Your CFO Solutions LLC provides cost effective CFO services to business owners in Maryland, Washington DC, and Virginia.
Solving Your Financial Problems
All businesses, regardless of industry, face many of the same issues. The three solutions that Your CFO Solutions gets involved with regularly are:
1) Business Growth Strategies
How fast can we grow profitably? Or, to put it another way, “If I made x amount of money on my P&L, why isn’t it in the bank?”
2) Financial Best Practices
Financial processes, compliance and internal controls. For both specific industries—such as government and construction contractors—or for the wider business enterprise.
3) Transferring Business Ownership
What is the ultimate goal of the owner? Is it to leave the business to his/her heirs/family? How about to the employees? Or is to sell off to the highest bidder? Is there a desire to leave a legacy?
In addition we can get involved in very specific situations such as:
1) Serving as an outside Board Member to provide financial or ESOP experience to the board room
2) Providing a true temporary service to bridge a gap, for example:
- Emergency such as extended medical or other leave
- Until the person can return from work or can be replaced permanently
- For projects that requires more time than the current staff can devote (and still accomplish their day to day mission
- For projects that require confidentiality outside of the current employee base
Your CFO Solutions can offer support with business growth strategies which can help with organic growth and growth through mergers and acquisitions.
You’ve worked hard to get to where you are. When it’s time for your business to expand its operations through a solid approach to Corporate Strategic Planning, you can depend on Your CFO Solutions to provide your company’s management with the accurate, timely, and up to date information and data it needs to remain growing steadily and profitably. Our Business Growth service focuses on maximizing your potential profits while removing any ineffective operational processes that are impeding your success.
If you are in the process of structuring a new business, you can outsource a CFO to develop the foundational infrastructure which will efficiently maintain the accurate financial reporting and strategic plans it will need to start off on the right track.
We’ll make detailed assessments based on your company’s financial history and on the goals and objectives you have for your business in order to show you where your cash flow is headed—and where it should be going. Your business decisions need to always have a foundation in accurate financial analysis, and Your CFO Solutions can be depended on to allocate the resources your company needs to grow well into the future.
Growth through Mergers and Acquisitions
Your CFO Solutions can assist with all aspects of business mergers and acquisitions. Mergers and acquisitions comprises more than merely matching a buyer and seller—there are family and estate planning issues, considerations for tax preparation, the need for a business valuation, and financial reporting elements involved.
Your CFO Solutions will carefully review any proposed merger or acquisition in order to optimally align your corporate strategic planning with the overall goals and objectives of the business. We will perform an analysis of the target business’ financial history and projected earnings to make sure the valuation is found acceptable. We are able to assist your business and its legal team structure the best ideal possible in the interest of optimizing the tax benefits available to each party.
Financial Best Practices
CFO Solutions ensures the absolute best financial practices for businesses such as government contractors and construction contractors to guarantee compliance while overseeing financial processes.
Government Contractor Finances
To be the best, you have to uphold the best practices. Corporate Strategic Planning with Your CFO Solutions will give your business a clear understanding of what it takes to maintain the specific practices which will continually optimize your company’s overall fiscal health. Often, CFO duties are shared by executives who do not have the amount of time or knowledge to properly devote enough attention to finances and other CFO responsibilities—and will fail to effectively perform these roles in a thorough and efficient manner.
Outsourcing a CFO is very useful for many smaller government contractors who do not need or cannot afford to hire a full-time CFO on staff. Outsourcing a CFO can free up more time and energy for executives and managers to focus their efforts on the other important duties that will deliver the most advantages to the company.
Your CFO Solutions will implement the accounting technology and operational processes your company needs to maintain each of the government reporting and compliance requirements. Each government contractor must be on top of the books in order to accurately fill out the Incurred Cost Submission (ICS) checklist— the form that all government contractors need to submit annually to the government in order for them to audit direct and indirect costs and ensure contractual requirements compliance with FAR. We can help your company to understand every one of the federal government’s complicated requirements and strategically using them for the maximization of a limited ‘fee’ from government contracting guidelines.
Construction Contractor Finances
Companies in every industry face the challenges of maintaining continued growth and profitability. Regardless of the stage of growth your business is at, an experienced outsourced CFO can make sure it’s on the ideal path to solvency. Your CFO Solutions provides the comprehensive corporate strategic planning guidance your business can use to effectively streamline your finances and operations.
We have overseen the finances of companies in the industries of trade contracting, building and construction, home services, professional services, as well as distribution and logistics. Your CFO Solutions’ experience with helping trade contractors and professional services with every element of finance, accounting systems, industry specific statutory requirements, and business operations ensures each of our clients is well prepared to function at optimal capacity.
Financial Processes, Compliance and Controls
The role of a CFO is broad and encompasses many responsibilities. Some of the most essential CFO duties are overseeing financial processes and ensuring that any applicable compliance requirements are satisfied. A CFO will be responsible for all aspects of company financial transactions and management of daily organizational financial processes. Common financial transactions may include bids on real estate/property, analysis of contracts/leases, and administration of any required insurance.
Additionally, a CFO will ensure proper documentation and maintenance of financial records and prepare/analyze financial reports. Your CFO Solutions can also help organizations with the vital tasks of maintaining financial relationships, finance/raising capital, and attending to all other financial obligations. Your CFO Solutions is able to execute any and all organizational financial processes in a manner that meets compliance in order to effectively mitigate risk. We place a high priority on making sure financial regulations and standards for any applicable regulations are met. We perform a discerning evaluation of any compliance issues and/or concerns to guarantee that all financial practices will meet regulatory standards.
Transferring Business Ownership
Your CFO Solutions guides you through the complex processes involved with internal and external business transfers as to execute the owner’s Succession Plan that leads right into to the eventual Exit Plan.
Internal and External Business Transfers
- All things in life are subject to change. When it comes time to transfer the ownership rights of your business to an entity or another person, you have several options to choose from and some considerations to think about, including:
- Internal transfer to a family member
- Internal transfer to employees (ESOP)
- External transfer—sale of the business to an individual, or company through mergers and acquisition
Your CFO Solutions can guide you through each of the complexities.
Being appropriately prepared to transfer your business ownership through succession planning is key to staying on top of the stability of your business and will help you organize for tax obligations as well as clear the way for a smoother transfer of ownership. Succession planning is the method of identifying any successors of your business and providing them the opportunities of experience and skill development to groom them to properly replace the current leaders of the business at the appropriate time.
The type of business structure you have will affect which steps you’ll be required to take to transfer ownership as well as the transfer’s taxes such as estate and gift taxes. The rules for limited liability corporations, corporations, and partnerships each will require further actions that are particular to each situation to finalize a transfer of business ownership.
Transferring Your Business and Exit Planning
Your CFO Solutions can deliver a unified approach to a business owner’s Succession Plan leading to the eventual Exit Plan. This allows the Succession Plan to aim towards fitting ideally together with the business owner’s comprehensive Exit Plan.
Exit Planning is an overall analysis of each of the relevant issues which impact the business and the business owner. Exit planning covers a vast range of factors which are critical to a business owner, including the current and future plans concerning the company’s employees and their families, its market position, its value, and its financial resources. Business owners pondering over an Exit Plan will need to thoroughly evaluate their objectives and goals for these strategic areas. Understanding these objectives will serve to clearly outline the necessary procedures that must be followed to meet these critical goals and objectives. Your CFO Solutions can guide you through every detail of your Exit Plan—and what you’ll need to do in order to get the most from selling your business.
Internal Transfer to employees-Conversion to ESOP
Unlike many other outsourced CFOs, Your CFO Solutions has extensive experience in assisting companies convert to an Employee Owned Stock Plan (ESOP). Your CFO Solutions can help your company convert to an ESOP-centered organization while providing thorough education and guidance on how to proceed after the conversion.
An employee stock ownership plan (ESOP) is a defined contribution plan, which became a qualified form of retirement plan back in 1974. ESOP is one of the common methods of how employees can participate in corporate ownership. Most of the private U.S. companies that function as ESOPs have been structured as S corporation ESOPs, also known as S ESOPs. ESOP-focused corporations commonly allow for their executives to have increased control and flexibility with managing and governing the corporation versus a worker cooperative structure. After converting to ESOP, there are compliance regulations that must be understood and implemented.
Other Specific Considerations
Your CFO Services are accommodating to temporary situations as well as company succession planning, including ESOP board compliance and outside board membership.
CFO Services For Temporary Situations
Outsourced CFO services can be utilized in periods of transition or, in situations where there has been a departure of a senior finance/accounting personnel or, to lead a significant financial initiative. Temporary/interim CFO services are usually structured to be provided for a predesignated period of time in order to provide organizations with valuable time to find a permanent hire or, to provide the additional skill and/or assistance needed to successfully complete a key financial initiative.
ESOP Board Compliance—Outside Board Membership
Your CFO Solutions can take your company through the processes involved with ESOP Board Compliance. And,if your company needs a board member after the company has converted into an ESOP, CFO Jeff Whipple can hold a seat on the board as one of the required external board members.
A company’s board must do three things after it has converted to an ESOP. The Board has the responsibility to grow the shareholder’s value through its fiduciary duty of care to always make prudent decisions, a fiduciary duty of loyalty to always act in good faith in the interest of the shareholders and the company, and a fiduciary duty of obedience to uphold the company’s stated purpose.
A board is responsible for the company’s succession plan through developing and maintaining procedures in the event of replacing the CEO and other key management executives when appropriate.The board advises the CEO by outlining strategic goals to be met by the CEO through the approval of financial statements and other significant decisions involving corporate governance, risk management, financial planning, and other strategic direction.
Advantages to Outsourcing CFO Services
Your CFO Solutions can help business owners in Maryland, DC, and Virginia overcome financial challenges and implement custom-tailored strategies designed to meet your specific business goals and objectives. Outsourcing with Your CFO Solutions delivers many benefits for your company for both immediately and well into it’s future. Aside from being able to analyze, manage, and optimize your company’s finances, organizations who choose to outsource with Your CFO Solutions will have access to the best methods involved with Corporate Strategic Planning.
We provide the ideal CFO to manage your Finance department or a finance initiative, with significantly less risk than a full-time executive employee—and less expensive than a large consulting firm. Your CFO Solutions is available to fulfill any of a CFO’s responsibilities until the company is ready to fill the role or can simply be outsourced based on the specific needs of your company.
Contact Your CFO Solutions For More Information
Businesses will have to implement different financial strategies in order to remain profitable and to ensure longevity in today’s competitive market. Your CFO Solutions allows business owners to collaborate with an experienced and reliable CFO who can provide successful financial oversight and impactful Corporate Strategic Planning.
Consultations Are Available!
If you are interested in learning more about the benefits of our outsourced CFO services, call us directly or send us a message online. We are ready to answer any questions you might have and can help you decide on what option is the best fit for your business. Your CFO Solutions can help your company to achieve financial success.