Interim CFO Resolves Accounting Problems, Establishes Growth Strategy

A privately-held consumer products manufacturer founded in 1979 was not profitable and its financial reporting systems were substandard and lacked transparency.

At the recommendation of the company’s investment banker, the company’s owners retained Buxbaum to upgrade its financial reporting. Our Interim CFO, specializing in the manufacturing and distribution industries, began working immediately.

Buxbaum Solutions

• Identified deficiencies in financial and management reporting and operations.
• Implemented substantial improvements to all aspects of financial and management reporting, improving efficiency, accuracy, transparency and timeliness.

Upon learning more about the company’s issues from our CFO, we recommended outside advisors to help the company’s owners define and implement a profitable strategic direction for the business. As a result:

• The Advisory Board identified significant operating deficiencies, leading to the CEO’s resignation.
• Within 48 hours of the CEO’s resignation, we identified two highly qualified interim CEO candidates and one was hired.
• Our interim CEO and CFO worked with the company’s strategic advisor to diagnose and correct numerous operational and corporate governance issues.

Value Creation

Buxbaum contributed substantially to the company’s turnaround, increasing its total value from essentially zero to over $12 million in less than two years. The company eventually converted our interim CEO and interim CFO to full-time employees.