MAP CFO Partner Cheryl King stepped in when a back-office automated solutions provider was undergoing a transition in multiple roles within their finance department. As the incumbent CFO took a client-facing role, the VP of Finance stepped up to the plate to take over the CFO seat. At the time, the Controller also made an early departure, creating another unexpected challenge for the company. Cheryl essentially became the backstop to the controller function while providing guidance and counsel to the new CFO on how to manage the role and establish the right priorities. Simultaneously Cheryl mentored a senior accountant as they prepared for a possible promotion to the Controller role.
The high-growth organization was undergoing several cash flow issues while dealing with a lender unwilling to expand the existing line of credit. After a deal that fell through in the prior year, the company failed to sell and was now facing going concern issues.
Cheryl and team were able to secure a new lender for the company, marking a 500% increase in their available LOC in addition to better terms. Throughout her time with the company, Cheryl was able to help the organization meet deadlines, deliver more accurate financials to the board, and get back on track with their reporting relationship to the private equity firm. Cheryl’s efforts allowed the company to refocus onto profit-driving activities, ultimately saving an otherwise crippled organization.