Management lacked sufficient comprehension of accounting department demands, resulting in the hiring of personnel with limited skills, causing ongoing issues with cash flow and poor client communication.
In Phase 1 of due diligence, conducted deep dive into account department processes and procedures. Prepared A/R aging summary report and cross referenced records found in iPoint (Audio Video Workflow Software) and QuickBooks.
Began with over-90-day aged balances, emailed clients open balance invoices and statements. Created tailored due diligence checklist to track status of conversations and payments.
During Phase 2 of due diligence, contacted clients directly informing of open balances and obtaining past-due payments.
Within 3 months of working with client, recouped over $150k in previously recognized losses.
Establish a new registered investment adviser to offer money management services on a nationwide basis.
Identified and created a niche that all high-end financial planners desire -- a separately managed account for wealthy investors that each investor can have managed only for his/her benefit -- tax sensitive, no mutual funds.
Utilized select outside money managers together with firm proprietary management.
Targeted financial planners at major insurance companies to establish a nationwide presence.
Grew the firm's managed asset base from zero to over $2 billion.
Hired and managed dozens of investment professionals to support the firm's rapidly growing asset management platform. No compliance issues.
Firm was selected by Forbes magazine as one of the top 100 independent wealth managers.
Despite affordable and competitive opening price points, the business was declining due to changes in consumer behavior and increased competition.
Management team was hesitant to evolve the brand due to the need to maintain and protect profit.
Leveraged existing industry research and conducted months of in-depth proprietary consumer research to uncover areas of opportunity.
Recommended and oversaw execution of a complete brand refresh to transition the brand from functional to more emotional, to connect with target consumers. Updates included revised positioning, new logo and packaging graphics, as well as new advertising campaign that included TV, radio, digital and social media, as well as retail support.
Additionally, launched new items (cellphones and plans) that supported the usage behavior and functionality desired by the consumer target.
Increased brand awareness and consideration (measured vs industry and brand benchmarks), slowed the revenue declines and maintained profitability.
Company needed to raise capital to fund expansion strategy.
Developed historic and forward-looking pro forma financials requisite for a capital raise.
Reviewed current and proposed capital structure of the business with senior management
Engaged with various capital sources on behalf of the company.
Company raised $10,000,000 of capital via issuing a combination of debt and equity.
Business stagnating due to niche positioning and inability to expand customer base due to lack of awareness of evolving product line.
Leveraged existing industry research and conducted additional proprietary research to uncover opportunity to expand brand relevance to broader audience.
Updated target audience to primary household decision maker (female 25+).
Adapted global brand positioning for the U.S. to broaden appeal of brand by showcasing breadth of product line.
Developed new national campaigns to drive awareness and consideration of the brand using TV and Radio ads, updating brand Website, leveraging PR, as well as Email marketing and Catalog distribution, for both General market and Hispanic market.
Also leveraged local media including FSIs, Out of Home, Radio, and PR to support each region.
Improved brand perception (as measured by annual brand tracking study) and increased traffic to the stores.
Finance department was experiencing challenges and having difficulty finding solutions for many areas including: personnel communications, bill tracking and discrepancies due to rounding.
Spearheaded creation of department handbook.
Began by researching necessary topics to create department handbook. Researched successful mission statements.
Communicated with various finance employees about concerns within department.
With more solidified organization and clear guidelines, the finance department now has a department handbook that they run their department in accordance with contributing to increased employee retention and processes are now referrable.