Source: Walter Simson, Principal, Ventor Consulting I have met my share of lousy chief financial officers. Like the sportswear executive who didn’t know the various products’ margins–and then invested heavily in the losers. Or the manufacturing lady who spent a lot of time complaining about the bank’s interest rate, but couldn’t close the books on […]
Is Your CFO Any Good? 4 Point Checklist Read More »
Source: Samuel Howard, Axial Networks Contributor Deals fall through, it is an unfortunate fact of life. Of course, you can improve likelihood of success, but sometimes deals — even seemingly surefire deals — breakdown. No matter how compelling the logic or promising the prospects, not every deal will make it to the finish line. In
What Happens When Deals Die Read More »
Source: Jeff Wright The Bank Says No When the bank says no, you don’t qualify for a loan, don’t be discouraged. There are many things you can do to improve your chances for approval. The first thing to do is ask why you were turned down so that you can address these reasons. The bank’s
How to Handle a Bank’s Rejection of Your Loan Request Read More »
Horizon Eye Care is a Charlotte-area owned and operated ophthalmology practice providing quality eye care services to Charlotte area residents. Horizon Eye Care was formed in 1997 following the merger of Gaskin Eye Associates and Charlotte Eye. Horizon offers a full-range of Ophthalmology services including surgical and medical eye care with Corneal, Retinal, Neuro-Ophthalmology, Oculoplastics,
Scale Finance Closes Debt Financing for Horizon Eye Care Read More »
Source: Belinda Kitos, CFE (Certified Fraud Examiner) Medical businesses’ unique conditions double the vulnerability to accounting fraud. A typical medical practice operates with controlled chaos, generous trust of staff and two separate financial accounting software programs — all breeding circumstances for fraud. Here’s how to identify internal fraudsters’ schemes and apply remedies (even if you
Susceptibility to Accounting Fraud for Medical Businesses Read More »
Source: BizActions Is your small business struggling to make ends meet? Some relief may be on the way for distressed business owners. The Small Business Reorganization Act of 2019 will make it faster and less expensive to benefit from a Chapter 11 bankruptcy. The legislation was signed into law in August, and it goes into
Bankruptcy Relief for Small Companies Coming Soon Read More »
Source: US Department of Labor, BizActions The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your
New Rules for Overtime Pay take Effect January 2020 Read More »
Source: Mark Achler, Managing Director, MATH Venture Partners and lecturer at Northwestern, Kellogg School of Management As a venture capitalist, I meet every day with two or three entrepreneurs who pitch me to invest in their dreams. (Last year, we reviewed more than 2,000 new companies.) Having done this now for 20 years across three
The 5 Worst Things You Can Say to a Venture Capitalist Read More »
Not enough capital to cover the cost of expected growth before the revenue starts to show up Not enough cash to fund the receivables from the growth Not enough people in the right areas: Damaged reputation from poor customer support and service Too much inventory because growth didn’t go as planned Interview with Gary Hayes,
The 5 growth mistakes (that can run you out of cash or out of business) Read More »
Source: Joe Wallin, Startup Law Blog Companies and service providers to companies frequently confront this question. Which is better: an Incentive Stock Option (aka a statutory stock option) (an “ISO”) or a Nonqualified Stock Option (aka a Nonstatutory Stock Option) (an “NQO”)? What are the differences between ISOs and NQOs? The table below summarizes the
Incentive Stock Options Versus Nonqualified Stock Options 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.
