HOME ABOUT US INSTITUTIONAL SERVICES WEALTH MANAGEMENT SERVICES BUSINESS CONSULTING SERVICES INSIGHTS TOOLS CLIENT CENTER CONTACT Case Studies Brief Overview: A well-established service provider finds itself trying to navigate a financial recovery from the 2008 "Great Recession” without its internal or external financial team intact. Read the solutions that helped create a 250% increase in cash reserves and savings after two years. Business Challenges After many successful years, a service company with annual revenues of nearly $5 million, has a significant decline in top-line revenues of slightly more than 20%. Compounded by the 2008 economic crisis, the company now finds itself in a major debt dilemma. The prior financial team including the CFO and internal and external accountant left the organization shortly after 2008 leaving the company without proper internal financial controls. Management became concerned about the quality of its remaining financial team and consistency of service by the newly hired outside accounting firm. Financial reporting was two years behind schedule and as a result, created an adverse relationship with their lender regarding important investment property and other asset holdings. Business Solutions Conducted a review and analysis of current cash-flow, projected cash flows (both present and past due expenses along with historical and present revenues including sources), and examined the balance sheet for liquidity and potential repositioning of assets. Provided CFO and comptroller type financial oversight services for the client including assistance with assessment of potential large expenditures, financial management of cash and other assets, and evaluation of budgets. A debt elimination strategy was developed and implemented over an 8 month period to pay off all past due obligations and keep re-occurring expenses current. On the client's behalf, began direct negotiations with the lender and provided current financial reporting to demonstrate to the bank that all loans can be rated in good standing. Assisted the client in right-sizing the business including reduction of redundant staffing and expenses, as well as tighter restrictions on new expenditures. Assisted the client in establishing internal financial controls and appropriate cash-management procedures. Performed a confidential search and helped the client select and hire a new internal financial team including bookkeeping, accounts payable and an external accountant. Download the case study here. Contact 1330 Smith Ave Suite 7 Baltimore City, MD 21209 Financial Management Strategies, LLC Office: 410.779.1276 Fax: 410-779-1302 info@fmsadvisors.com Disclaimer Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information. This website is for informational purposes only and not intended to constitute an offer for or any solicitation to sell securities or investment advisory services except, where applicable, in states where we are registered, or where an exemption or exclusion from registration exists. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, as well as information posted on "linked" websites is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of the information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. Original Content Property of Financial Management Strategies Copyright 2018 Copyright 2021 FMG Suite.