Examples of Typical Engagements
Case Study #1: Untimely Departure of a CFO
Venture-backed growth company
Replace a CFO on short notice who was handling all aspects of the company’s finance and accounting functions and whose unanticipated departure created a critical organizational hole.
Cushnoc deployed a team consisting of a CFO, controller, and staff-level accountant to immediately pick-up the critical business functions.
- Cushnoc introduced a fully functional, turn-key accounting and finance department which was fully integrated as an extended member of the company’s team within days.
- Cushnoc’s multidisciplinary approach translated to improved monthly closes that were now GAAP compliant, enhanced internal (management dashboards) and external (monthly board packages) reporting functions, full budgeting and forecasting capabilities, and enhanced engagement on strategic matters including modeling of business cases and assistance with Board meeting preparation.
- All delivered at a cost that compared favorably against that of the outgoing full-time CFO.
Case Study #2: Growing Pains
High growth early stage company
Professionalize the accounting and finance functions for a high-growth company whose internal capabilities were insufficient to keep up with the rapidly scaling demands of the business.
Cushnoc worked in collaboration with the existing controller to identify and upgrade the accounting practices required to (a) scale along with the Company, (b) prepare for the company’s first audit, and (c) satisfy the ongoing reporting requirements of current and future institutional investors.
- Cushnoc implemented an upgrade to the company’s accounting software and performed the hosting.
- Cushnoc professionals developed, implemented and then maintained the workpapers necessary for completion of the first and then subsequent audits. Cushnoc worked directly with the Company’s auditors to ensure a smooth process.
- Cushnoc’s professionals took over the staff accounting functions, thereby giving the controller a fully trained and always-available team to utilize for monthly closings and special projects.
- Cushnoc’s CFO professional assisted with the development of the board reporting materials including cash flow modeling and the execution of capital markets transactions.
Case Study #3: Re-Structuring of an Over-Leveraged Middle Market Company
Highly leveraged mature operating company in the middle market
Historically profitable operating company that needed access to a higher level of finance/accounting expertise in order to help manage through a period of financial re-organization.
Cushnoc worked as an extended member of the company’s management team to re-organize and supervise the accounting department and to develop and then implement a plan for financial re-organization.
- Cushnoc developed the cash flow forecasting tools to manage the company’s liquidity and identify pinch-points that would need to be addressed.
- Cushnoc identified opportunities for cost savings and then coordinated the process by which they were achieved, including the HR aspects of headcount reductions.
- Cushnoc’s CFO professional quarterbacked the interactions with lenders including the presentation of the financial re-structuring plan and the negotiation of amendments providing the company with relief from interest and principal payments.
Case Study #4: Funding Growth
High-growth company that required a time-sensitive infusion of capital in order to continue its trajectory.
Early-stage growth company whose growth prospects far exceeded their ability to fund them and needed assistance preparing for institutional capital.
A Cushnoc team was introduced to simultaneously re-organize and professionalize the accounting function in order to prepare the company for institutional capital and to define the scope of alternatives for bringing capital into the company on the most advantageous terms with the least amount of dilution to existing shareholders.
- Cushnoc upgraded the accounting software, professionalized the internal procedures, and developed repeatable external reporting functions that prospective investors could trust.
- Cushnoc developed and implemented plans for the creative use of public sector incentive programs, equipment financing, and equity capital from institutional investors.
- Cushnoc worked as a member of the company’s team to coordinate the competitive process by which proposals were solicited and then managed all aspects of negotiation and execution.
Case Study #5: Due Diligence for a Financial Sponsor
A venture capital fund with a prospective investment in a software company
Time sensitive requirement to perform accounting due diligence on the internal controls, processes, procedures, and the accuracy of financial reporting functions of the target.
A Cushnoc team was introduced to develop a diligence list and then work closely with the target company in procuring the required documentation for analysis.
- Cushnoc developed and presented a written deliverable which assisted the venture fund in completing its valuation analysis.
- Cushnoc also developed a series of recommendations for improved accounting processes and procedures and then took the lead in implementing them post-closing.