The Company
Industry: Designer + Retail Company
Entity Type: Private Equity-Backed
Operating Region: West Coast
Size: $12M
The PROBLEM
The retail company was acquiring a business and needed an interim Controller to oversee the accounting and integration of the newly acquired company.
The Solution
McDermott + Bull deployed an interim leader with over 20 years of CFO and Controller experience. This individual was equipped with best practices in streamlining daily, weekly, and monthly reporting processes, as well as integrating acquisitions. With over five years of consulting experience, the interim executive was an agile leader capable of addressing change quickly.
The RESULT
Over the span of 14 months, the interim Controller led the integration of a new business and established standardized processes within a previously inefficient and turbulent accounting department. They also bridged the gap during heavy leadership turnover, including the termination of the existing CFO.
Oversaw Accounting for 3 Acquisitions
Managed the fair market value accounting for 3 acquisitions across the country.
Reduced Month-End Close by 30% to 20-30 Days
The interim leader implemented proper closing procedures and formalized a standardized process.
Adopted Co-CFO Role
Moved into a co-CFO role when the previous one was terminated. Once the permanent CFO was identified, they maintained a dual FP&A and Interim Controller role, providing crucial institutional knowledge during the transition.
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.