Why Fractional CFO Is the Key To Growth – Ampleo | Business Ninjas Podcast

CFO Services
Growth
Quality of Earnings
Startup
Transaction Advisory
February 26, 2023
2
min read
WRITTEN By
Patrick McMillan
Patrick McMillan

Patrick McMillan

CFO / Transaction Advisor

In this podcast, Andy speaks with Patrick McMillan, the CFO consultant and lead for the transaction advisory team at Ampleo, who provides business professionals, such as CFOs, CMOs, and CHROs, on a fractional basis in order to help organizations achieve their full potential. Ampleo’s services are tailored to companies in the growth stage that are seeking capital management, bank financing, or more visibility into their financials.

Patrick discusses the different phases of engagement that a client goes through when working with Ampleo. The first step is the scoping phase where they learn more about the client’s business, their strengths, weaknesses, and goals. From there, they put together an engagement letter that addresses the client’s needs and pain points.

The conversation delves into the importance of having accurate and timely financials for any business. Patrick talks about how Ampleo’s team of consultants works to clean up businesses’ financials, create dashboards and provide visibility to help business owners make informed decisions. They work with investment banking firms in preparing for transactions by ensuring that financials are in order, including being GAAP compliant, inventory is not overstated, and finances represent what happens economically with the company. Patrick notes that the earlier they get involved in the transaction, the better they can clean up the financials, ensure financial stability, and guarantee smooth bank reporting, among other things.

Patrick provides a general example of the transaction advisory process, which involves financial due diligence, quality of earnings, and cleaning up books to prepare for a sale. Post-transaction, Ampleo also offers purchase price allocation services.

Patrick goes on to share his story about how he joined Ampleo, describing how the company’s founder, Kent Thomas, started the firm in 1996. He talks about how he came to join the company, and the role he played in its growth, emphasizing the importance of hiring the right people.

Overall, this podcast offers valuable insights into the importance of hiring top-tier financial experts for businesses, especially when preparing for transactions. It highlights the role of Ampleo in ensuring that businesses have accurate and timely financials, which is crucial for making informed decisions. Ampleo’s services are tailored to the needs and pain points of companies in the growth stage, making them an ideal partner for companies seeking financial and accounting support during different stages of their growth. Ampleo has worked with companies ranging from pre-revenue to a billion dollars, with a sweet spot in the 2 million to 100 million range.

Listen on:

WRITTEN BY
Patrick McMillan

Patrick McMillan

CFO / Transaction Advisor

Patrick McMillan is a CFO and Transaction Advisor at Amplēo with a deep specialization in Quality of Earnings (QofE) and Financial Due Diligence (FDD), helping companies before, during, and after transactions.

Before becoming a consultant at Amplēo in 2020, Patrick brought a wealth of experience from his role as Corporate Controller and acting CFO for a franchise group, where he led a significant expansion from 38 to 63 locations. He then served as an independent consultant and strategic advisor for various small, high-growth companies, enabling them to scale effectively and sustainably.

Despite his extensive financial expertise, Patrick is anything but your typical accountant and finance strategist. His passion for numbers rivals others’ love for chocolate or coffee, as evidenced by his favorite shirt proclaiming, “Warning: may talk about EBITDA.”

Known for his infectious smile and joyful character, Patrick has a talent for guiding teams and companies through exponential growth. Throughout his career, he’s served predominantly in C-suite roles, steering numerous entities to triple-digit growth year after year. Patrick’s meticulous approach to financial due diligence has been instrumental in facilitating numerous M&A transactions totaling over $2 billion in combined valuation.

Patrick has been featured on multiple podcasts and speaking events, including The Thinking Project, Acquicon, Business Ninjas, M&A Masters, ExitGuide, Let’s Buy a Business, Bill, Financial Modeler’s Corner, and Utah Business Forward.

Fun Facts/Hobbies

  • Mountain biking
  • Hiking
  • Camping
  • Running
  • Reading biographies

Education/Certificates

  • Bachelor’s degree in Spanish and Business from East Tennessee State University
  • MBA (finance) from Utah Valley University
  • Certified Exit Planning Advisor

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Let's Build the Team That Builds Your Business.

Your people strategy is your growth strategy. Ampleo HR gives you Just Right HR: support to scale with confidence.

 Let's Build It

Let's Build the Team That Builds Your Business.

Your people strategy is your growth strategy. Ampleo HR gives you Just Right HR: support to scale with confidence.

 Let's Build It

Let's Build the Team That Builds Your Business.

Your people strategy is your growth strategy. Ampleo HR gives you Just Right HR: support to scale with confidence.

 Let's Build It

Let's Build the Team That Builds Your Business.

Your people strategy is your growth strategy. Ampleo HR gives you Just Right HR: support to scale with confidence.