Rebuilding International Bridges
Learn how a Fractional CFO helped an international food manufacturer rebuild banking and professional partnerships.
Some engagements start with a blank sheet - this one started with a list of damaged relationships and a junior finance manager who was out of his depth.
An international food manufacturer setting up UK operations, had managed to fall out with its bank, several large accountancy firms, its legal advisers, its suppliers, and a number of staff. The overseas board was set in its ways and not inclined to take advice.
It took a particular kind of Fractional CFO to walk into that environment and make progress.
The challenge
Oak Tree hadn't got off to a great start in the UK; the overseas management team had their own clear way of doing things and had overruled advice at almost every turn. Relationships had broken down across the board, which the junior finance manager on the ground wasn't equipped to deal with. The business had never reached break-even.
The approach
The Fractional CFO appointed was bilingual, which mattered immensely. So did his background and his presence - he carried enough credibility and confidence to earn respect from an overseas board that hadn't been easy to work with.
Rather than starting from scratch, he used the accumulated list of failures as a to-do list. A new main bank was appointed, an FX supplier came on board and reduced currency costs, a top-ten accountancy firm was brought back on side and a local law firm with the right credentials was appointed. Staff changes were made where necessary.
None of it happened overnight, but bit by bit, things stabilised.
The outcomes
- New banking relationship established
- FX arrangements improved, reducing costs
- Accountancy and legal relationships rebuilt with credible firms
- Internal finance function strengthened
- First ever break-even year achieved
The impact
Getting a business to break even doesn't sound dramatic; but for a company that had spent years burning through goodwill and accumulating problems, it was a genuine turning point.
The foundations are in place now, and the future looks more positive than it has at any point since the UK operation began.
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Frequently asked questions
Common questions about fractional services and how they work
What’s a CFO, and what do they do?
A Chief Financial Officer or a Financial Director (FD) is responsible for the entire financial function within a business or organisation. Often referred to as a CEO’s righthand man/woman, they are always looking into the future and driving the business forward.
What’s the benefit to a fractional CFO, and how do I know if I need a FT or PT one?
It is recognised that 99% of businesses in the UK with a turnover below £50m, do not require a full-time Finance Director to achieve their strategic goals. Often full time CFO’s within these businesses find themselves doing non-CFO work (finance control work, IT, HR). This is hugely costly to the business. A fractional CFO allows a business or organisation maximum benefits to a business without the costs of a full time CFO. It’s a very cost-efficient way of accessing a superstar CFO without the full time cost. The savings to a business can be enormous (>£100k pa) If you think hiring a superstar fraction CFO is expensive, try hiring an average full time and seeing the value difference…
What’s the difference between a fractional, part-time CFO, interim, external, outsourced FD?
They’re all the same!
When should a company hire a fractional CFO? How do I know if we’re ready?
As soon as possible! We help businesses at all stages, whether that’s a pre-revenue startup, rapid growth, scaling up, cash-flow issues, to successful exit. We have highly successful CFO’s who have stellar backgrounds at all these stages waiting to help.
Can they help raise significant funding and or investment for the business?
Yes, they have a unique approach around building a proposition for a funder and taking the funding project right through to conclusion.
Can a fractional CFO help with scaling?
Yes, they will be advising on every element of the business that can be strengthened to grow the business.
Can a fractional CFO help with exiting/sale?
Yes, typically a CFO will stay with the business right through the whole process, concluding when the money is in the back. To ensure continuity they can also stay on under the new ownership.
Will the CFO’s be qualified?
Yes.
Do they work remotely or in our offices?
They can be flexible as to your needs, working either in the offices or at home or a combination of both.
Do they typically attend board meetings?
Yes, they usually attend, and quite often chair or lead the meeting.
Can a CFO help bring AI automation into the finance team/throughout the business?
Yes, our leaders will be working to ensure the most efficient technology systems are running throughout the business.
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