Testimonial
"MindShift Partners provided a highly-skilled associate to help us complete our pre-audit schedules. Their associate was professional, reliable and experienced. I didn't have to micro manage the associate like I'd normally have to do with "independent" contractor. MindShift hit the ground running and, as a result, our audit ran much smoother than it had in previous years. "

- David Balce, Controller, Emerald Health Services
Finance
Case Study #1
Situation
An LA-based ticketing company had recently transitioned to a new Accounting system, and was having trouble getting accurate AR and AP balances.

Action
MindShift's consultants worked with the systems vendor to analyze the interface that was causing the problem. After some modifications to the interface, there was a reconciliation process between balances in the old and new systems.

Result
The company was able to reconcile AP and AR balances between the systems, and the vendor fixed the interface that was causing the problem.
Case Study #2
Situation
A funded startup needed an investor-grade model to raise capital.

Action
We created the model, and also put in an Acting CFO part-time.

Result
The model impacted other areas of the business, including Marketing and IT. We were able to add value not only in the Finance area, but in several areas of the business, including software selection, Google adwords campaigns, and promotions. We eventually provided critical input on strategy which materially increased the company's valuation.
Case Study #3
Situation
A company in the trade show industry was in a cash crunch, and needed help restructuring its balance sheet.

Action
First, we renegoitated payment terms with key vendors. Second, we restructured the company's debt maturities to free up additional liquidity. Third, we assessed the company's pricing strategy relative to its competitors, and recommended raising prices.

Result
The company generated more liquidity while still paying key vendors. The company was also able to avoid Chapter 11, due mostly to raising its prices, thereby generating additional revenue.
Case Study #4
Situation
A company in the produce industry wanted to better understand its direct and indrect costs so that it could more scientifically price its products, and keep its margins consistent across products.

Action
MindShift Partners was engaged to do an Activity-Based Costing analysis to understand the true costs of direct costs such as labor, and indirect costs such as allocated corporate overhead, and then make recommendations regarding pricing based on those costs.

Result
Our consultant analyzed the company's costs extensively as they related to each product, and created a model for the company to use ongoing to price its products according to those costs. The margins were more consistent across products, and made much more sense after we were done. Best of all, we trained the client to understand, use and maintain the model ongoing, so they were able to make rational pricing decisions in a dynamic way without being perpetually dependent on consultants.
Case Study #5
Situation
An e-commerce company in the computer and electronics business wanted consulting help to add a higher level of expertise to their current accounting function, and do some important analysis on the amount of inventory that was building up unsold on its warehouse floor every month.

Action
MindShift Partners provided part-time consulting help around the edges to analyze margins, and made recommendations concerning product mix and SKU consolidation. We also analyzed inventory turns to reduce the amount of obsolete inventory that went unsold each month.

Result
The company realized significant gains in short-term cash flow from the greater inventory turns, and also greatly simplified its offering by paring down the SKUs available to its customers. The project had immediate and significant ROI, and paid for itself in a short amount of time.
Audit Prep
Case Study #1
Situation
A New-York based hedge fund invested in a $50MM wireless company in Burbank with the objective of taking the company public. An auditor was chosen, and the dates for the road show to institutional investors were set. The Bookkeeper/Controller at the company had never been through an audit, however, and did not know which schedules to prepare. The NY-based auditor was not getting the information that they needed in the format that they expected. The auditor in turn chose to focus on its other clients. This slowed down the entire process, and put the timeline for completing the deal at risk.

Action
MindShift Partners was retained by the company to prepare preaudit schedules, and we also provided an Acting CFO during the transaction. We analyzed a number of issues, including revenue recognition and the equity section, and prepared the balance sheet schedules in the expected format. Due to our involvement, the auditor got re-engaged in the process. The schedules that we prepared enabled to complete their fieldwork in a short timeframe (and at a relatively low cost) because they were able to hit the ground running.

Result
The deal got back on track, and the company paid less in audit costs than it otherwise would have.
Case Study #2
Situation
A company in the oil-exploration industry switched auditors, and wanted to prepare preaudit schedules to speed up field work and lower audit costs.

Action
MindShift Partners was engaged to prepare preaudit schedules. Significant attention was paid to revenue recognition, accounting treatment for stock options, and the equity section of the balance sheet which was quite complex.

Result
The auditors' fieldwork took only 2 days. The company got a clean audit opinion. Due to the fact that our rates were lower than the regional audit, the company was able to save significantly on their audit costs.
Case Study #3
Situation
A company in the healthcare industry needed a consultant who could work daily with their Controller to prepare preaudit schedules.

Action
MindShift Partners sourced a CFO-level consultant to work side-byside with the company Controller to complete schedules and perform analysis.

Result
Our consultant got the company and the Controller fully prepared for the audit, such that fieldwork was expedited and the company got a clean opinion. This is a good example where MindShift sourced a single Consultant, versus a team of Consultants with significant Partner involvement. This approach helped the company control their engagement costs.
Diligence Prep
Case Study #1
Situation
An LA-based asset management firm engaged a local investment bank to explore strategic options for one of its portfolio companies in the building materials industry. The decision was taken to sell the company.

Action
MindShift Partners was brought in to prepare preaudit schedules prior to due diligence and audit. We dug into the balance sheet to ensure GAAP compliance. In doing so, we found several instances where the accounting treatment appeared not to conform with GAAP, and we were tasked with doing preliminary analysis so that the auditors could render a definitive opinion. We communicated with the company's investment banking firm so that they could revise their timetables and manage the issue with potential investors in the deal.

Result
The due diligence process was delayed slightly while the auditor opined. The upshot, however, was that the potential investors in the deal appreciated the fact that the company surfaced the issue proactively, rather than appearing to "hide the ball" for the investors to uncover later, if at all. The company found a buyer, and the deal was completed.
CFO / Controller
Case Study #1
Situation
A technology company needed an Acting CFO to build their model and guide them through the fundraising process.

Action
MindShift Partners first crafted an investor-grade model that distilled the business model into credible numbers that were then tested by the management team. We designated a project leader to shepard the company through the process, who became their Acting CFO.

Result
The company has a credible CFO who can explain the projections as they go through the fundraising process with Angel investors and Venture Capitalists.
Case Study #2
Situation
A client in the commercial packaging industry needed an experienced CFO/Controller to update and reconcile their balance sheet. The company had just doubled the size of their facilities and needed to get cash flow under control. The balance sheet, accounts receivable in particular, had not been updated in 6 months. Cash was out of balance and the client did not know who or how much was owed to them. Because of the situation the company was not able to function effectively on a day-to-day basis.

Action
Mindshift Partners cleaned up the books in less than a month. Cash was reconciled. Invoices were reviewed and entered properly. Accounting records were updated. Financial reporting was updated and properly stated. A system was organized for futute controls. All proper government reporting was filed.

Result
Cash flow and cash projections were stabilized thus allowing the client to continue operating even during a severe recession. In addition, the Client was able to remain in good standing with their Accounts Receivable Factoring Company. Without the Factor's relationship the company would have had difficulty remaining solvent.
Case Study #3
Situation
An e-commerce company in the consumer and b2b-based computer and electronics business needed an acting CFO following the completion of a consulting engagement with MindShift Partners. The company was not at the level of growth to support a full-time person and needed a CFO on a part-time basis so they could manage their costs.

Action
Our Associate was engaged on a part-time basis as the acting CFO so the owners could focus on growing the business.

Result
The company was able to increase profitability by reducing expenses and improving margins.
Case Study #4
Situation
A company in the manufacturing industry needed an interim Controller to replace an employee who was departing on short notice.

Action
The company used one of our Associates with comparable industry experience.

Result
The company was so happy with the fit that MindShift agreed to let them hire our Associate after about three months.
Case Study #5
Situation
A public company in the consumer brands industry needed a CFO to take them to the next phase in their growth.

Action
We sourced a CFO with SEC experience.

Result
The company hired our consultant within 60 days.
Marketing
Case Study #1
Situation
A funded social networking company wanted to integrate a robust e-commerce platform to process credit cards online so they could charge for premium service packages.

Action
A MindShift Partner was engaged to chose a bank that would best fit the clients needs. The partner oversaw the set up of a processor and merchant account while coordinating the development and integration of the e-commerce platform into the client's website to process local and international currencies.

Result
The client is now able to pursue a free-to-paid upgrade path thereby increasing revenue (and investor) potential instead of relying on online advertising revenues, which have been declining due to a softening economy, and unpredictable affiliate revenues.
IT / Compliance
Case Study #1
Situation
A company was looking for a new financial system to replace Quickbooks. The new system would require heavy customization and multiple currency options.

Action
MindShift Partners was engaged to recommend a software package. We analyzed each available option against a matrix of required features, and worked with the vendors to assess the degree of customization that would be required.

Result
We made a recommendation, and then worked with the company and the vendor to implement the package.
Case Study #2
Situation
A public company needed to assess their IT controls for SOX 404.

Action
Our IT team leader investigated the IT topography with the key team members. She assessed the quality of the IT controls, identified weaknesses, and suggested possible avenues of remediation.

Result
The company took our recommendations, and remediated the weaknesses themselves using internal resources. This was a good example where MindShift provided services for a finite time period, and then supported the company as it took our recommendations and processed them internally.
Case Study #3
Situation
A public company needed to assess Accounting process and IT controls for SOX 404 compliance. The company engaged its auditor to opine on the documented controls, which had been tested by internal resources at the company.

Action
The auditor was resource-constrained, and engaged MindShift Partners on a private-label (passthrough) basis to the client. Our Finance and IT consultants worked side by side with the auditors to test the controls and document weaknesses, and also to suggest methods of remediation.

Result
We worked seamlessly with the auditor in this case; as far as the client was concerned, it was a single team. We provided the needed "bench" so that the auditor could complete the work for the client.
Receiverships
Case Study #1
Situation
A company in the building materials industry needed an independent third party to do some forensic accounting in order to reconstruct a clean set of financial books and records for the court-appointed Receiver.

Action
We sourced an experienced consultant who was able to gather the inputs, audit and investigate discrepancies, and build a reliable set of financial statements for the court.

Result
Our consultant furnished the Receiver with an accurate set of Financial Statements for him to present to the court.
Case Study #2
Situation
A company in the construction industry needed an independent third party to do some forensic accounting in order to reconstruct a clean set of financial books and records for the court-appointed Receiver.

Action
We sourced an experienced consultant who was able to gather the inputs, audit and investigate discrepancies, and build a reliable set of financial statements so that the Receiver could help to mediate a dispute between the firm's Principals.

Result
Our consultant built an accurate set of books that added value to the Receiver's process at a reasonable cost.
Home · Contact · © 2009 mindshift partners · website design by PoweredPages.com