Managed the restructure, reporting, and corporatization of a large family business conglomerate
Context
A disorganized and loss-making family business entity was having financial troubles and was unable to improve its performance. It required a complete restructuring of operations and corporatization of the entity. We were engaged to streamline the entity, rationalize divisions, and decentralize the accounts of the company.
Solution
We implemented financial controls, financial discipline, and levels of authority in the organisation, including the drafting of policy procedure manuals. Further, we were involved in monitoring operations and identifying gaps & deficiencies in their operations. We performed the physical verification of fixed assets, prepared the fixed asset register, and mapped the physical assets with the books. Additionally, we also provided recruitment services to the organisation, helping place six Chartered Accountants in key positions in the organisation along with the recruitment of European divisional managers for the company.
Impact
The organisation was corporatized and working towards achieving its vision. The management had the tools, structure, people, and governance model to monitor the progress of the entity. The organisation was finally on the road to sustainable profitability. As a result of our assignment, banks regained trust in the entity and resumed operations with them.