Change in ownership from family-owned to private equity-owned often implies adjustments and a new growth agenda. Recently, Flensby & Partners was involved in a process being a Trusted Advisor in the transformation of a finance department hiring new key team members to secure new reporting professionalism and a value-added approach through business partnering.
The client is a globally leading industrial company successfully developed under the ownership of two families. The company has grown quite steadily over the years at low rates, being quite profitable and has a strong position in its industry.
The new private equity-owner acquired the company with the aim of using the strong business platform to grow business activities through organic and acquisitive growth. The private equity fund asked Flensby & Partners to assist in securing new key team members in the finance department including looking for a new CFO and add two new positions as Head of Finance and Head of Accounting.
The new key team members were supposed to contribute a more value-adding approach to reporting and business partnering, securing transparency in the numbers and an even better understanding of value drivers in the business. We found that the finance department was more reactive than proactive, having processes, procedures and reporting which did not support a growth agenda. The aim was to secure new key team members being able to drive a new agenda and secure a new DNA being much more proactive towards the different departments in the company in Denmark and at their international sites.
Looking for a new CFO and adding two new positions at the same time underlines the importance of securing the right team members. We had fruitful discussions with the private equity-owner and top management, focusing on carefully defined job profiles to secure this. The aim was to secure profiles, being able to aim for the same goals working closely together.
Together with the client, we benefitted from spending time and effort in the initial dialogue defining the roles when we started the search for the profiles. Through a well-structured process, the value of true good homework paid off. Strong key team members were hired, and now form a very strong new team headed by the CFO.
To find out more about handling change management and transformation changing ownership, please contact:
Henrik Harbo, Managing Partner Denmark, Flensby & Partners
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