Founded in 1970, SouthLight Healthcare is a premier provider of Substance Use Treatment and Mental Health Services for the Triangle area.  Mike Florio is very pleased to be working with the team at Southlight.  Please read more about the mission and commitment to providing holistic healthcare solutions for clients at https://www.southlight.org. 

Please read more about TheraVida,  a clinical stage specialty pharmaceutical company focused on the development of THVD-102 for the treatment of primary focal hyperhidrosis. THVD-102’s systemic approach gives it the unique potential to address patients suffering from both primary focal and secondary generalized hyperhidrosis.

We are excited to have Larry Woolhiser join the Rankin McKenzie team.  His 25 years of  financial leadership, experience with entrepreneurial, high growth, and transitioning healthcare and technology companies is a great addition to RM.

Larry’s hands-on experience in all aspects of leading and managing a business from start-up, through the high growth phase to a successful strategic exit will serve RM clients well.  Also, his understanding of financial planning and analysis, budget modeling, strategic planning, cost management, cash-flow optimization within a leveraged environment, private equity and debt financing and acquisition integration will make him a great resource for the team and our clients.

Please click to learn more about Larry and his experience.

Beth Mullaney
[email protected]

Rankin McKenzie is very excited to be working with these dynamic companies! Please join us in welcoming our newest clients and learn more about who they are:

Constellation Digital Partners, Spencer Health Solutions, Isolere Bio, Praetego, Lynch Mykins & Associates, Atticus, MacGregor Partners, Research Square, CropTrak, New Mind and Auration Biotech.

Rankin McKenzie Partners celebrated with the annual year-end Holiday party – great dinner and great company!  #16yearsandcounting  #traditions #RMPartners

By: Beth Mullaney, Director of Business Development, Partner

Business owners of any size need a financial bench that can accommodate their ever-changing needs – everything from bookkeeping, tax compliance and reporting, to revenue forecasting and long-term financial strategy. There is a common misconception among small and medium-sized business owners that an external CPA firm and the role of a Chief Financial Officer (CFO) are interchangeable, but this is far from the case.

A CPA firm is typically more tax and audit focused while a CFO is more focused on an organization’s internal long-term financial strategy, which includes forecasting, budgeting, cash flow issues and more. While the external CPA firms and CFOs are financial experts, they have vastly different specialties and roles. It is critical to your business, regardless of size, that you understand the difference.

  • External CPA Firm Certified Public Accountants– One of the greatest benefits a CPA firm will bring to your business is their knowledge of tax law and compliance. The firms experience is geared toward providing tax advice, looking at your company from a macro level, and offering external advice on a quarterly basis.
  • Chief Financial Officers– A CFO’s primary function is the exact opposite; they are an internal resource to examine your business at a micro-level, offering weekly guidance on the company’s financial goals, pricing models, and the best ways to allocate resources like capital, people, and equipment to bring the most revenue in.

Companies that utilize a CPA firm and a CFO have both ends of the spectrum covered. And growing a business requires both of these roles to facilitate collaboration and establish a connection between past activities and future strategy. In the best-case scenario, CFOs work very closely with CPA firms to ensure that the company is moving forward financially while saving as many tax dollars as possible.

Many small-and medium-size businesses believe that employing a full-time CFO is an impossibility because of budget. But that doesn’t mean you can’t benefit from the services of a fractional CFO. A fractional CFO allows you to receive the expertise of an experienced CFO on a part-time or contract basis. This model is significantly less expensive than hiring a full-time CFO but still provides you with you a level of expertise and insight that would otherwise be unavailable. Contact us at [email protected]  to learn more about Rankin McKenzie’s fractional CFO services.

Congratulations to RM client, ThinQ and our RM Partner, Anna Hunter.  ThinQ, a pioneer in cloud-based communications software as a service, today announced that it has raised $24 million in financing, led by Turn/River Capital, a leading technology growth equity and buyout firm. Vaquero Capital advised on the deal. Funds will be used for further product development and to support the rapidly increasing demand for thinQ’s Communications Platform as a Service (CPaaS). Read more here – ThinQ article

 

Congratulations to two outstanding clients for being nominated for an NC Tech Award.  Constellation Digital Partners is nominated for the Top 10 Startups to Watch Winners in the Technology Corporate Awards and Carolina Advanced Digital is nominated for Customer Service in the Use of Technology Awards category. We are so proud and happy for these clients!!

 

“We are so excited that Malcolm ClarkeJohn Griffin and Phil Sandy have all decided to join the Rankin McKenzie team.  They are great additions as they have over 20 years of experience each with growth companies of varying size and industry”, say Director of Business Development and Partner, Beth Mullaney. Please read more about each new Partner by clicking on the links above.

By: Beth Mullaney, Director of Business Development, Partner

You’re the owner of a small to medium sized business and are pulled in a million directions. Did you know that a part-time CFO can help with this? Many people don’t realize that an on-site part-time CFO can provide a financial perspective on your business operations. They can also own and complete projects that will help you have the right financial data at your fingertips to support important decision making.

Here are five reasons you might need a part-time CFO for your business.

  1. You are concerned about your company’s financial future and need higher level expertise but don’t have the money to hire a full-time permanent CFO.

Part-time CFOs are much more affordable for small to mid-sized businesses as those companies often do not require a full-time CFO to get the job done. At Rankin McKenzie, our CFOs have over 20 years of experience which makes them adept and efficient when it comes to solving company issues quickly.

  1. Help with your company’s breakeven point.

Most business owners understand the concept of overhead but it can be time consuming and require detail-oriented calculations to figure out how many products or hours of service they need to sell to pay that overhead. This is known as the breakeven point and a part-time CFO can help you calculate this number and make recommendations.

  1. You have trouble with cash flow management.

A part-time CFO will help get a plan in place and monitor the preparation and evaluation of accurate, timely cash flow forecasting. This is key for CEOs to make strategic decisions for the business. Also, the part-time CFO can develop “what if” scenarios and use a created or revised financial model with management to evaluate future cash requirements.

  1. It seems like you and your staff are putting more and more time into the business but aren’t generating more profits.

A part-time CFO can assist in solving this problem by digging into the data, helping to analyze gaps, and make recommendations – whether it’s by increasing prices, creating more efficiencies in processes, or improving your profit margins.

  1.      You’re planning to eventually sell your business.

When selling a business, the potential buyer will want to see a myriad of financial data that spans several years. If a part-time CFO knows the owner’s goals for the sale, they can help the owner set things up to their best advantage and put together a plan to get ready for the sale of the business.

As you can see, by having an interim or part-time CFO focus on the financial aspects of the business, you and your staff can focus on growing the business, taking care of your customers, and generating higher profits for the business.