There are milestones in every life and relationship—first meeting, marriage, births, graduation day. And with each milestone comes a change. Sometimes they are difficult partings, others joyful.
The same goes for business relationships. As a fractional CFO and controller, I have seen many companies of various sizes and values grow right in front of me. Some start out with little financial strategy or processes and grow into companies of substance, size and scale. In the case of the Big Dot of Happiness, the owners decided to sell the business. Through the acquisition, I worked with their team, assisting with purchase price allocation accounting, processes and implemented accrual accounting practices.
When I first met Big Dot, a year ago, my assignment with them was to help establish financial processes and to act as their fractional controller. Recently, the time came to “graduate” them to the next level. They had grown significantly, production was higher, and they needed additional resources to help them grow.
My work here was done.
While it was sad to not be continuing as their day-to-day financial expert, it was gratifying to know that I had an impact on their growth and future.
Some of the things we put in place to make the financial aspect of their business come into focus:
- Established uniform accounting practices; that is, put an accounting system in place.
- Created and implemented a system for following accrual accounting.
- Established a financial reporting package.
- Assisted with creating a better way to look at inventory system and cost-of-goods sold infrastructure.
- Attended to daily cash flow management and monthly close procedures.
- Built balance sheet reconciliations and more.
It was a fun ride and I thoroughly enjoyed working with them. I got to implement some needed financial strategies and along the way met and worked with some talented, smart and gracious people. This was living proof that sometimes the best thing you can do is help someone to the next phase of their business. As the Tim McGraw song says, “when you get where you’re going, turn around and help the next one in line…”
Glad I could do my part and help in the transition to their new full-time controller at their Wisconsin headquarters.
Tina
For more on how to transition your business to the next level, call or write to us. TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.
*photos courtesy of Unsplash (Good Free Photos) and Tina O’Banion