The Company
Industry: Medical Aesthetics
Entity Type: Public
Operating Region: International
Size: $100M
The PROBLEM
The incumbent Controller resigned, creating an urgent need for an Interim Controller to lead year-end close, conduct audit preparation, and oversee SEC filings and SOX compliance. The interim leader would need to evaluate the company’s accounting processes, policies, and personnel to identify gaps and areas for improvement.
The Solution
McDermott + Bull Interim Leaders brought in a bottom-line financial manager with over 20 years of financial and general management experience in public accounting. They held an MBA with a finance concentration and a demonstrated track record in turnaround environments, both domestic and international.
The RESULT
During the interim leader’s deployment, the company filed for bankruptcy, which resulted in a drastic shift in priorities and reporting requirements. The focus moved away from SEC reporting and tax processing to managing segregated pre-petition and post-petition reporting. The role evolved into handling Monthly Operating Reports (MORs), daily cash reports, and weekly Accounts Payable (AP) or liability reports.
Navigating Bankruptcy Reporting
Navigated the approval process with the bank and presented a viable financial plan, achieving operational stability during the bankruptcy process.
Maintaining Reporting Standards
Upheld reporting standards, ensuring transparency and compliance with legal requirements.
Meeting Month-End Close Deadlines
Met the month-end close schedule, processing necessary entries and reconciliations within a 10-day period, and achieved a final trial balance within a week of month-end.
Mark McConnell
Senior Managing Director, McDermott + Bull Interim Leaders
mcconnell@mbexec.com
Mark McConnell serves as a Senior Managing Director at McDermott + Bull Interim Leaders, where he forges relationships with companies addressing transition, change, and transformation. He partners closely with clients who require on-demand consulting resources to bridge leadership gaps and propel their business forward. He has experience working with emerging and enterprise-level companies across numerous industries and has depth in functional areas such as finance, accounting, human resources, and operations.