The client for the mandate as interim CFO was an Irish entrepreneur who wanted to acquire a plant for the production of infant formula and cereals in the UK from a US group (Heinz). The group had already reduced the number of employees at the plant from 360 at peak times to less than 90. This was due to the slump in sales.
Buying the plant and transferring it to a new legal entity
The interim CFO's first task was to work with the entrepreneur to structure the purchase of the plant as an asset deal and integrate it into a new legal entity. The interim manager was responsible for the financial and technical due diligence in the merger process. Based on this, the interim manager was responsible for the company presentations with the technical data (capacities, production potential, value of the plants, production portfolio) and the integrated budgets (balance sheet, income statement and cash flow). These company presentations formed the basis of the company's working capital financing for which the interim manager was responsible. In addition, the interim manager supported the CEO in contractual and employment law issues.
Convincing employees of the future model and realignment of the plant
After the successful conclusion of the sales negotiations, the interim CFO's task was to convince the employees of the company's future model and the realignment of the plant. Due to the employees' long affiliation with an American corporation, this change represented a "culture shock" for many employees. Thanks to his open communication, the interim manager, together with the other managers, succeeded in motivating the workforce for a future as an independent company.
Establishing workable structures from purchasing to IT to reporting
After the purchase, the interim CFO was responsible for transitioning the plant structures into those of an independent company. The former plant only had a plant controlling department. Departments such as accounting, treasury management, purchasing, sales, reporting, export documents (letters of credit) and IT were not in place. The previous reduction in personnel made it difficult to systematically establish these new departments.
Timely migration from the old to a completely new ERP system
Another challenge was that a complete ERP system had to be set up within 6 months to meet the high requirements of the infant formula industry. The interim manager led the selection and implementation of the new ERP system and was also responsible for project management. All necessary transfers from the old system to the new system were carried out smoothly. Production reliability (traceability etc.) was ensured at all times, and all necessary documents and reporting were available at all times. The interim CFO was able to introduce the new ERP system within the specified time frame.
In parallel, he set up the accounting system and implemented a treasury structure as well as target/actual reporting for internal and external reporting.
