The ChallengeAs companies experience the ups and downs of growth, the challenges associated with managing change can be hard to define. Quite frequently this leads to frustration and confusion on what to prioritize for senior leaders. When the owner of “ACME Industrial” started describing some of his management frustrations to those in his personal network, he was urged to consult with an experienced CFO and preferably, with Rankin McKenzie specifically.
The SolutionAfter meeting with Rankin McKenzie, leadership at ACME Industrial was matched with Michael Florio, an executive with broad financial and operations acumen. Though ACME’s CEO/owner was a technical expert in his field, recent growth had transformed ACME Industrial into a much larger enterprise and Michael quickly helped identify the cash flow, credit access, HR, and even cultural issues at play.
Michael and ACME’s owner quickly established a productive and transparent rapport. Michael constructed the company’s first comprehensive budget plan, established a genuine banking relationship to facilitate needed credit, and administered employee benefits as the company grew past new regulatory thresholds. New KPI dashboards provided actionable insights on several important issues, like prompting the implementation of a new physical inventory process that uncovered a significant theft problem within the warehouse staff. Ultimately, ACME industrial successfully navigated very steep growth – doubling in two years – after more than 60 years in business.