Weathering The Storm Of Transition

Written by Carol Coughlin on .

Category: CFO Services (Non-profit)

Client: Municipal Services Organization

CHALLENGE:

They say that when it rains it pours; the CEO of this multi-government agency was facing a deluge, and her umbrella had significant holes in it. When we first met her, she needed to downsize to meet lower funding levels – a critical time when a CEO depends on her CFO.

Unfortunately, there were more rainclouds on the horizon:

  • The CEO wasn’t getting the information she needed to run her organization.
  • The CFO was planning to relocate – but she thought she could manage her job remotely.
  • There was no internal successor to replace the CFO, who was the only one knowledgeable about the financials.

The CEO was getting waterlogged; she needed to develop a plan for replacing the CFO and modeling the implications of lower funding. And she needed to do it fast.

SOLUTION:

We brought the lifejacket. Or, in this case, something even better: interim CFO services. These skilled professionals worked with the organization’s team to:

  • Define roles and responsibilities.
  • Improve reporting and processes.
  • Recommend options for reduced expenses.
  • Find a permanent replacement for the CFO.

RESULTS:

The organization not only weathered the storm, they came out stronger and better positioned to handle the rigors of the nonprofit world. They successfully on-boarded the new financial management team and made reductions in cost to live within their new budget constraints.

“During a transition in our Finance Department, we needed both a professional assessment of the department and on the ground help guiding the department through it. BottomLine Growth Strategies came to the rescue. They not only provided a first-rate assessment, but rolled up their sleeves and saw us through to the hiring of a new CFO.

“When we were contemplating a difficult and major re-structure of management, BottomLine Growth Strategies helped us to develop a plan that ensured our success. We couldn’t have done it without them.”

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