hGroup was employed by the Bankruptcy Trustee forthe parent of a private group of companies to act as the Interim CFO for the parent and over 26 subs and affiliatedcompanies during the operation, liquidation, winding down, and final distribution to unsecured creditors. The bankrupt parent and the subs were involved in the financial services industry and most of the assets consisted of portfolios of short-term contracts with a sprinkling of long-term assets. Significant successes included:
- Providing testimony in bankruptcy court as the Interim CFO regarding financial aspects of the Debtor and relationships with customers, vendors, and other service providers.
- Providing litigation support and testimony as the Interim CFO and company representative in an arbitration case with a partner / service provider with $1.2 million in dispute. Client was awarded 100% of the amount due plus interest and attorney’s fees.
- Actively operated companies successfully during the windup and sale of the operations over a 3year time period and liquidation of all assets of the estate.
- Sold, Liquidated and/or collected $7.7 million of assets to be distributed to unsecured creditors for a total of $10.7 of distributions after all estate expenses.
- Prepared and filed all financial and regulatory documents including financial statements, federal and state tax returns and licensing as required.
- Prepared and filed required paperwork for the withdrawal and termination of the 26 entities along with another 20 foreign registrations.
hGroup was employed by a$30 million construction company to transform their out of date accounting system in order to improve performance analysis and meet the demands of their bonding and banking relationships. Significant accomplishments included:
- Analyzed the existing cash receipts and disbursements system of accounts in order to set up the initial completeaccounting system for the two separate operating companies;
- Trained existing personnel in the proper accounting procedures to effectuate reliable accounting data;
- Developed regular reporting formats to meet the demands of the Bonding and Banking relationships which consisted of quarterly consolidated financials along with a detailed work-in-process schedule.
- Researched, investigated and installed an electronic time card system to replace manual time cards for over 250 employees. This enhancement decreased the time to prepare payroll and account for job costs by some 50%.
hGroup was hired to be the Interim COO/CFO of an entrepreneurial service group in the construction industry after the sudden death of its founder.
The company was in an immediate crisis as customers and employees were unsure of the future of the Company and the ability to perform under long-term contracts.
- hGroup was able to step in and stabilize the relationship with existing long-term customers and employees;
- Within the first thirty days we had direct conversations with all current customers and employees and assured them that operations would continue;
- After the first thirty days, we were able to win new projects based on our capabilities and a stabilized company;
- During the ensuing 16 months, the Company was able to perform and collect on over $1 million of existing and new contracts.
hGroup was hired by an international non-profit groupin 2009 to provide various services for the U.S. headquarters on a fractional basis;
- Led a new initiative/program for both the international and U.S. entities;
- Manage the U.S. office operations and provide IT leadership and support for both U.S. and international operations;
- Performed multiple software selections & implementations for CRM systems, expense reporting, and MS Office suite of products.
- We continue to serve this client on a fractional basis and seen our role change over the years based on the client’s needs, desires and opportunities.
hGroup was hired to serve as interim CFO for Holding Company with forty affiliates, most of which were 50% owned. Engaged to extricate company from severely out-of-control situation as a result of software conversion:
- General ledger was out of balance and financial statements were several months behind schedule;
- Affiliates were losing money, parent had depleted its line-of-credit, and partners had lost hope;
- Righted the situation, strengthened partners’ resolve, re-structured line-of credit collateral requirements;
- Hired a new controller, further automated operations and instituted new procedures consistent with the upgraded system.
- Four years later the Company sold for six million dollars with another three million in potential earn-out. Engaged for multiple projects by acquiring company subsequent to acquisition.
hGroup developed a database for a multifamily property management company to record operating data, property and entity ownership percentages, account and financial reporting data, and other property/entity details necessary for investor, insurance, governmental, tax and management reporting.