case-studies

Medical Device Company - Enterprise Software Selection and Implementation

Business Issue

A maker of surgical devices had outgrown its ERP system. The company’s pain points included inefficiencies in operations and service management, inaccurate costing and the lack of online lot traceability and engineering change control.

CFO Advisory Services’ Approach

Our team led the search for a new ERP system that would consolidate the functions performed in several different legacy systems. Seven vendors received a custom RFP and two were selected for scripted system demonstrations. We scheduled and led reference calls and then negotiated pricing and other terms with the finalist.

CFO Advisory Services assembled an implementation team of company and reseller personnel, delegated tasks and managed the progress in conjunction with the approved project plan. During the ERP implementation, the CFO Advisory Services team included a project director, cost accountant, engineering manager and two engineers.

Value to Client

The company required a consultant with experience in the ERP marketplace able to perform a competitive search for an ERP system that met its current and future requirements. During the implementation, the company’s executives and staff were able to continue working on mission critical baseline activities while accomplishing a timely ERP cutover.

60-year-old, Family-owned, Food Products Company - Value Creation

Business Issue

A family-owned food products company was experiencing operating losses resulting in their bank freezing their credit line eliminating a valuable tool for managing working capital gaps.

CFO Advisory Services’ Approach

Our team performed a diagnostic review of sales and marketing strategies, customer pricing strategies, performed financial strength and weakness tests, tax strategies, and operational challenges and capacity issues. Our team developed a strategic plan along with management and provided financial oversight as the Plan was implemented. Dashboard reports designed to report on key initiatives were developed and routinely reviewed as part of the management team meetings led by our team.

Value to Client

Within six months of Plan implementation, client was at breakeven. At the 24-month mark thecompany’s profitable performance had stretched to six consecutive quarters allowing our team to refinance the company’s debt at lower interest rates and provide a new $2.0M line of credit to fund its working capital needs.

Construction Company - Refinancing

Business Issue

In 2009, a Dallas based construction company was advised by their incumbent bank that its line of credit would not be renewed. The economic recession caused the bank to lose confidence in companies within the construction industry despite our client being current on all outstanding debt and within compliance on its covenants. Our client’s CFO contacted us to assist in finding a new banking relationship.

CFO Advisory Services’ Approach

Our team reviewed the company’s financial information, assisted the CFO in preparing a bank information package, identified several banks within our network, developed a presentation and began presenting the deal to senior-level bankers.

Value to Client

CFO Advisory Services identified a bank willing to provide a new line of credit and refinance the owner occupied real estate. Our client exited its old relationship and began a new relationship during a time when the recession caused construction companies to fall out of favor with commercial banks.