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Financial Management Case Studies
1) A rapidly-growing distribution company struggling to survive due to an
array of financial issues
The Challenge:
The Client suffered from cash flow issues caused by rapid growth,
undercapitalization, and lack of financial management expertise and control
processes. The Client accumulated excessive losses and struggled with liquidity issues
that threatened the company’s future viability. They had grown too rapidly and
lacked processes and working capital to fund their success. The Client needed
financial restructuring and a solid, experienced financial advisor if the company was
to succeed.

The Solution:
Rankin McKenzie was brought in to clean up the company’s finances and help find
bridge capital. We helped the Client establish new banking relationships and secure a
loan. Interim short-term financing was also secured to fund seasonal business.
Subsequently, a plan was developed to help the Client set goals for predicted future
growth and cash flow requirements. The Client was impressed with our ability to
problem-solve in a time of their greatest need.

The Partnership:
Rankin McKenzie continues to provide ongoing financial advice and services in the
form of part-time Controller services to help the company during its next growth
phase.

2) A technology start-up company headed by an inexperienced CEO that

needed to raise significant equity capital
The Challenge:
The Client needed to raise considerable equity capital to fund the continuation of
their product development and their sales and marketing efforts. Previously, the
Client had raised limited capital from local Angel investors, but now needed to
attract sophisticated institutional investors. This was the first time the CEO had
headed a venture-backed start-up company and he needed prudent business
counsel to avoid the typical pitfalls of a young company.

Additionally, the Client’s daily bookkeeping was being handled by an administrative

assistant with little accounting experience. Accounting records were inaccurate and
incomplete. The CEO was understandably concerned that his accounting records
would not pass the rigorous due diligence conducted by the new institutional
investors. The Client needed an experienced CFO who had successfully raised venture
capital and who could serve as a trusted advisor to the CEO. He also needed to make
sure the day-to-day was being handled in a professional manner that would give
investors confidence.

The Solution:
At the recommendation of the Client’s attorney, Rankin McKenzie was engaged to
both assist the CEO in raising equity capital and to be responsible for the
company’s accounting functions. Rankin-McKenzie utilized a team-approach to meet
the client’s needs. The team consisted of a part-time CFO who had extensive start-
up and capital fundraising experience and a part-time Controller who had
expertise in QuickBooks. The Rankin McKenzie team helped the CEO successfully
raise over $7 million in equity capital from a top-tier venture capital firm. Moreover,
the team’s careful management of the company’s books and records made the VC
due diligence a painless process. The CFO served as the CEO’s close confidant to help
guide the Client through numerous challenging growth opportunities.

3) An e-commerce start-up company in need of accounting expertise

The Challenge:
Sales were beginning to grow rapidly and the company was in need of a clear,
concise mechanism for reconciling sales per the company website to the back
gateway and bank.

The Solution:
Rankin McKenzie provided a part-time Controller to the Client in order to establish
procedures for tracking and reconciling sales on a monthly basis. Additionally,
numerous financial reports were developed that have provided management with
valuable tools for running the business successfully.

The Partnership:
Rankin McKenzie continues to provide ongoing, part-time Controller services to
help the company during its next growth phase.

4) A biotech start-up company that needed to raise capital

The Challenge:
The Client needed to raise its first institutional round to complete initial animal
studies. The co-founders completed a draft of a presentable Business Plan, but early
investor feedback indicated that the financial projections were unrealistic and
unacceptable. The financial presentation needed to clearly demonstrate the use of
capital and what additional capital requirements would be required upon successful
completion of the animal studies. The Client did not have the experience to
undertake this financial presentation and had limited resources to engage an
experienced full-time CFO.

The Solution:
Rankin McKenzie was brought in to meet with the co-founders and review the
Business Plan. We devoted time with the co-founders to understand their Business
Plan and then develop a five-year financial model to show the cash flows required to
execute the Business Plan. After several iterations, a final financial model and
summary was incorporated into the revised Business Plan for investors. After
reviewing with previously contacted investors and several new investors that Rankin
McKenzie knew, two investors expressed interest in negotiating a term sheet with the
Client. In addition, the Rankin McKenzie partner assisted the Client by making sure
that the existing financial statements were reliable and understandable. The Client
was impressed with our ability to problem-solve in a time of their need.

The Partnership:
Rankin McKenzie continues to provide ongoing, cost-effective financial advice and
services in the form of a part-time CFO to help the company during its capital
raise and subsequent events.
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Rankin McKenzie
5000 Centregreen Way Suite 500
Cary, NC 27513

(919) 380-1793
info@rankinmckenzie.com

RM NEWS
 Meet Rankin McKenzie’s Newest Partner

October 28, 2019

 RM is excited to Add Kay Yow Cancer Fund as a client

October 14, 2019

 Meet Rankin McKenzie’s exciting new client – Anutra Medical

October 9, 2019

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