Size: 5-year-old company, $65M in VC financing; created a powerful platform technology but still had not gone to market with products. 40 employees.
Other description: during the assignment the company had recently transitioned from central HQ one office to a fully distributed-virtual team structure due to COVID.
The spinoff adventure was properly reclassified and reabsorbed
A company formation restructuring, planning and execution, was successfully completed
The finance and admin department became primarily automated (Quickbooks, Bill.com, Expensify, an accounting firm to help the COO were all launched)
$20M in financing was raised (by the current investors in the end)
Provided the revenue recognition for 2020 for the SaaS software and services sales
Position: Fractional CFO
7 months heavy, ranging from 2 to 3 days per week to 6 days per week
5 months light, ranging from zero days per week to 2 to 3 days per week
EC needed to change reverse its path with the spinoff company, and instead reabsorb it. Yet still there was a need for managerial accounting for the Back2Work product line.
EC needed to transition from an LLC partnership formation to a DE Corp, including converting all shareholders (I was the first to point this out and helped champion the project)
Accounting was mostly done by spreadsheets, it needed to be professionalized and ready for investor penetration
Admin and accounting activities needed automation rather than mostly manual tracking
A financial model was needed for investor financing, and a business plan– including tying up a comprehensive strategy
A plan to reabsorb the spinoff company was proposed, accepted, and executed
A custom chart of accounts was implemented, including bridging the spending from the spinoff company back to unified accounting tallies
An outsourced accounting firm was launched, all past spending and all financial transactions were coded into a Quickbook-based accounting system (with a custom front end), and systems (Bills.com and Expensify) were integrated to further automate and self-empower the employee base
Contributed to the strategy formation and go to market plans, even acting as a product manager for a short period of time and providing impactful strategy and/or research briefs
Created a detailed pro forma financial model, helped with putting together all the investor materials, developed a group of comparable companies for modeling and comparison
Analyzed and advised on company valuation report used for financing and equity conversions
Delivered a well-researched report on the top VCs, firm and partner, for EC’s next $70M financing in late 2022