A large distributor was facing challenging financial situations. The CFO role was vacant and an operations executive was trying to help them get by while also maintaining his original responsibilities. Their market was changing and they needed to make some changes to stay relevant and solvent. Employee morale was at an all time low with rumors of layoffs and closures invading most conversations. Although money was extremely tight, a decision was made to bring in an interim CFO from Phoenix Group LLC to help guide them through this difficult time. Banking relationships were critical to the short- and long-term survival of the company so calls and meetings were immediately made to give the financiers confidence in the financial leadership of the organization. A great deal of analysis was done and difficult conversations followed by even more difficult decisions that had to be made regarding staff. Layoffs were done. New terms were negotiated with all vendors – nothing was off the table. While the CFO was tackling the finances, the other officers were able to focus on other critical matters such as sourcing new suppliers and forging business relationships that would benefit the company. After six months of very deliberate efforts, the company started to move forward in a positive direction. Staff was brought back; vendors were paid and the banking relationships remain strong to this day. Looking back, the executive team wishes they had brought in a Phoenix Group CFO earlier but are grateful they decided to invest their limited resources in the financial leadership they needed to turn things around.
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