Case Study: Interim CFO Positions Streaming Service for Successful Sale

Removed $120 million of contingent liabilities from the balance sheet and ensured company profitability. 

Client:

VC-backed streaming service

Services:

  • Interim Executive Services 
  • Interim CFO
  • Turnaround

Industry:

  • Private Equity
  • Media & Entertainment

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Proven financial leader retained to stabilize company’s increasingly dire financial situation and stem staggering losses

Focus Search Partners’ interim CFO, an experienced media and entertainment industry veteran, was retained by a VC-backed streaming service to stabilize its increasingly dire financial situation and stem staggering losses. Additionally, the maturity date of a $20 million mezzanine loan was looming, and the company didn’t have the means to cover the loan’s sizable balloon payment while remaining solvent and operational. Simply put: they were running out of cash and time. 

With just three months to ascertain the best path for the company, before the mezzanine loan payment was due, the board and executive team realized that Chapter 7 or 11 restructuring was the likely outcome for the business. Our interim CFO quickly realized that this strategy would not yield a sustainable business post restructuring, so the company moved forward with a different plan.

Leveraging his expertise, Focus Search Partners’ consultant guided the company’s exit from its loss-making business segments; more importantly, he established a new focus for the company to be half the size but cash flow positive. He had the practical knowledge, confidence, and charisma to execute a creative solution; partner with and communicate effectively to the company’s board, CEO, and team; gain consensus; and quickly develop and execute the strategic plan.

“Focus Search Partners’ interim CFO instantly became a trusted, respected, and valued part of the team. He quickly got up to speed on our business and had creative ideas on how to counter key roadblocks and issues. He adapted to our culture quickly, which was no small feat during a pandemic; he was calm under pressure; and he took the time to mentor and develop the team as he executed the plan. He is the consummate professional and the perfect person to tackle the hard jobs.”                                                                                                                                                                                                                                                                        – Chief Executive Officer

Goals & Solutions

Results

Profitability

Removed $120 million of contingent liabilities from the balance sheet

Growth

Forecasted $10 million EBITDA for 2021

Sustainability

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