Case Studies - Interim Resource

Interim Resource Buys Time for Reorganization

A $70 million division of a private equity owned multinational manufacturing conglomerate in the heat transfer business needed help in the accounting area.

Challenges

  • Controller had retired and corporate did not what to replace the position immediately as they were considering some reorganization options.
  • Plans were in place for Corporate to handle several accounting duties that had been handled at the division level.
  • The Assistant controller had never dealt with Personal Property and Real Estate Taxes, complicated by the far flung operations.
  • Corporate wanted an existing Assistant Controller / Cost Analyst to take on the additional duties.

Solution

  • Introduced an experienced manufacturing controller who had a good understanding of accounting processes as they related to the shop floor.
  • Initially served as the assistant controller’s right hand.
  • Eventually took over responsibility for RE & PP Tax, commissions, key account reconciliations and the monthly scrap analysis.
  • Started a 40 hours per week and as things were streamlined and the reorganizations implemented the time dropped to 16 hours per week.
  • Using knowledge of the PP tax exemption for manufacturing equipment saved $46,000 in taxes on one major piece of equipment.

What this meant to company

  • Provided a bridge to allow for the corporate reorganization to be implemented.
  • Provided a smooth transition from the former controller to one eventually hired.
  • Provided flexibility to take on a variety of responsibilities as 3 positions were eliminated due to the reorganization.

The value of a LauberCFO Interim Resource

  • Supported by a firm of experienced CFOs dedicated to serving the unique needs of each client.
  • Resources screened to ensure a match with the clients unique needs.
  • A willingness and ability to jump in and be productive from day one.
  • Back-up support to cover unforeseen circumstances.