A McCracken Interim CFO helped a struggling company stabilize finance ops, secure additional funding, and groom incoming leadership.
A McCracken Interim CFO helped a struggling company stabilize finance ops, secure additional funding, and groom incoming leadership.
A back office automated solutions provider was facing transitions in multiple finance roles. The incumbent CFO had moved to a client-facing role, the controller had left, and now the company was positioning to elevate the VP of Finance to the CFO seat. The CFO’s new role didn’t give them the opportunity to help the VP of Finance transition into the CFO role, and the company quickly needed someone in the controller seat to manage accounting operations.
The private-equity-backed company had also been facing several cash flow issues, working with a lender unwilling to extend their line of credit. After a deal that fell through in the prior year, the company failed to sell and now faced going concern issues.
McCracken’s Interim CFO stepped in to help resolve cash flow issues and stabilize finance operations. The Interim CFO moved in to serve as the backstop to the controller function and provide guidance to the upcoming CFO on how to manage the role. Simultaneously, the Interim CFO mentored a senior accountant as they prepared for a possible promotion to the controller role.
McCracken’s Interim CFO was able to help 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, she 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. Her efforts allowed the company to refocus on revenue-driving activities, ultimately saving an otherwise crippled organization.
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