How an interim engagement brought one business from unprepared to unstoppable
With an evolving and disrupted manufacturing industry, a mid-sized player was struggling to keep pace: the business had lost confidence in their finance director with doubts over the accuracy of their numbers. While competitors were upgrading their systems and teams, this business faced a massive skills gap and were failing to deliver on expectations to both internal and external stakeholders.
Oakwood Resources was engaged to provide a senior interim manager to re-establish the confidence in the finance team whilst improving the quality of the numbers, both factually and commercially.
A former FD with 20 years of experience was engaged to conduct a forensic investigation of the accounts, assess the skills within the finance team and ascertain if the numbers were a true representation of business performance.
Throughout the engagement, wider challenges emerged, with the decision taken to retain cash in the business, enhance credibility with the bank and introduce effective financial controls and processes. Partnering with the business owners, the interim manager helped develop a talent resourcing strategy to bring in experienced professionals capable of delivering on internal and external stakeholder expectations and requirements.
Within three months of the interim engagement, the business:
- Became cash positive
- Introduced a new leadership team, with shareholders moving into non-executive roles
- Refinanced its cash position with the bank
- Enhanced its operational activity as the result of tighter controls
What the stakeholders had to say…
“You saved our business!” – Chief Executive Officer
“I would not sign off the accounts pre the changes. Today the business is a going concern.” – Audit Partner
“We had lost confidence in the business. Within three months we regained our confidence in the company and its new leadership team.” – Corporate Manager, Banking provider