CFO Case Study
Secretariat International
Secretariat needed a fractional CFO
What Secretariat needed: financial credibility and control. What they got: clean books, consolidated reporting, and a successful sale.
“…redesigned and rebuilt our accounting systems, reporting processes…set us up for a successful sale.” -Don Harvey, Founder and Managing Director
Overview
Secretariat International is a global expert services and consulting firm. Their specialty? Independent advisory and expert testimony for disputes tied to construction delays, damages, and complex commercial litigation. The firm serves leading law firms, companies, and government agencies worldwide.
As business accelerated, so did the challenges. Secretariat had the client roster, the subject matter expertise, and a growing global footprint. But internally, the finance function told a different story. A major data loss had crippled the accounting system, and reporting was fragmented. What’s more, the company needed to transition from cash to accrual accounting.
Add to all this a pending sale on the horizon, and credibility with potential buyers was at risk.
That’s when they called TechCXO.
Challenges
By the time TechCXO was engaged, Secretariat was facing several interrelated financial and operational challenges:
- A significant data loss had disrupted financial continuity and undermined internal controls.
- The accounting system required a full rebuild, with proper structuring, oversight, and audit-ready transparency.
- The company needed to shift from cash-based to accrual-based accounting to align with GAAP standards and buyer expectations.
- Consolidated financial reporting was incomplete, limiting visibility across global operations.
With M&A activity on the way, Secretariat needed investor-grade financials that would accurately reflect enterprise value and, just as importantly, inspire deal team confidence.
Goals
To support Secretariat’s growth and upcoming transaction, the finance transformation needed to:
- Rebuild the accounting function with proper systems, processes, and controls.
- Implement accrual accounting and GAAP-compliant financial reporting.
- Establish a consolidated reporting process across multiple entities.
- Restore and enhance financial credibility with internal stakeholders, auditors, and future investors.
- Provide CFO-level leadership that could guide M&A readiness and execution.
Solutions
TechCXO Fractional CFO and Strategic Advisor Jason Scherr embedded with Secretariat’s senior executive team to tailor a financial transition that recognized, and alleviated, the situational complexity and urgency. Drawing on his more than two decades of financial and operational leadership and deep experience in capital strategy and M&A execution for high-growth tech and service firms, Jason helped transform Secretariat’s finance function into a strategic asset with enhanced oversight and operational execution.
Working within client leadership, Jason:
- Rebuilt Secretariat’s accounting infrastructure from the ground up, including reimplementation of systems, data recovery processes, and internal controls.
- Transitioned the business from cash to accrual accounting, aligning with GAAP and enabling accurate performance measurement.
- Introduced consolidated financial reporting across business units and geographies, enabling the executive team to manage the business holistically.
- Standardized monthly close procedures, reporting packages, and board-level dashboards.
- Led all finance and accounting aspects of the company’s sell-side M&A process, from due diligence support to financial narrative development.
The result: a finance function rebuilt to match the ambitions of the business. Secretariat was investor-ready, structured for financial scrutiny, built for scale, and fully aligned with the expectations of a pending complex sales process.
As Fractional CFO, Jason Scherr led a financial transformation that rebuilt Secretariat’s accounting infrastructure, restored reporting credibility, and positioned the company for a successful sale.
Fractional CFO & Strategic Advisor
Jason served as the lead TechCXO finance partner, driving GAAP compliance, implementing consolidated reporting, and delivering the deal-ready visibility needed to support a complex sale process from diligence to close.
Outcome
Within months, Secretariat had a fully professionalized finance function. Financial reporting was transparent, accurate, timely, and credible. The company was able to present clean books, a robust reporting process, and a clear financial story to prospective buyers.
Ultimately, Secretariat was successfully acquired by private equity firm JLL Partners. Management retained a significant stake, ensuring continued alignment and participation in future growth.
By addressing foundational finance challenges with speed and precision, TechCXO helped Secretariat secure the kind of outcome that starts with transparency and ends with a term sheet.
From bottom line…
By rebuilding financial systems, introducing consolidated reporting, and shifting to accrual accounting, Secretariat delivered investor-grade visibility that positioned them as a credible, sale-ready business.
…to dotted line
Jason’s and TechCXO’s financial leadership didn’t just clean up the numbers, but crafted the narrative that carried Secretariat through diligence and into a successful acquisition by a top-tier private equity firm.
“TechCXO redesigned and rebuilt our accounting systems, reporting processes, and packages, which created greater credibility for us and reflected the value of our business. Their work on our behalf set us up for a successful sale.”
- Don Harvey Founder and Managing Director
