In today’s tough economy, the availability of business credit remains tight. Financial institutions are cautious and highly skeptical of new lending requests. In addition to increased scrutiny regarding new relationships, bankers are also increasingly turning their focus to existing customers. With little or no notice, lenders are closing business credit lines or reducing the amount […]
What Lenders Require in Today’s Economy Read More »
Research Triangle Park, N.C. – Bioptigen, a spin-out from Duke University?s Biomedical Engineering Department, has won a $2.7 million grant from the National Eye Institute for research into pediatric eye disease issues. The medical device firm focuses on ophthalmic imaging. The 27-month grant is funded by the National Institutes of Health. In 2007, Bioptigen
SF Client Bioptigen Lands $2.7M Federal Grant Read More »
Source: Joseph W. Bartlett, Of Counsel, Sullivan & Worcester LLP Who’s Who of Angels Angel groups have grown significantly in the last decade, as more and more organizations have been established and more individual angels have joined the groups. Angel groups now exist in nearly every American state and Canadian province, and they offer accredited
Roadmap to the Angel Investor Community Read More »
Source: Nick Hammerschlag The four key elements of successful financial modeling are: simplicity, flexibility, improvisation, and an underlying economic model! Creating a basic financial model does not have to be a daunting task, though it can often turn into one. I can’t count the number of business models I’ve received from companies that are utterly
Financial Modeling for Software-as-a-Service Businesses Read More »
Source: Tien Anh Nguyen Using the customer renewal rates data to unveil sub-optimal customer service, neglected account management, indifferent product marketing and faulty market strategy: I would not be adding much value by simply stating that customer renewal rate is an important performance measurement for any technology business. It has long made its way into
Customer Renewal Rate – Critical Metric for Decision-Making Read More »
Source: Michael O’Hare and Chris Hieb Almost all startup and expansion stage technology founders build and operate their business with the hope that their fantastic product — and the hard work their people have invested in building and selling it — will eventually lead to a wildly profitable exit. If only the exit process
8 Rules of Technology Sell-Side Mergers & Acquisitions Read More »
The IRS has launched a new program that will enable many employers to resolve past worker classification issues at a relatively low tax cost by voluntarily reclassifying their workers. This new program offers employers an opportunity to come into compliance by making a payment covering past payroll tax obligations. This IRS “Fresh Start” initiative coincides with another
New Compliance Program re: Employee/Contractor Classification Read More »
Scale Finance has advised TruPoint Partners, a leading provider of compliance solutions to community banks, on the completion of a growth capital raise through a strategic partner. TruPoint has achieved record growth to start 2011, increasing its client roster by an average of four new clients a week for the first half of the year. This
Scale Finance Closes Equity Financing for TruPoint Partners, Inc. Read More »
Scale Finance LLC announces the hiring of 5 new professionals – Joaquin Soria and George Schneider in Charlotte and Tony Bugel, David Pate, and Mitch Strickland in the Triangle. “2011 continues to be a very strong year for the Company,” said Dave Gilroy, SF Managing Director in Charlotte. “We continue to see increased referrals from
Scale Finance Growth Continues in Q3 Read More »
Graf Research™ unleashes innovation by developing ideas into disruptive technologies. The Graf mission aims to perform research, provide services, apply analytics, and create products that enable secure, high-performance, embedded, and adaptive computing solutions.
When the Director of Finance for Graf was leaving the company, Graf needed an experienced financial team to get them through the transition. Managing Director Gary Hayes was introduced to Graf and determined that CFO Rendy Richards and Controller John Schefke would be an ideal combination. These two were particularly important because Graf is a U.S. Government contractor, and both Richards and Schefke have strong backgrounds and deep skill sets in this industry.
The two Scale Finance professionals quickly responded to Graf’s time-sensitive need, logically split up the work, learned the DELTEK version used by Graf, introduced more efficient processes and techniques, and helped meet their financial reporting needs. Our professionals also determined that the Senior Staff Accountant was underutilized and helped her grow into a permanent, cost-effective Controller role.
FX HedgePool (FXHP)
FX HedgePool (FXHP) is a New York and London-based highly innovative fintech company. FXHP is an award-winning peer-to-peer matching platform that optimizes the FX swaps market. The Company eliminates market impact and minimizes the effects of volatility – significantly improving outcomes for all investors.
FXHP’s unique credit model separates liquidity from credit, creating a new source of safe and dependable liquidity for the swaps market. The Company exists for the community, guided by the community with a “win-win-win” commitment that helps members, underlying investors, and banks yield safer and better results.
Scale Finance began serving FXHP years ago, providing annual business valuations to support 409A compliance for the Company’s management incentive equity plan. During this period, Scale Finance Managing Director Dave Gilroy advised FXHP about potential strategic corporate transactions. In 2022, the Company decided to raise institutional venture capital. Scale Finance managed this process from end to end, resulting in a highly successful closing of an $8 million Series A equity financing led by Information Venture Partners with participation from Fidelity International Strategic Ventures and NAventures (National Bank of Canada’s corporate venture capital arm).
Scale Finance continues to provide periodic business valuation support.
Heritage Trust
As the first independent trust company in New Mexico, established in 1994, Heritage Trust (HT) uses innovation, experience, and flexibility to meet clients’ needs. HT provides a full range of trust services, e.g., acting as their client fiduciary for their Trust assets, being an executor or personal representative related to the distribution of estate assets, managing and growing financial assets, and preparing annual tax returns for trusted clients.
Co-Founder and Managing Director of Scale Finance Gary Hayes has been providing CFO and managing Controller support since February 2021. We have streamlined their monthly and year-end close process and established budget/forecast capability to support management. Their business has grown over 40% since Scale Finance has been involved with the company’s financial management. Gary has also participated in Board Meetings as and when needed.
Southland Transportation Company
Southland Transportation provides transport, supply chain, and campus management services on a local, regional, and nationwide basis. When Southland contacted Scale Finance, they had a strong accounting staff but no Controller or CFO. After an unsuccessful search for a full-time CFO, Southland engaged CFO and Partner Rendy Richards as their fractional CFO.
Over 18 months, Richards helped integrate a new acquisition, made improvements in accounting and finance processes, developed the company’s first-ever annual budget, helped with the onboarding of a new Controller, and provided business valuations in conjunction with Scale Finance’s Managing Director, Dave Gilroy.
For over six decades, Cooper Electrical has served a wide range of industrial, commercial, and municipal customers across the Southeast, providing best-in-class Electrical Design/Build, BIM, Prefabrication, Instrumentation & Controls, and Calibration services. Cooper’s expertise spans multiple major markets, including bio-pharmaceutical, chemical, water & wastewater, power generation, manufacturing, gas production & transmission, and food & beverage.
When Cooper’s CFO left the company for another opportunity, the owners engaged Rendy Richards as interim CFO while they searched for a full-time replacement. On a half-time basis over eight months, Richards kept the company’s financial organization humming, made improvements in several business processes, initiated a detailed financial forecast, and met with the owners to share his observations and recommendations on the most feasible way to staff their finance and accounting department cost-effectively.
SymmetryRX, LLC
SymmetryRX is a leading provider of eSampling services allowing Pharma Manufacturing companies to access physician practices for the ordering and distribution of drug samples across the US. The Company was acquired in November 2018 from Aptus Health, a wholly-owned subsidiary of Merck. Since then, the company has expanded its robust suite of services that provides pharma manufacturing executives, brand managers, sales managers, product managers, and launch managers the ability to help more patients have greater access to samples, improving medication adherence and healthcare outcomes.
Co-Founder and Managing Director of Scale Finance Gary Hayes has been providing CFO Services to the Company since 2018 and was integral in the acquisition process, facilitated initial financing to support the company with a 7A SBA loan package of $600 thousand and an SBA-backed $300 thousand LOC. Since then, Gary has been actively providing CFO support across financial reporting, budgeting, forecasting, cash planning, and strategic planning.
