SERVICES: Fractional CFO/Controller Services
1. Situation Appraisal
[Client Company] engaged Vessel Advisors to complete a financial discovery assessment, resulting in the creation of a Financial Discovery Assessment Report (the “Report”) dated December 19, 2024. This report encompasses a Recommendations Heat Map and a Gantt Chart Roadmap, both instrumental in prioritizing recommendations across three key stages: Stabilization, Enhancements, and Optimization. The entirety of the Report speaks to the significant opportunities for improvement.
Owner of [Company], has opted for Option 1 – Vessel Advisors’ Strategic Turnaround service level. This choice entails fractional accounting services and strategic CFO/Controller advisory support. Vessel Advisors will be a trusted financial partner, empowering the Owner to navigate confidently as they lead the company forward.
2. Objectives & Deliverables
The objectives and deliverables for this project according to our mutual agreement are:
-Develop, implement, and/or provide oversight/guidance over the completion of the Recommendations in the Report
-Initially focusing on the financial clean-up, accuracy, and visibility of [Client Company].
-Upon completion of the clean-up, extending financial oversight to the Owner’s other businesses, as directed by the Owner.
-Install strategic and data-driven financial leadership to support and fill a missing skill set of the leadership team
-Meeting with the Owner every month for a Monthly Financial Review meeting to discuss key financial topics and decisions, review financial statements and Key Performance Indicators (“KPIs”), and/or identify value-add projects to prioritize via Zoom
-Serve as a natural extension of the team and as a trusted advisor to the leadership team, offering insights and recommendations to inform decision-making processes
The Director of Operations/Controller, Todd Monteros, will serve as the Account Manager and will join status update meetings remotely as time permits
Ad-Hoc Support/Requests: At Vessel, we recognize that project scopes can evolve. While our primary focus is to complete the specified objectives and deliverables, Vessel will pivot and support ad-hoc requests as directed by the Owner.
3. Value
The value of achieving those objectives and deliverables includes:
A roadmap to real-time reporting to support executive decision-making
Confidence and trust in having access to an experienced group CFO/Controller as a key advisor and leader for [Client Company]’s next stage of growth
Peace of mind knowing the financial operations are upgraded to meet the current and future needs of the business
Consistency in the preparation of the financial statements
Clear and repeatable financial processes that will scale with future growth
Ongoing identification of additional opportunities to accelerate value, tighten operating cost structures to industry standards, and find ways to automate or optimize financial functions within the business
Availability for ad-hoc advisory support as requested by the Owner, providing additional strategic insights and guidance as needed.
4. Engagement
Fractional CFO/Controller Services (12 months)
CFO/Controller Strategic Support
We will:
Execute/implement objectives and deliverables as referenced in the Recommendations Report dated December 19, 2024
Fractional Accounting Services are as follows:
Minimum of 140 hours per month for CFO/Controller Services
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The right resource meets following requirements:
-Industry Experience: Real Estate, Property Management, Hospitality/Leisure, Construction/Development
-Availability: ~40 hours/week
-The client wants more “intensity” aka, to work harder and faster, thus I can see this project being 50-hour weeks for 1-2 weeks and then going down to 30-40 hour weeks going forward.
Characteristics/Fit for Client:
-Client is strong-headed – resource needs to be firm but know which topics to let go (e.g., picking battles to win the war)
-Resource should have “thick skin” and a consulting mindset
-As a note: client is faith-based…while the client can seem intimidating, if the resource can relate to faith then that can go a really long way (but not required)
-Accounting Software: Rent Manager (This is nice to have – if no Rent Manager experience we’ll need to train on it beforehand)
