

It was an update Richard believed in so strongly that he went to great lengths to ensure it happened.

“Certain states, such as North Carolina, require the name of a CPA firm to include the name of an owner or founding partner,” says Richard. “When I discovered that, I knew there was only one thing to do. My second middle name is now Aprio.”

At the same time, Aprio implemented a culture shift that the team has embraced and practices daily. It’s based on a set of 31 fundamentals of behavior, including “act with integrity,” “honor commitments,” “celebrate success,” and “value differences.”

“Every week, we focus on one fundamental,” says Richard. “We do all 31, and then we start over again. I think we’re on our eighth or ninth cycle now.”

We very much think of Truist as an enterprisewide partner who helps us build connections where our markets and sectors overlap.
—Richard Kopelman, Managing Partner and CEO, Aprio

Growth strategies that target new industries and expand services

After looking at various ways to expand, Aprio engaged in M&A in geographic areas based on the specific industries that predominate there. Richard says it’s helpful that Truist also has industry expertise in many of the same areas, and he appreciates having an advisory partner that provides such specialized input.

“We’re not looking so much at other states so we can expand geographically, but so we can expand our capabilities,” says Richard. “For example, in January 2023, we expanded our government contractor expertise to serve in Washington, D.C.—where Truist also has that ‘govcon’ presence. We very much think of Truist as an enterprisewide partner who helps us build connections where our markets and sectors overlap.”

Aprio’s acquisition strategy is partly made possible with the help of a $15 million term loan Truist provided to support ongoing acquisition activity. As a result, Aprio has been able to expand its range of services to include digital transformation and cybersecurity, blockchain accounting, international tax, and wealth management—and offer those to a broader range of customers.

“Each merger allows us to have a footprint where we can continue building out these segments on a national basis,” says Richard.

Another innovative growth opportunity arose during the COVID-19 pandemic. When the U.S. government began offering assistance programs like the Employee Retention Credit and the Provider Relief Fund, Aprio recognized that many of its clients would need help navigating them. With an increased line of credit providing access to working capital, Aprio expanded its services by putting dedicated teams in place to educate clients on complex eligibility requirements and to help them maximize their benefits.

Banking solutions for what’s next

In addition to providing and increasing Aprio’s revolving line of credit over the years, Truist approved a $13.5 million leasehold loan to fund improvements to Aprio’s reimagined office space.

“Our old space was a beige cubicle farm,” says Richard. “The new space is open and collaborative. Our designers showed it to another client, and they were shocked to learn the space belongs to an accounting firm. They assumed we were a tech company.”

Aprio’s long-standing relationship with Truist played a role in securing the loan. Because Aprio leases the space, they didn’t have physical collateral. But because the Truist team was so familiar with the strength of the business, they were comfortable providing the loan.

Another facet of Aprio’s strategic growth plan is to be a digital-first company. To help with that effort, Truist provides Aprio with lockbox service, which digitizes payment collections for faster, safer receivables.

“We’ve been working together to perfect the technology so the information goes directly to our accounting system,” says Richard. “It’s a tremendous timesaver.”

It’s been a crazy ride with so much rapid growth over the past few years, and Truist has been with us every step of the way. Their support—both financial and advisory—has been invaluable..
—Richard Kopelman, Managing Partner and CEO, Aprio

The power of a trusted partnership

Richard says the relationship between Truist and Aprio is a perfect example of the importance of having trusted advisors who know your business inside and out.

And he notes just how far that partnership has brought Aprio.

“In 2009, when we opened our first account with Truist, we had about $53 million in annual revenue. In 2023, we’ll finish the year at nearly 10 times that amount. Truist has been with us every step of the way,” he says.

Read more about Aprio’s journey and how Truist Business Lifecycle Advisory helped the company navigate rapid growth.

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A wall inside Aprio’s Atlanta headquarters reads, “be proactive.”

How your business can get there

Richard’s advice: A company is never too established to reinvent itself and reenter the growth stage. Aprio was 55 years old when the company completed its first merger. The key to not letting your lifecycle stage define you is having a long-term advisor who not only knows your history but is forward-thinking enough to understand where you want to go. Truist’s like-minded approach to innovation meant they were able to fully embrace and support Aprio’s dynamic reinvention and growth. 

The results

  • Aprio has grown from one location in 1952 to 24 offices in 12 states.
  • Aprio serves clients in 50-plus countries and more than 60 languages.
  • Aprio continues to grow, with revenue up 53% year-over-year and employee growth up 39% since 2019.
  • Accounting Today ranks Aprio as a Southeast Regional Leader and 25th out of 100 among U.S. firms overall. 

We take care of your business—at every stage.

A partner you can trust. An approach that makes all the difference. Truist Business Lifecycle Advisory helps guide you forward. Contact your relationship manager to find out how we can work together to find the right solutions to meet your evolving needs.

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