“Post-COVID, bankers can no longer point to adoption curves for color television, personal computers, and other innovations to make excuses for low digital and paperless adoption in their client base. Online self-servicing is taking care of itself, fueled by COVID-19 and its resulting long call wait times.”
CFO Consulting Partners is a proud sponsor of the XPX Connecticut Summit scheduled from July 27 to July 30, 2020. Please click the following link for summit information.
On July 15th, 2020 David DeMuth Co-Founder & Senior Managing Director of CFO Consulting Partners led a discussion regarding best practices for financial forecasting and modeling post COVID 19 for 2020 and 2021. Michael Plunkett of Plunkett Law Group led a discussion regarding key terms and considerations of investment banking engagement letters from a client perspective. Steve Economou provided an investment banking perspective to the discussion.
On June 25th CFO Consulting Partners’ Director Chip Steppacher and Managing Director Eric Segal were hosted by Pam Perdue on a webinar focused on restoring Bank financial and operational performance in uncertain times. Follow this link to view a recording of the event:
Continuity ( https://www.continuity.net/ ) is a provider of regulatory technology (RegTech) solutions that automate risk and compliance management for the financial services industry.
On June 18th, 2020 CFO Consulting Partners Director Larry Davis and Managing Director Eric Segal presented a webinar with Northern New Jersey Community Bankers on Leadership Opportunities Through The COVID-19 pandemic. Crown Bank Vice-Chairman Paul Fitzgerald moderated the discussion and Jill Freeman of Employment Practices Group, LLC ( https://www.epgstrategy.com/ ) provided thoughts and advice on Organizational and Leadership Opportunities.
Click here for the Webinar Presentation
Jeff Appleman of CFO Consulting Partners joins the New York Business Brokerage Group Webinar Series on Middle Market Mergers & Acquisitions.
New York is at the epicenter of the Covid-19 Pandemic in the U.S.. Across the state, residents are sheltering-in-place and dealing with the health and finance issues posed by the pandemic. Business owners, meanwhile, continue to wrestle with the devastating economic consequences of the pandemic. Many have spent time applying for relief from the government, cutting staff and expenses, and assessing how to ensure the survival of their companies.
This has had a profound impact on mergers and acquisitions activity, which has taken a backseat to other, more pressing matters. As the pandemic continues, however, middle market businesses may eventually have to buy, sell, or merge with other businesses to preserve the value of their companies.
As the crisis continues, businesses may need additional strategies to preserve the value of their firms. One such strategy is to sell or merge their business. But that is not easy to do in the best of circumstances, much less during a crisis.
We will discuss this in our upcoming webinar:
Exit Planning Primer: Options on exiting your business on your terms.
Please join Kyle Griffith, CBI Managing Partner of The NYBB Group as he moderates a discussion for Business Owners on Exit Planning. Kyle and other industry advisory leaders will be providing information on how to exit a business; which options are available and how to prepare.
Joseph Milizio, Esq. – Managing Partner of Vishnick McGovern Milizio LLP
Austin Bransgrove, RICP®, CExP™, Managing Associate, Wealth Advisory Group LLC
Stephen A. White, CVA, Founder and Managing Partner of Onyx Partners Group
Jeffrey Appleman, CPA of CFO Consulting Partner
The link to view the webinar, Business in the Time of the Coronavirus can be found here.
Information on the event can be seen below:
How can your business adapt to the new normal and plan for an uncertain future? How can the provisions of the CARES Act and other related stimulus help your business now? More importantly, how do they actually work in practice?
Our panel of experts will answer your questions across a range of disciplines.
You also have the opportunity to put forward 3 questions in advance and we will ensure they’re answered on the day. You will be asked to submit questions when registering.
Mark Taylor, Vistage: Leadership
Our Panel of Experts:
Craig Teahen, Freeman Clarke: Tech & Digital
David DeMuth – CFO Consulting Partners: Finance
Allan Tepper, CFO Consulting Partners: Finance
Jason Rimland – Tannenbaum Helpern Syracuse & Hirschtritt LLP: Legal & Benefits
Over the last week we have seen unprecedented actions to attempt to minimize the impact of COVID-19 on us and give our health care system the ability to support us during this crisis. As a result, it has affected our normal day to day activities, resulted in the closure of all non-essential businesses and has presented the businesses that do remain open with many challenges. It has morphed into a longer lasting and more intense shutdown of activities throughout the country. As of this writing, there is still a lot of uncertainty that all of us must undergo. For our businesses, we must evaluate how we survive, then stabilize and then thrive once we get through these unprecedented times.
Our Real Estate Group, David DeMuth, John Kovacs, Mark Sloan and Mario Tamasi have extensive experience in the CRE industry each in varying degree. Please feel free to visit our website at www.cfoconsultingpartners.com to see our background and experiences.
Real estate owners have had to endure interruptions in their cashflow as a result of various prior events and as everyone knows the Coronavirus event will be the same. With all the information that has come out about the impact, a leadership roadmap should have the following themes:
2. Business operations continuity to Survive and Stabilize
3. Financial planning adjustments to operations and processes
q) For some property types, consider the repositioning of idle properties, and consider use as medical facilities to assist authorities in providing medical services and testing.
Most of you as CRE owners are aware of the above and these are reminders during these unprecedented times. Our tenants, vendors, and the public need to survive, stabilize and then we will all thrive as we are all in this together.
If CFO Consulting Partners can help your organization with additional support and skill sets of experienced real estate professionals, please do not hesitate to contact us.
We hope your families, employees, and colleagues remain safe and healthy during these unprecedented times.
CFO Consulting Partners, a financial management consulting firm, is closely monitoring the business impact of the Coronavirus (COVID-19) pandemic to help you make business and cash saving decisions in these very uncertain times. Below are eight points for consideration:
1) If you need to lay off employees, it is important to first investigate the latest federal and state employee-related requirements, including those related to unemployment and paid time off.
2) Conserve cash by deferring tax and mortgage payments under initiatives that have been or may be enacted at the federal and state levels.
3) Review expenses for non-critical functions that can be reduced.
4) Contact your insurance broker in regard to Business Interruption Insurance.
5) Start or increase the frequency of your cash forecasting process.
6) Manage working capital more aggressively to free up cash.
a. Inventories: Reduce raw material and finished goods inventories to reflect the downturn in top line activity during the crisis.
b. Receivables: Accelerate collections activities; reassess credit lines as customers come under cash constraints; consider increased cash discounts and shorter payment terms to accelerate cash.
c. Accounts payable: Reach out and partner with key vendors, they may be willing to work with you; work with your local utility providers for support (i.e., rates, terms, …).
7) Use this interruption in business activity to strategically plan for the future when the spread of the virus has been curtailed and the economy recovers. How are the markets in which you purchase and sell likely to be different from the way they were before the crisis?
8) Improve use of technology to allow employees to work remotely.
9) Consider using temporary staffing firms to substitute for employees who become ill.
CFO Consulting Partners has experience in all of the above areas. If you would like to know more about our capabilities, email or call Allan Tepper at firstname.lastname@example.org, (646) 650-2028 x701, or David DeMuth at email@example.com, (609) 309-9307 x700.