Flying Solo

bird solo

It’s a love/hate scenario.  The client I’ve worked with for the last 16 months is finally ready to get back on his own. Goals have been met and the company is in great shape. So, it’s time for me to go. I love it because this has been a successful relationship and the improvements we set out to do have been accomplished.  I hate the idea because I love working with this company and yes, leaving will hurt my income.

When we started working together, our goal was to turn his company around.  It had some major problems at the time and the books were in bad shape. Over those 16 months, we developed an operating plan, did the weekly cash flow updates and re-forecasted cash, developed a month-end close, worked on the inventory costing system, and many more processes.

The client did a fantastic job of making changes. He worked diligently with sales, the production staff, and customers.  The company went from a retained deficit to consistent profitability and $2+MM EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) with very little capital injection. I loved working with the controller and the finance team. They went the extra mile to implement the processes for the necessary improvements. It truly is a great success story.  But as we wind up the CPA audit and the second quarter, it’s time for the bird to fly on its own. I believe the company is ready to soar, despite my mixed feelings on leaving.

However, I will stay involved on a quarterly basis and the company may have some specific project work, but the day-to-day assistance will end. It will be good to still have a connection and get to witness growth and success as the company moves ahead. After all, a fractional CFO comes in to create the foundation and educate owners on how to be his or her own CFO. That is exciting work and personally rewarding as processes are put in place that makes that goal happen. The reality is when the owner is ready to fly solo, they are ready to fly solo and I move on to help the next client realize his or her business success.

How can I help your company soar? Contact me and schedule a call.