Secretariat Client Case Study
One of the byproducts of fully outsourcing finance and accounting functions to TechCXO is greater credibility for your business in how your report results to Boards, potential investors and strategic partners. Fractional CFOs and supporting accounting and finance functions teams also provide a tremendous value to many technology startups and early-stage companies by fully reflecting and communicating the value of a business. It’s no secret that a big part of our value proposition is providing top CFO talent to companies who ordinarily couldn’t afford — or need — a full-time CFO and accounting and finance staff. And sometimes firms need to outsource their entire finance and accounting department / services to a firm like TechCXO. Secretariat International is just such a firm.
Secretariat International is a specialty consulting firm providing independent advisory services and expert testimony to clients involved in disputes or litigation related to construction delays or damages. Their challenge was to rebuild Secretariat International accounting system after major data loss, transition from cash to accrual accounting; introduce consolidated reporting process and package and prepare for a sale of the business.
Led by Jason Scherr, TechCXO including a team of three distinct resources acting as the fractional CFO, VP Finance and Controller, respectively. As a fully outsourced finance/accounting department, TechCXO implemented its best practice processes, methodologies and systems to professionalize Secretariat’s finance/accounting department.
TechCXO led all sell side M&A activity from an accounting and finance standpoint.
TechCXO also redesigned and rebuilt the accounting and reporting systems for Secretariat, including new consolidated reporting processes. The company was acquired by JLL Partners. JLL partnered with Secretariat’s founder and management team who established and built the company. Secretariat management retained a significant stake in the business, fully aligning their interests with JLL.
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, Secretariat International