A New Specialty Finance Firm Gains Much-Needed Structural Lift from Interim-Turned-Permanent COO

Rescued the firm’s own financing and institutionalized its policies and procedures, enabling it
to effectively service a quickly expanding portfolio of assets under management.

Client:

Firm specializing in optimizing sales performance and creating sustainable growth

Services:

Interim Executive Search
Interim COO

Industry:

Financial Services

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Our Challenge

A year after transitioning from its original seven-year owner/operator business model, a young, fast-growing finance broker was struggling to maintain operations. The company’s immature infrastructure was no match for the firm’s wildly successful launch. With major systems and staffing issues mounting, the owners engaged Focus Search Partner’s (FSP) interim COO, a veteran in specialty finance, to guide its efforts. Before tackling the aforementioned challenges, our interim COO addressed the true game stopper—the firm’s commercial line of credit (LOC) riddled with multiple missed debt covenants. In short, the company’s future hung precariously in the balance.

Solutions & Outcomes

With credible experience securing and repairing more than a dozen commercial LOCs, our interim COO immediately initiated discussions with the firm’s bank to successfully amend its relationship and keep the money flowing to finance its contracts.
Additionally, the firm’s owners lacked confidence in its legacy system’s ability to accurately book leases. Between our expert’s in-depth knowledge of specialty financing and extensive experience with the exact system, he confirmed the system’s accuracy and that the firm was booking the right type of contract for its leases. He developed and implemented new policies and procedures incorporating the leasing industry’s best practices for underwriting and collections. This quickly and markedly improved operational efficiency and regulatory compliance.
FSP’s interim COO’s expertise in specialty financing and business transformation enabled him to improve the organization’s operations and instill confidence in its bankers. The work environment and employee output were enhanced. The extensive success he achieved in just three months resulted in the firm hiring him as its permanent COO.
Onboarded and collected 880+ commercial rental contracts accurately each month
Grew FTO count by 2x to adequately support the strategic plan
Helped expand the firm’s LOC
Transitioned lease accounting to GAAP standards
Created consistent and compliant policies
Implemented controllable corresponding procedures
Solicited dealers to be part of the collections process
Initiated a leasing training program to educate staff
Oversaw the assessment and organization of the firm’s data
Led the firm’s financial audit to a smooth completion

“We sorely needed the industry knowledge and managerial horsepower to match the potential of our business plan, and that’s exactly what Focus Search Partner’s Interim COO gave us. He accomplished more in three months than we imagined was possible, setting us up to continue our exponential growth, which is why we didn’t want to lose him.”

– Chief Executive Officer