CASE STUDY: An Interim CFO was Required Immediately for a Food Processing Company Until a Permanent Replacement Was Found

The Client

A processing company that produces dairy products for the retail and food service markets.

How Can We Help?

Please contact us if you have any questions about how our team can help.

The Challenge

The company was formed by the amalgamation of several companies with ownership transitioning from a family-run business controlled by the founder to a combination of a public company and an investment bank. This significant change in ownership, culture and operating environment necessitated the engagement of a more qualified financial management executive. The need to bring in an interim executive, until a new permanent replacement could be found, was immediate.

The Approach

Osborne Interim Management was able to meet the need for an experienced financial executive acting as an Interim CFO/Controller and had the interim placed and executing within two weeks of the initial client meeting.

An in-depth review and analysis of the company’s accounting processes and systems with a focus on the transition to the new corporate reality where “this is the way we’ve always done it” was no longer an acceptable way of operating.

The Result

Immediate results included elimination of unnecessary processes, reorganization of general ledger accounts to provide greater clarity of operations and the identification of strengths and weaknesses of incumbent employees.

Review and analysis of inventory costing and calculation of cost of sales was one of the most important tasks undertaken in this phase. Unit material costs were revised based on recent purchases and direct labour, indirect labour and overhead allocations were updated as required to provide management with the accurate product costs need to effectively manage the company.

A financial reporting model was established to show monthly, quarterly and year-to-date results in a straightforward logical format to allow senior management and the Board of Directors to keep abreast of the company’s operations.

The annual financial statements were completely rewritten to meet model IFRS reporting requirements, a necessity for a company such as this when controlled by a public entity.