Temporary CFO Case Study 1

Help with acquisitions and transfers

Project: Oversee the acquisition and transition of an existing company by a new management team.

Work: Consult Your CFO selected and upgraded the company to a new accounting system and payroll product. In addition, we managed financial personnel and instituted internal control procedures while preparing the necessary monthly financial statements and Board of Directors package.

Consult Your CFO also worked with the new executive management on several projects, including the following:

  • Creating the new company structure
  • Drafting a chart of accounts
  • Recording the acquisition
  • Establishing the budget
  • Instituting new company benefits
  • Selecting a risk management firm
  • Instituting new corporate insurance policies
  • Creating board committees
  • Hiring an audit and tax firm
  • Selecting a new banking relationship and treasury structure

Consult Your CFO worked with the auditors to complete the audit while documenting the new company’s policies and procedures. Also, we selected and engaged a valuation firm in order to comply with FAS141 and FAS142. We presented the financial information at the monthly Board of Director meetings and worked closely with the Audit Committee members.

Result: After the transition and audit was completed, Consult Your CFO assisted in the interview process to hire a permanent CFO replacement. Once the replacement started, we transitioned our duties and remained in an advisory role.