The Company
Industry: Aerospace + Defense Manufacturing
Entity Type: Private-Equity Backed
Operating Region: United States
Size: $10M
The PROBLEM
As a private equity firm prepared to acquire the company, the business faced a critical gap in its financial infrastructure. While profitable, it had no internal Controller or finance team, relying instead on outsourced bookkeeping and external tax support. This lack of structure created risk post-acquisition, as the organization needed to transition to GAAP-compliant reporting and establish the processes, controls, and visibility required to support growth and investor expectations.
The Solution
McDermott + Bull Interim Leaders placed an experienced interim Controller with a strong background in private equity environments and financial transformation. Acting as the sole internal finance leader, they partnered closely with the CEO and ownership group to build the accounting function from the ground up, implement internal controls, and lead the transition from cash-basis to accrual-based, GAAP-compliant financial reporting.
The RESULT
The interim Controller quickly brought structure and clarity to the organization’s financial operations while expanding reporting capabilities to support more informed decision-making. In addition to stabilizing the core accounting function, they introduced cash flow forecasting, strengthened treasury management, and developed KPI-driven reporting across revenue, shipments, backlog, and collections, giving leadership consistent visibility into business performance.
Established GAAP-Compliant Reporting
Transitioned the company from cash-basis to accrual accounting, creating a reliable financial foundation.
Improved Financial Visibility
Delivered timely monthly financials, pro forma income statements, and detailed analysis of sales, shipping, and collections.
Built Inventory + Costing Structure
Implemented job costing and developed an accurate inventory subledger, aligning revenue with cost of goods sold and correcting previously unreliable data.
Julie Francis
Managing Director, McDermott + Bull Interim Leaders
jfrancis@mbexec.com
Julie Francis serves as a Managing Director for McDermott + Bull Interim Leaders, where she identifies and secures highly skilled executives to address client companies’ critical business challenges, provide interim leadership, and oversee special projects. She works with executive leadership at middle-market and enterprise-level companies as well as with investment banks and private equity groups to improve operational and financial performance.