- Business and financing plans for:
- Existing businesses considering expansion or refinancing;
- New ventures;
- "Troubled" businesses;
- Organizations seeking to revamp existing planning/budgeting processes.
- Working Capital management programs including account receivable management plans, vendor repayment/deferral plans and inventory reduction programs;
- Identification and implementation of cost controls;
- Interim Chief Financial Officer (CFO) or Controller services/assistance for:
- Distressed businesses seeking to avoid bankruptcy;
- Companies in management transition;
- Companies requiring expertise on an interim or part-time basis;
- Companies requiring special financial analysis of unique or unusual situations.
- Negotiation of new/modified bank arrangements;
- Position papers on complicated accounting matters;
- Project management and staff augmentation for financial projects;
- Liaison with external audit firms, and assistance with request for proposals when considering a change in accounting/tax firms.
Performed an analysis of previously issued financial statements (in anticipation of a possible public offering) for a newly hired CFO who had concerns that errors may have been made in applying Generally Accepted Accounting Principles in the financial statements as this entity emerged from bankruptcy. In this role, we:
Analyzed previously recorded pension and other post-employment obligations, and other “fresh start” accounting matters including: adjusting inventories to fair value; and recognition of (i) identifiable intangible assets, (ii) backlog asset and (iii) Asset Retirement Obligations.
Identified issues and suggested resolutions relating to opening balance sheet appraisals, goodwill allocation and impairment, long lived asset impairment; deferred financing fees, revenue recognition practices, deferred tax accounting, and workers compensation accrual methodology.
Engaged by the CFO of a stainless steel valve/fitting distribution business to perform an analysis of inventory that was subject to usage and price volatility (due to fluctuating prices of nickel, which was a significant component of the material used in the product). Analysis included usage by part, by warehouse, based on historical sales, as well as an analysis of the impact of nickel prices on gross margins. Analysis provided visibility to usage and pricing issues that historical company analyses had not provided.
Functioned as both the interim CFO and Controller of a troubled environmental services firm, operating in five southeast states, whose CFO and Controller resigned during a time of financial crisis. In this capacity, we:
- Developed and implemented an accounts receivable management program that reduced DSO (days sales outstanding) by 15% in three months;
- Developed and implemented a vendor repayment plan for vendors that were already past due by up to one year;
- Worked with traditional and non-traditional (i.e., customers) financing sources to provide funds for operations;
- Developed and implemented closing procedures that reduced the closing period from six months to less than three weeks.
Engaged by the CEO and CFO of a $230 million manufacturing business to assist them in selecting an outside accounting firm for audit and tax services. In this role, we:
- Provided input on requests for qualifications and audit/tax services and processes from each firm;
- Attended various meetings with the firms, led the discussion and formulated questions for consideration;
- Provided input as to criteria to be used for final selection.
Engaged (in several instances) to supplement the existing financial accounting staff of companies operating in metals and metals-related businesses. We functioned as liaison with the external auditors, preparing analyses and technical accounting position papers with respect to complicated areas of accounting and reporting, such as:
- FASB 141R – Business Combinations;
- FASB 151 – Inventory Costs;
- FASB 123R – Stock–Based Compensation;
- FIN 46 – Consolidation of Variable Interest Entities.
Engaged as interim CFO and accounting department for a coal mining company where the CFO abruptly resigned during a financial crisis. In this capacity, we:
- Developed vendor repayment programs and plans and stabilized cash flow;
- Developed a business plan for purposes of obtaining bank financing;
- Developed financial data to allow for filing of past due tax (and other) returns;
- Acted as financial liaison with outside legal counsel in connection with a lawsuit filed against the company;
- Negotiated contract terms and pre-payment arrangements with customers.