When a national retailer sought to carve out a brand which had been embedded for over a decade, CSuite’s partner was called in to head the organizational team to complete the transition. The partner had 30 years of experience in retail and consumer products: That deep knowledge of the sector, plus her mastery of sophisticated financial transactions, made her an ideal partner to oversee the project
The Challenges
- Lack of Data: The brand had no discrete data. Everything from facilities to personnel needed to be teased apart for the audit.
- Shared Services: Some functions, such as IT, were remaining a single unit servicing both entities.
- Compliance & Regulations: Ensuring compliance with SEC, GAAP and state and local requirements while work- ing with demanding external partners was sometimes difficult.
The Solutions
CSuite’s CFO worked quickly to:
- Create stand-alone financials and historical reporting for the brand, as well as new records for the parent brand.
- Develop a Transitional Service Agreement to allow for a seamless and optimal transition.
- Implement entirely new systems, optimized processes, and provided tax and accounting guidance for the stand alone entity, working closely with the sponsor.
The Outcome
In the end, all corporate functions were productively operating as two entities. CSuite’s ability to create harmonious relationships was key in achieving a successful outcome. By bringing all the stakeholders together routinely and taking a collaborative approach, the partner from CSuite set the company up for long term success