The Situation

The parent company of several metals recycling companies needed a CFO and staff accountant to help one of their portfolio companies for 6-12 months, after selling the primary subsidiary that employed the CFO. Pinewood was referred in from a mutual contact (a shareholder), and installed a dedicated CFO to provide part time support in financial modeling, forecasting, reporting, recruiting a Controller, and day to day financial oversight of the company.

The Execution

• Pinewood installed a part time CFO (remote) and a full time senior staff accountant (onsite) to assist the company during the transition period.

• Prepared 13 week cash forecast, long range forecast, budget, KPI/Metrics dashboards

• Recruited an onboarding an interim consulting controller, followed by a replacement, full time Controller

• Executed subsidiary cost savings and asset recovery initiative to recover $500K+ in exempt sales tax payments and other cost savings

• Executed $3M premium / $80M coverage insurance program with Marsh

The Results

A current engagement, Pinewood’s CFO and staff accountant continue to assist the company’s day to day financial operations, while recruiting and training permanent new hires in the finance department. The company is improving, increasing sales, operating cash flows, and securing new sales contracts.