The Company
Industry: Construction
Entity Type: PE-Owned
Operating Region: West Coast
Size: $30M
The PROBLEM
The company was in the early stages of a roll-up, in which investors had acquired a couple of businesses and were actively looking for additional targets. They needed an interim CFO to supervise teams in two locations and provide leadership in finance and accounting. The financial leader would also need to consolidate financials and present them to investors, stabilizing the accounting department and improving processes.
The Solution
McDermott + Bull Interim Leaders deployed a hands-on leader with over 20 years of experience in multi-channel, high-growth environments. This individual brought expertise in accounting, financial reporting, budgeting, data analytics, and M&A, with a particular focus in due diligence for M&A events and post-event systems integration.
The RESULT
Despite the timing constraints, the interim CFO successfully met most objectives. They managed to close the financial statements within the expected timeframe, just three days before the end of the month. The interim CFO also focused on stabilizing the accounting department and upskilling the team by providing ongoing mentoring and training. They established regular reporting mechanisms, including weekly and daily reports, to ensure transparency and proactive decision-making.
Efficient Financial Statement Closures
Closed the financial statements for three months of the year, with one of the closures being the fastest observed by the PE firm.
Collaboration + Cost Reduction
The consultant worked with Project Managers to finalize the December WIP schedules, create a 13-week forecast, and renegotiate property insurance rates to reduce expenses.
Balance Sheet Cleanup
Ensured the accuracy and reliability of financial data by identifying and rectifying errors, discrepancies, and outdated information, presenting a true and fair view of the company’s financial position.
James Hickey
Senior Managing Director, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as a Senior Managing Director for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.