Accounting & Financial Advisory Firm

challenges

A Herzberg Smith expert was engaged by longtime executive mentoring client to address issues surrounding strategic hiring, retention and productivity after acquiring a new firm. The client company had experienced 100% employee turnover of their acquired firm within one year. The debt from that acquisition had created overhead that exceeded profits. The client’s goals were to build a sustainable culture that resulted in consistent staffing and profitability in support of a strategy that included growth through future acquisitions, as well as year-over-year organic growth in each location.

solutions

Acting as COO for the firm, a Herzberg Smith expert created an Office Manager position to oversee the day to day administrative tasks, while coordinating the workflow process from the moment a contract is signed until the work is confirmed, completed and billed. Recruiting for alignment with company values and social emotional skills were a strong focus for each strategic hire. The company created a weekly/monthly analysis of production, adjustments, billing and collections to ensure all projects were in-process and completed on time. Our expert provided ongoing mentoring and coaching to the CEO and his staff, continuing to craft a culture of cooperation, coordination and productivity.

results

In six-months, total office productivity increased 49%, total invoiced amounts increased 48%, and collections increased 26%. Turnover fell from 100% to 0% in the first year. The firm was able to acquire an additional practice, achieving profitability within 6 months. And the CEO is now pursuing a strategic growth plan to make an additional annual acquisition, applying an equity model that allows the company to pay only 20-40% of the acquired company’s current annual billings.