Building a Scalable Finance Function During an Ownership Transition
The Client
A B2B marketing agency was entering a major transition. One partner was purchasing the firm from his two longtime partners as they prepared to retire, while simultaneously pursuing an ambitious growth plan.
The transition created an immediate operational issue. One of the departing partners had managed the company’s finances since its early days. That knowledge and responsibility now needed to be transferred without disrupting the business or slowing its growth plans.
The Challenge
The agency owner was considering various options to replace the departing bookkeeping function. Hiring a new full-time employee would add overhead and risk. Assigning those responsibilities to an existing employee would take that person away from other tasks.
Beyond the bookkeeping need, the owner also needed better financial visibility, stronger processes and an experienced advisor who could help him interpret the numbers and make sound decisions as he navigated the partner buyout and pursued significant growth. Hiring a CFO wasn’t feasible for a small organization.
Our Recommendation
Bronswick Benjamin looked beyond the immediate bookkeeping need and evaluated the company’s financial operations, ownership transition and growth objectives to design an accounting solution appropriate for the next stage of the business.
We assumed responsibility for the company’s bookkeeping while modernizing its systems and processes. QuickBooks Online and Bill.com were implemented to streamline accounting, invoicing, bill payment and expense management.
We also made sure the owner had access to experienced financial professionals who could provide deeper reporting, analysis and guidance over time, delivering many of the benefits of an internal finance team without the cost of building one.
The Results
The agency successfully transitioned this critical function from the retiring partner without hiring a full-time bookkeeper or CFO.
Invoicing, bill payment and expense management now run through efficient, scalable processes managed by the Bronswick Benjamin team. The owner receives detailed financial reporting and greater visibility into the business, helping him plan, make decisions and evaluate performance with greater confidence.
Instead of simply replacing a bookkeeper, the agency gained a finance function designed to grow with the company. The change positioned the company to pursue its goal of 60% growth over the following three years while continually improving its financial systems and processes.
