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Increased EBITDA, succession plan, and more

A transportation company, founded by a husband and wife team, had never had a controller or CFO. When they decided to move the administrative office to the operations office, they determined they needed to upgrade their financial and accounting expertise, and engaged with CFO Systems.

Our CFO Systems professionals:

  • Developed semi-automated comparative and 13-month rolling Income Statement, Balance Sheet, and
  • Statement of Cash Flows reports
  • Created and incorporated operational reports with key operating indicators that are sent monthly to their bank
  • Helped train a new office manager in bookkeeping
  • Assisted in creating an employee handbook
  • Exposed embezzlement during the review and bookkeeping system updates

As a result of our leadership services, the company now has monthly financial and operational reports to help manage their growing business, which has increased its EBITDA from $850k to $2.9 million in 2.5 years. After uncovering the embezzlement and taking corrective actions, the business has now also increased its cash balances. The company also has implemented a half-day maximum turnaround time on any loan request. With introductions to CFO Systems’ professional network that includes a law firm and a valuation company, there is currently a plan in place to transition the company to the next generation.

CFO Systems continues to provide a high level of financial support that helps manage the company’s continued growth and vertical expansion, and will continue to assist its leaders in finding acquisition opportunities in the coming years.