Industrials

Integrating the finance function of multiple acquisitions in a condensed timeline

Situation

Growth Operators was initially hired to assist with one acquisition and integration. Client was impressed with our process and results, and requested the Growth Operators team to help with three additional acquisitions and integrations.

Execution

Mergers and Acquisitions

  • Supported 4 acquisitions, corporate restructure and refinancing. 5 acquisitions created $90M in revenue and 350 employees
  • Consolidation of 6 entities
  • Supported due diligence process for sale of newly formed group. Worked with investment bank and spoke with potential investors

Integration

  • Responsible for first 100 day integration plan for finance
  • Implemented standard chart of accounts across all 6 entities
  • Implemented new work in progress/POC process with standard templates. Work in progress calculations were implemented to support percent of complete revenue recognition process
  • Implemented standard policies and procedures including month end close process and checklist
  • Managed the rollout of new benefits process for payroll for 350 employees
  • Transitioned all banking and credit cards to company platform
  • Supported HR and IT as they implemented new standardized policies and procedures including vacation, sick leave, new health benefits and 401k plans
  • Implemented new and standard KPIs across all companies

Management

  • Hired payroll manager, managed the centralization of payroll for 350 employees
  • Restructured finance department including hiring, firing, retirement of employees
  • Managed a team of 16 including indirect management of analysts from PE firm

Financial Accounting and Control

  • Managed month end close
  • Implemented controls within all companies. This included establishing new contracts with sub contractors and new payment terms.
  • Implemented new process to ensure the company was GAAP compliant. This included a review of the application of the Revenue Recognition standard and review of the accounting for the nuances of construction such as billing policy and how to account for retainage/retention
  • Implemented CONCUR expense and reporting software

Reporting

  • Responsible for all financial reporting including monthly borrowing base and quarterly covenant calculations
  • Implemented weekly scorecard to measure KPIs across all companies

Treasury

  • Worked to centralize banking. This included closing bank accounts and opening new bank accounts with a new bank
  • Managed credit card changes and rollout of same
  • Managed and implemented 13 week cashflow report

Tax and Audit

  • Worked with lawyers and managed a Sales and Use tax project
  • Managed relationship with auditors. Audits included opening balance sheet audits and year end audits
  • Managed cash flow and bank relationship



    Result

    Growth Operators enabled the client to successfully acquire four companies in less than two years and fully integrate them into a regular month end schedule. This accelerated the growth by creating scalable processes and operations.

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