Case Studies

Interim CFO Upgrades Finance Function

J.S. Held Acquires Shechter & Everett to Expand Forensic Accounting Capabilities for Family Law Disputes in Florida

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The Situation

Iowa’s largest homebuilder. $170 million in revenue. $30 million debt. Builds single family homes, townhomes and condos. Sold 958 homes in 2005. 43% drop in sales from 2005 to 2008.

  • The Company was caught in the Great Recession credit squeeze.
  • Its 31 banks wanted a combined historic and projected financial statement for its more than 200 entities, including homebuilding, commercial real estate, land development, commercial contracting, insurance and various other ventures.

How We Advised

  • Our experts were hired as interim CFO to provide financial leadership in a financially stressed environment until a permanent CFO could be recruited.
  • We provided leadership and instilled confidence to the financial function of the company
  • Created a combined 3-year historic and 2-year projected financial statement and cash flow of all 200-plus entities in 4 weeks.
  • Facilitated the materials, agenda, and presentation to 31 banks.
  • Provided independent analysis to the banks and maintained relations with the lenders.
  • Negotiated property refinancing and sales agreements.
  • Successfully recruited a permanent CFO in seven weeks.
  • Our team was able to keep the Company and its related entities viable until a permanent CFO could be successfully recruited and transitioned.
  • Despite all the challenges of the environment to recruit a qualified candidate for the job and provide timely and relevant financial information, J.S. Held recruited a highly qualified candidate and effectively transitioned the CFO in three weeks.

Key Contact

Mark J. Welch, CPA, CTP
Senior Managing Director
Strategic Advisory Practice
+1 412 498 8258
[email protected]

Related Practice Areas

> Office of the CFO & Corporate Finance Support
The financial function is a critical partner in value creation in most businesses. We provide unparalleled support to the Office of the CFO to shape organizational strategy and enhance long-term business value. As CFOs and finance leadership across sectors face increasing demands, understaffing, and unprecedented challenges, we deliver guidance regarding financial planning and operations improvement, risk mitigation, and strategic business intelligence.

 

> Chief Restructuring Officer (CRO) and Interim Management Services
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.

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