Part-Time Financial Expertise with Full-Time Impact
Below are just a few examples of how CFO-Pro’s trusted advice has helped businesses like yours gain a competitive advantage:
Developing a Financial Plan for Growth for a Real Estate Brokerage Firm
A large real estate broker located near Salt Lake City, Utah found themselves in a rapid growth mode with an opportunity to double their number of agents within a tight time frame – provided they could handle the necessary funding.
Partners at the firm called on the superior counseling of John Lafferty to develop financial projections and a cash flow plan that could be achieved without outside funding. John provided a revenue model and revised the financial reporting format which gave the brokers new tools to track monthly performance indicators and financial results.
By implementing the CFO-Pro’s plan they were able to repurpose the model and use it for future financial growth planning, as well as enhancing their web capabilities.
Developing Management Team Financial Skills in a Food Service Company
A growing catering operation based in suburban Chicago was producing special events while operating contract food services facilities in office environments, recreational facilities and museums. Their founder realized the company had reached a plateau and growth planning needed to shift focus to move to the next level.
The executive team leveraged CFO-Pro as a financial mentor. A fully-developed financial training program was implemented to hone executives management skills and help department heads understand financial statements, determine product line gross margins, break-even sales points and product line contribution margins. This methodology was also helpful as management built budgets.
Today, operating management at this food service provider knows when the departmental gross margins slip, and can quickly devise immediate action plans to bring margins back into line with the budget. Daily transactions and average transaction value are tracked and used as key performance indicators. As their interim CFO, John Lafferty helped executive management take the actions needed to keep their working capital position on track to meet year-end objectives.
Change Management to Secure Venture Capital at a Web-Based Venture
As one of the Internet’s first e-commerce success stories, this company is known for offering a massive collection of framed prints. Despite their marketing success and tremendous publicity, not everything ran smoothly in finance – the company had a high cash burn rate and problems with fulfillment.
As interim CFO, John Lafferty provided the objectivity necessary to help the company obtain a new round of venture capital funding, supervised financial reporting and realigned delegation of operational responsibilities to key managers, by serving as an interface between this web-based business and audit and venture capital firms.
It wasn’t long before the management team’s cash flow concerns were eased. Then the company was purchased in a successful sale by a larger competitor for $114 million.
Managing Finances and Overcoming Distribution Challenges
in a Rapidly Growing Manufacturing Business
A specialty products company in the Midwest was undergoing rapid growth and grappling with wholesale distribution issues causing a strain on its financial resources. The business required an increase on their line of credit, access to additional working capital, and help in assessing future sales levels so it could anticipate the necessary level of outside financing.
With the CFO Pro’s expert guidance, the company was able to improve in several key areas by tracking planned shipments, inventory turns, account receivable turns and profit margins. John also recommended the company engage an executive search firm to seek and hire a general manager who could take over key day-to-day operations. This general manager was then able to obtain an additional line of credit for working capital.
With a detailed monthly plan in effect, the company met or exceeded every goal established while maintaining adequate cash flow. As a result, the company advanced from a start-up to a well-managed enterprise.
