Thompson Dryers
The Situation
As the Chief Executive Officer of a third-generation family business, Ted Thompson wears many hats. That’s why when he met Rusty Fulling at an EntreLeadership Summit he was intrigued by the idea of outsourcing financial services for his company. Ted took Rusty’s card and filed it away. When his staff accountant quit soon after meeting, Ted found Rusty’s card and engaged Fulling Management & Accounting. As a small business, Thompson Dryers doesn’t have the luxury of succession planning. It was critical to bring in financial expertise quickly.
The Solution
Fulling focused on:
In need of accounting help first, Fulling stepped in and filled that void.
The Fulling team shadowed the accountant and quickly learned how to run payroll and manage account payables.
During that first month, they also documented accounting procedures and looked for efficiencies.
Once accounting was in order, Fulling focused on providing CFO services. The Fulling team set up spreadsheets and began to track all active jobs and project cash flow.
The Results
Fulling tracked projects to make sure Thompson was billing properly and collecting revenues promptly, and in turn paying their vendors on time. With the job status spreadsheet, Fulling caught several late billings totaling anywhere from $10-20,000.
When Thompson Dryers was working at an out-of-state job and at risk of losing five percent of the revenue, Fulling stepped in and got the company registered in that state.
Fulling also took on a number of additional financial roles, negotiating benefit renewals and tax savings. Fulling negotiated with the CPA firm that prepared Thompson Dryer’s tax return, reducing one of their bills by 50 percent.
Ted Thompson, CFO, Thompson Dryers