Interim CFO Provides Executive Advisory Services to Assist Life Sciences Company in Executing Its Business Plan
Added an objective perspective to the C-suite, served in a mentoring capacity and provided needed leadership to the finance team’s budget, analysis, and communication processes.
Client:
Focused on mental health inpatient services in the UK, specialising in inpatient care for higher risk patients requiring treatment in a secure or controlled-access rehabilitation environment.
Services:
- Interim Executive Search
- Interim CFO
Industry:
- Life Sciences
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Our Challenge
A venture backed life sciences company needed expert support to help its management team communicate more effectively with its investors and board of directors (BOD). Based on the growth and maturity of the business, the investors proactively sought an executive advisor who could:
- Increase financial transparency
- Help execute the business plan
- Enhance communication between the company’s leadership and BOD
The organization engaged one of Focus Search Partners’ (FSP) highly experienced interim CFOs with strategic planning expertise.
Solutions & Outcomes
- The company’s latest fundraising effort was in the home stretch. Our interim CFO immediately delved into the financials and developed an 18-month budget with more than a year’s worth of cash runway, resulting in buy-in from the C-suite and BOD.
- At the same time, our interim CFO implemented an effective communication plan that provided a weekly BOD status report. He also mentored the finance team in creating an enhanced BOD package that included extensive historical and forecasting data and narratives explaining budget-to-actual variances.
- Armed with executive experience spanning publicly traded organizations to private equity-backed and privately held firms, our interim CFO delivered on day one. His leadership, technical, and communication skills allowed him to serve as a constructive and strategic thought partner to the BOD and the C-suite, and a mentor to the finance team.
- Acted as an objective sounding board for the BOD and the C-suite founders of the company.
- Mentored the finance team on communicating more effectively with the BOD.
- Helped the finance team produce more mature financial analyses to help the company meet future financial goals and objectives.
- Implemented a comprehensive budget process, including an 18-month budget allowing for increased marketing without additional external funds.
- Recommended organizational changes to further support the company’s business goals.
Results
18 Month
budget allows for adequate cash cushion
Weekly
status report keeps board well-informed
Monthly
financial postmortem signals budget variances
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