Smooth Sailing 

2 Min. Read

Delivering Exactly What Was Needed During a Crisis - Cool-headed, Strategic Finance Leadership 

At A Glance 

Company Type: Small, Non-profit 

Industry: Private Community, Hospitality 

Solution Area: Interim Finance 

About The Client 

A private community with five separate boards and five corporate entities - including a golf club - hit several snags all around the same time. The CFO’s departure could lead to positive refinements of the role, but other senior-level positions opened up, and business activities were about to be halted. They needed a part-time CFO to keep things moving - and to calm the chaos. 

Challenge 

The boards and CEO lacked confidence in the finance team, whose CFO had recently left. Financial reports weren’t timely. The HR and risk management directors were also on their way out, right as the annual enrollment period was about to begin. 

They didn’t want to rush to hire a new finance chief - they needed the interim CFO to provide leadership during this transitional time and strengthen their financial operations. 

Not long after the interim CFO joined the team, the coronavirus shelter-in-place orders shut down all recreational and dining activities, throwing all plans and forecasts into question. 

Solution 

• The ZRG interim CFO hit the ground running, and gave management complete peace of mind that the job would get done— no matter what happened. 
• He recommended 17 different process and procedure improvements to achieve efficiencies, reduce costs, measure operating results and benchmark against competitors. 
• Supporting the open enrolment process, the interim CFO facilitated moving the HR function to an outsourced HR solution provider. 
• When the pandemic started to affect California, he developed what-if scenarios and financial models to assess the potential economic impact of shutdown mandates and helped management reassess their priorities and outlook. 
• He also researched opportunities under the newly enacted CARES Act, assisted with loan applications, and investigated tax credits and other government programs.

Results 

• Peace of mind for CEO 
• Roadmap for process improvements 
• Improved productivity and accountability 
• Adjusted cash flow analysis 
• Temporary business model for tough times 
• Team player during a transition 

“We really appreciated Joe’s leadership and flexibility. Our business needs changed dramatically with COVID-19 and shelter-in-place mandates, and his ability to quickly pivot and focus on providing financial modelling, researching financing options and keep things moving forward with the accounting function was huge. Joe was great at coming in and stabilizing the team, he hit the ground running and provided actionable recommendations for process improvements. He made an immediate positive impact and quickly built trust with the team. His contributions were greatly appreciated.”

- CEO