Client
Private Equity-backed Fitness Chain
Situation
The Sponsor endeavored to execute an aggressive acquisition-based growth strategy and retained an interim CFO from Levelx to build a scalable finance infrastructure for the platform business.
Levelx Actions
- Created the internal financial reporting infrastructure, including debt covenant compliance and board packages
- Liaised with valuation consultants to evaluate add-on acquisitions
- Performed business combination accounting for opening balance sheet and add-on acquisitions
- Coordinated first-year audit and guidance with third party accounting firm
- Assisted in preparation of external (audited) financial statements and footnotes (first-year audit)
- Assisted in preparation of first Federal income tax return filing
- Guided the Controller on the design of the corporate chart of accounts and the use of select advanced ERP functionality
- Assisted post-implementation efforts for a new retail accounting system, provided trouble shooting and issue resolution
Results
- Devised a tax strategy that generated nearly $200,000 in annual savings
- Documented all processes, methods, and tools and transferred this knowledge to the new full-time CFO