How a part time CFO
Victorian businesswoman Kerin Haddon remembers the day she reached out to a part time CFO for her family business, Resource Recovery Victoria (RRV).
“We needed an extra keen set of eyes to look over the business – how we were doing and where we were going,” Kerin said.
“We also wanted to plan an exit and needed someone to get us to the right level so we could realise the full value of our business.”
Four years later, Kerin, her husband Gary and brother Robert sold their waste management business after 25 years of hard work in an exit that has allowed them to live their dreams.
How did a part time CFO help them get there?
Kerin says having a part time CFO was the defining decision that ensured the success of their business, which involved two construction waste bin companies – Moorabbin Bin Hire and Combined Bin Hire – and the RRV waste processing centre.
“Remco started working with us one day a week, which quickly grew to two as we realised how invaluable his financial management and commercial acumen were,” Kerin said.
“We had a very tough time just after he came on board, including a price war with other waste companies that could easily have crippled us.
“With Remco’s advice, we were able to survive it. He and Standard Ledger also professionalised our business. They introduced technology, made a lot of process and operational changes and introduced regular reporting, which gave our bank more confidence to finance our growth plans.”
Remco also called in Standard Ledger’s tax partner, Mike, to restructure the business entities tax effectively, before working with the family to sell the business.
The day we sold our business
Kerin will never forget the day her business was sold to ASX listed Bingo Industries. And she says it wouldn’t have been possible without a CFO advisory service.
“Remco guided us through the entire exit process, and handled it all from reaching out to prospective buyers to managing the negotiation and due diligence processes.
“Negotiating a sale like that is intense. We would not have achieved the result we did without Remco’s commercial acumen and cool rational advice.”
Now we’re living our dreams
Kerin, Gary and Robert are enjoying being on the other side of the sale, after living and breathing their business for 25 years.
“Living the dream for me means financial security,” Kerin said.
“It’s amazing to be able to live this life of managing our super and investments, and travelling whenever I want, which is often. We’re rapt!”
Although she does admit to missing the rough and tumble of business at times, and would love the opportunity to be on a board.
What it’s like to provide CFO consulting services
Providing CFO consulting services can be one of the most rewarding ways of working with Australian businesses. Founders and owners are often so occupied with working in their business, that they don’t have the time or tools to work on it.
But when they do, it can really pay off. Remco describes working with Kerin, Gary and Robert as incredibly gratifying.
“I felt privileged to have the opportunity to go through their journey with them,” Remco said.
“It’s a real credit to them that they could look ahead from the day-to-day and make the investment needed to both keep an eye on cash flows in some very tough circumstances as well as help get the business ready for sale.”
Are part time CFO services for you?
If you’re considering part time CFO services, you might want to read our article on how to know when it’s time for a virtual CFO.
As Kerin says: “The key point about a virtual CFO is that they’re affordable and scalable. You pay them hourly and have access to them whenever you need it. It’s a very sensible investment and for us, a vital one.”