Phoenix performs an operational assessment and serves as interim CFO for a building service provider growing the Company to more than $8 million in annual revenue.
Phoenix’s client was a $3 million privately held building cleaning and service provider based in Virginia.
The Company tried to fund its unsuccessful entry into the residential building industry by accumulating nearly $500,000 in past due withholding taxes.
After an initial operational assessment, Phoenix Management Services structured a financing arrangement with a commercial finance company and negotiated a settlement with the IRS. Phoenix assumed the interim role as CFO and focused on reducing labor costs, reducing supply costs, more efficiently managing cash flow and improving marketing efforts. Because of Phoenix’s actions, the Company had grown to more than $8 million in annual revenue.
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