Case Study
Interim CFO + Finance Transformation
- Matthew Edwards
Construction
INDUSTRY
100
EMPLOYEES
$40M
ANNUAL REVENUE
Background
Our client needed to enhance the finance function to support visibility required to avoid covenant breach and manage through a 30% business downturn immediately following their acquisition.
Objective
- Analyze TTM actuals to identify non-recurring activities which impacted business performance
- Assume financial oversight and improve forecasting process to enhance credibility of reporting
- Establish cash flow forecasting process to support working capital optimization
- Prepare annual budget at business line, entity and functional level to ensure effective performance management
Solution
- Identified over $2M of non-recurring activities which helped avoid covenant breach
- Established forecasting process for each business line that enhanced confidence and avoided covenant breach
- Built prototype to enable partners to provide feedback and input
- Implemented cash flow forecasting process to establish cadence of working capital conversion each
- Successfully completed the budget preparation and enhanced the board reporting process for successful budget approval
Enhanced and transitioned a finance function which significantly enhanced the performance management capabilities of the business and garnered improved confidence from debt and equity holders.
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