Phoenix is engaged by a portfolio company of a PE fund to serve as CFO from day 1 while it completed its search for a full time CFO.
Phoenix’s client is the parent company and recent acquirer of two operating subsidiaries:
The parent company recently acquired both subsidiaries in simultaneous acquisitions and required an interim CFO until a permanent CFO could be identified and retained.
Phoenix’s scope included, among other responsibilities, the management of the accounting/finance personnel, development of a weekly cash flow forecast, updating the current annual budget, evaluation of the portfolio companies’ existing financial systems and processes, and treasury management.
Phoenix served in the interim CFO function for ~3 months, from the time of the portfolio company acquisitions until a permanent CFO was retained and onboarded.
During that time, Phoenix identified and tracked a comprehensive list of KPI operating metrics, managed the combined treasury functions, and updated the combined current year budgets. Additionally, Phoenix developed a detailed CFO onboarding package which included a review of critical, internal processes and recommendations for operational improvements going forward. Finally, Phoenix managed the annual renewals of the companies’ insurance policies.
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