Case Study: How CFOshare Helped Ryan Cox Sell His Business Successfully
Last year, Ryan Cox, co-founder of SmartPads, faced a new challenge: his CFO was leaving right as the business was planning its exit. As a small company, Ryan’s business didn’t have the luxury of a deep financial team as backup. He needed support in navigating both the CFO transition and the business sale.
Ryan’s friend recommended CFOshare – a fractional CFO service that could jump in immediately. What started as a potential interim solution quickly became an invaluable resource throughout the sale process.
The Turnover Challenge
The departure of a CFO can be highly disruptive. “For such a small business, that singular employee can have a massive impact, and their departure can have a massive impact,” Ryan explained. Most small businesses have little to no backup staff in finance and administration.
To make matters worse, SmartPads hoped to sell their business within one year. Marketing a business for sale requires intensive financial preparation and reporting, making the need for financial continuity even more pressing. Without a quick solution, the company risked delaying their sale by several months or years, losing valuable time and opportunities.
Ryan needed a solution that would quickly provide stability, expertise, and the ability to guide the business through a crucial period.
The CFOshare Solution
CFOshare was a simple solution that came highly recommended, “It was a bit of an ‘easy button’ to offboard the CFO and bring you guys on.” But it wasn’t long before Ryan realized their team’s role would be more significant than an interim position.
With a fractional CFO model, Ryan’s company gained access to a broader team for the same cost as one full-time employee. “For our spend, we have a broader team with CFOshare… more brains to tap into, more collective thought and process improvement,” Ryan noted. In SmartPad’s case, they were able to hire a part-time bookkeeper, staff accountant, controller, analyst, and Matt Draymore, the CFO, as a fully cohesive finance team in one fell swoop.
Merger and Acquisition Support
The true test of CFOshare’s value came during the business sale. Selling a company is a high-stakes and complex process that requires accurate financial reports, compelling forecasts, and defendable analysis in coordination with multiple stakeholders.
“Matt was instrumental in compiling financial data in a digestible way to the various parties we were speaking to—business brokers, potential buyers, etc,” Ryan said. Their experience with similar transactions made them invaluable in producing the reports, data points, and insights needed to close the deal successfully. “As you approach the finish line, it becomes emotionally and labor intensive. Matt and his team were instrumental… Their support was critical for us, especially at the tail end.” Ryan added.
The Results
Smartpads was successfully sold in August 2024 to an excellent strategic buyer. “We would not have been able to deliver what was required without the capacity and expertise from CFOshare,” he stated. The fractional CFO model provided the necessary resources and continuity without hiring a full-time, in-house CFO.
In addition to facilitating the sale, CFOshare offered Ryan peace of mind throughout the process, allowing him to focus on other aspects of the business. “They made themselves very accessible,” Ryan emphasized, praising the team’s responsiveness and ability to provide what was needed at critical moments quickly.
Partnering with the Right Team
For small businesses like Ryan’s, where a single employee can significantly impact operations, having access to a broader financial team through a fractional CFO service can be a game-changer. Ryan found that CFOshare provided continuity, expertise, and capacity that a single CFO couldn’t offer. “For a company of our size, I think the service is invaluable. You get continuity, professional service, and expertise,” Ryan said, reflecting on his experience.
Looking ahead, Ryan remains grateful for CFOshare’s role in his company’s journey, particularly during the sale. “We wouldn’t have been where we were without CFOshare,” he concluded. With the business sold and new ventures on the horizon, Ryan knows that if he needs financial expertise in the future, CFOshare will be the first call he makes.