Team Mix: CFO + Analyst + Accountant
We were referred to the client by their banker. The banker was concerned that the rapid growth was not supported by a plan or key management. Adding to the situation, the client is a multi generation owned and operated business .
Planning & Implementation
We worked closely with ownership to develop a proforma that forecast working capital needs and profit realization. That knowledge gave us the confidence to seek a new banking relationship that would meet the business’ extra working capital need. We assumed contact with all professionals as the primary external focal. We also worked with the M&A team, led an IT upgrade and overhaul, published financials and provided scenario-based analysis as the business grew.
Balance Sheet: Working Capital improved by 50%, with 157% new borrowing capacity
Bank Restructure: Renegotiated restrictive bank covenants
Income Statement: Net Income doubled in 24 months