Middle Market Case Study:
Interim CFO Support

A MANUFACTURER MOVES FINANCE OPERATIONS

CHALLENGE:
Moving Finance Operations from Calif. to Pa.

During an audit by a major accounting firm, a manufacturer of high-end in-line racing skates discovered irregularities in its California-based finance operation. As a result, it closed those
operations and moved to reconstitute them with a new team in Philadelphia.

Objectives included:
• Create a finance function in Philadelphia that enabled management to execute on day-to-day activities (ship product, create invoices, receive cash, make payments and process payroll)
• Hire an interim CFO
• Hire staff-level professionals
• Create informative, timely financial reports, budgets, and forecasts

SOLUTION:
Quick, On-the-Ground Financial Leadership

CMF’s interim CFO support included the following projects and deliverables within 45 days:
• Establishing a functioning department within 45 days including recruitment of personnel
• Transferring books, records and details to Philadelphia and inform customers and vendors of the move
• Establishing and executing on a regular financial reporting format

OUTCOME:
Successful Delivery, Extended Interim Support

• In 45 days, our interim CFO completed the transfer and began refining processes to enhance management reporting.
• The CFO instituted a cash flow forecasting process.
• CMF visited and reviewed the company’s Italian production facility, recommending changes to cost and process.
• CMF was retained for an additional six-month project as interim CFO.