The client for this mandate as Chief Financial Officer (CFO) was a digital consumer brand for the sale of healthy products via social media. The start-up led by the founder had grown extremely quickly. Many financial processes had not kept pace. In addition, the investors wanted to start looking for a strategic partner to sell the majority of the start-up. The interim manager was hired because he had already successfully implemented similar processes in a permanent position as CFO of a private equity portfolio company in the same role.
Monthly financial statements brought from external to internal - team expanded
The interim manager joined the company shortly before the only controller left the company. Within a very short time, he therefore also took over the controlling processes.
At the time, the monthly financial statements were in the hands of an external tax consultant. As a first step, the interim manager transferred the month-end closing processes from the external tax consultant to the internal accounting team. In close coordination with the founder, the team was strengthened in terms of personnel. The interim manager was involved in the selection of suitable candidates and provided technical support during the induction of the new team members. Later, a controller was also selected, hired and trained.
Preparation of the majority sale as interim CFO
The sales process started in parallel. The interim manager worked together with a transaction consultant, a lawyer and an auditing firm. In the role of CFO, he took on the following tasks during the majority sale:
- Regular, accelerated monthly closing for current trading
- Updating medium-term planning, Budget and forecast
- Collaboration on the investment memorandum
- Development of the data room
- Investor approach
- Due diligence
- Q&A
- Delivery of information on the purchase agreement
The workload for the small, motivated accounting team was considerable during the sales process. The interim manager was not only required as a manager, but also operationally in the daily processes and in special topics.
Post merger integration after successful sale of majority
After the successful sale of the majority to a listed strategic investor, the interim manager transferred the team and the processes to the new requirements. The biggest challenge was to accelerate the financial processes. Among other things, this included converting the supplying company processes in the monthly financial statements to "fast close". It was also necessary to meet the requirements arising from the stock market listing of the purchasing company.
Supporting the annual financial statements and hiring a Head of Finance
The interim manager was very familiar with the requirements thanks to his long career in a DAX-listed company. Within a very short time, he was fully accepted by the founder, senior management and the young team as CFO, part of senior management and contact person for all financial issues.
With the successful recruitment of a Head of Finance and the support of the first annual financial statements under the listed parent company, the interim manager slowly phased out as planned.
