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How to Emotionally Deal with Bankruptcy [Depression & Stress]
Many business owners and corporate officers I consult with are not prepared for the emotional effects insolvency (including filing a commercial bankruptcy) will have on their personal well-being. Taking an insolvent company through a reorganization or liquidation is hard. For owners, officers, and key employees of the business, it comes with sleepless nights, strained relationships, and a business that looks very different in the end. I’ve helped several business owners through these difficult times, and while all make it through, some do so with more grace and poise.
The purpose of this article is to explore several healthy strategies that have helped business owners and officers survive the emotional effects of bankruptcy.
1. Manage expectations with your loved ones.
Several studies show a strong correlation between bankruptcy and divorce. Marital failures in a business crisis usually come because of a loss of household wealth through an unsuccessful turnaround. Relationships with loved ones can be strained while navigating the pressures of an insolvent company. For your relationship to survive, you and your spouse should agree on what you will and will not do during the next several stressful months of your life. You may need to agree that you will need to work longer hours over the next several months. Set expectations that you may not be yourself while faced with the pressures of laying off staff and making other agonizing decisions. You may need to agree to a new personal household budget that reduces lifestyle and spending habits (see item 4 below). You should also agree on a backup plan. Through all of this, it’s important to keep your business crisis in perspective. One business owner I consulted with said, “my creditors may take my car, my house, and my financial success, but they can’t take away my relationship with God or my wife.” This is sage counsel that helped him effectively bounce back from a failed business.
2. Exercise
Participating in physical activity for at least 30 minutes each day can help you maintain your health during this stressful time. It also gives you the opportunity to focus your mind on other things, relieve any stress you are experiencing, and help you feel happier overall.
3. Set new goals
Owners and officers of insolvent companies usually need to rethink professional goals and reestablish ideas for new businesses or careers. Starting over or managing a restructured business that looks different will be difficult. However, setting new attainable personal goals will provide motivation and purpose to move forward and grow again. Your goals can change and increase over time. Start small and celebrate successes along the way.
4. Prepare a personal financial budget
It’s common for the personal financial well-being of many small business owners and officers to be tied to their businesses. This can be incredibly stressful for business owners who may be at risk of losing their salary or draw, or who may be personally obligated for the company’s debts. Take the time to review, prepare and/or adjust your household budget to prepare for a difficult time. If you have a family, involve your spouse and children in this exercise. Agree on expenses to cut, assets to sell¹, and ways to bring in additional income. In my experience, business owners who file bankruptcy usually bounce back and restore their full earnings within three to four years.
5. Don’t walk away too early!
Many business owners and officers are tempted to “throw in the towel” and leave the business to another person (or officer of the court) to manage during times of insolvency. Unless you have lost credibility with your creditors, don’t give up. I’ve observed that business owners who remain committed and engaged in the business through times of insolvency fare much better both financially and emotionally. Show your creditors you are willing to help recover as much as you can, and that you are managing the business with their interests in mind. You’ll stand taller and sleep better as you do.
6. Seeking Emotional Support Services
It isn’t uncommon for people to experience feelings of stress, anxiety, depression, and failure when going through bankruptcy. If you or someone you know is struggling to cope with feelings of depression during bankruptcy or shows signs of being suicidal, find emotional support services in your area or call the suicide prevention hotline for help.
Managing a business through an insolvent time is hard. It is financially and emotionally draining. But it also provides a unique opportunity to learn from mistakes, bounce back and evaluate life’s priorities.
If your company (or your client’s company) is in the zone of insolvency or bankruptcy and you dread the sleepless nights to come, call Ampleo. Its turnaround professionals will guide you through the process, help you avoid pitfalls, and give you tools to thrive financially and emotionally.
¹Selling or transferring personal or business assets during times of insolvency should never be done without the advice of qualified legal counsel.

What Is Turnaround Management? (Everything You Need to Know)
Turnaround management is the process of assisting businesses that are in a state of crisis, decline, or recovery. This process is usually led by a turnaround consultant/manager, who is trained to both: a) help businesses recover operationally and become profitable; b) restructure a company’s balance sheet.
Few companies wish to be in a situation where they need to retain a turnaround manager, but there’s no shame in it either — in fact, some of today’s most admired companies have gone through turnarounds, including Apple, Federal Express, Airbnb, Starbucks, and many others.
What does turnaround management look like in practice? Here’s what you need to know.
When Can You Tell A Turnaround Manager Is Necessary?
Turnaround managers may be necessary when a company approaches the zone of insolvency. Insolvency can be defined in two ways: Cash flow insolvency, when a company cannot pay its debts as they become due; and balance sheet insolvency, when the company’s liabilities exceed its assets. These are further described as follows:
- Cash flow insolvency: While most companies experience short-term cash crunches, if operating hand-to-mouth each week becomes “normal”, a turnaround manager is necessary.
- Balance sheet insolvency: This form of insolvency is more difficult to measure, and the signs of crisis are not as bright. When liabilities exceed assets (using a fair market value), a company is deemed to be balance sheet insolvent. A turnaround manager may be necessary to help restructure loans, trade payables, or other obligations, and the company has no other sources of capital.
It is not uncommon for a company’s creditors to point out the need for a turnaround manager to a company. In fact, many creditors may require the company to hire a turnaround manager in exchange for offering terms of forbearance. Many insolvent companies are embarrassed to admit they need a turnaround manager, but retaining one early provides many more options for the insolvent company to recover than kicking the problem down the road.
Operational Turnaround vs Financial Turnaround
In our experience, there are usually two different ways a turnaround manager will effect change. Let’s go over what both of those look like:
Operational Turnaround
Some businesses fail simply because they do not operate efficiently. They may have too many layers of management, their products and services are not priced effectively, and/or the company hasn’t adapted its expense structure to meet changing market conditions.
In these cases, a turnaround manager will identify operational inefficiencies and outline a plan to correct them. In most cases, a turnaround manager will be retained as an officer of the company, empowered to make difficult decisions and implement needed actions.
Financial Turnaround
Also referred to as financial restructuring, a financial turnaround largely involves restructuring the company’s balance sheet. This process may include consolidating debts, liquidating non-performing assets, shedding unprofitable divisions, negotiating payment terms with creditors, and in the most extreme examples, liquidating the assets of the business for the benefit of creditors.
What Are The Stages Of Turnaround Strategy?
Regardless of which kind of business restructuring a company will need, you can expect turnaround managers to follow a similar, three-step process:
1. Assess the Situation
Turnaround managers must first diagnose the problem. In many cases, this step may be performed by the turnaround manager before he/she is actually retained. They will identify:
- What is causing the problem?
- Is it a temporary or long-term issue?
- How severe is the problem?
The turnaround manager can usually diagnose the problem by looking at the company’s financial records, including the income statement, balance sheet, AP and AR aging reports, inventory reports, and so forth. It’s common for insolvent companies to get sloppy with their financial record keeping, but good information is critical to help the turnaround decision make well-informed decisions.
2. Consider and Evaluate Options
After the problems have been identified, a turnaround manager will evaluate solutions. A good turnaround manager will always start by asking whether an operational turnaround is possible. In some cases, an operational turnaround isn’t feasible. Consider Blockbuster Video in the age of Netflix, for example. In other cases, such as with Apple, an operational turnaround can be accomplished by trimming the company of excess operating expenses, selling non-performing assets, and so forth.
Expect the turnaround manager to spend most of his/her time evaluating options. They will look at all possible alternative solutions and will create financial models in support of them. The turnaround manager will socialize these options with the company’s executive team, board of directors, and affected parties such as creditors, employees, and so forth. Once the plan is agreed to, the work begins to be implemented.
3. Execute the Plan
With a plan in place, the last step is to put the plan into action. This is easier said than done! In some cases, as an officer of the company, the turnaround manager will implement the plan and be accountable for the results. In other cases, he/she will empower other stakeholders to implement. No plan is perfect and there will be several pivots along the way. The turnaround manager will measure performance regularly and will review milestones with key stakeholders including creditors. Progress during this phase will be heavily monitored, and the plan will be adjusted as needed.
Find A Professional Turnaround Consultant with Ampleo
If your business needs an operational or financial turnaround, you can trust Ampleo’s turnaround consultants to help you get back on your feet. Get in touch with our turnaround team today to help save your business.

Subchapter V: What Small Businesses Should Know
When your business is insolvent or illiquid, sometimes the best (or only) alternative is to seek court protection under a bankruptcy filing. Chapter 11 bankruptcy, commonly known as the business reorganization chapter of the Bankruptcy Code, is available to both business entities and individuals that seek to maintain control of their business and assets while working through a reorganization. However, Chapter 11 is typically expensive and takes a long time which may make it infeasible for small businesses.
In February 2020 Congress enacted the Small Business Reorganization Act of 2019 (“SBRA”), which is now known as a Subchapter V Bankruptcy. The purpose is to help small businesses through a restructuring with the protection of a bankruptcy court and in a faster and less expensive process. The SBRA includes several key features that help small businesses through the reorganization process, including the following:
- A business qualifies for a Subchapter V Bankruptcy if the total debts are $7.5 million or less (note that a single asset real estate entity typically does not qualify under the SBRA). This debt limit was increased from $2,725,625 by the CARES Act and will decrease again if the limit is not extended by Congress.
- Unlike a regular Chapter 11 bankruptcy where the US Trustee appoints a committee of unsecured creditors, under Subchapter V, a committee is not automatically appointed, only by an order of the court. This appointment will be the exception, not the rule. Overall, this reduces the administrative burden on the small business that comes with the costs of a committee of unsecured creditors, and it shortens the time required to create, receive approval and then execute on a restructuring plan.
- Under the SBRA, small business debtors are exempt from paying US Trustee fees.
- Only the small business debtor can file a plan for reorganization. In a regular Chapter 11 filing, any party-in-interest could file a plan once certain timing and criteria are met. This significant difference can greatly reduce time and cost.
- The process to gain approval of a plan in a typical Chapter 11 can be lengthy, costly, and cumbersome. Under the SBRA the process is simplified to keep the process moving more quickly. The debtor must file a plan within 90 days of filing bankruptcy.
- The debtor’s plan can be spread over 3-5 years. This allows the debtor time to repay and allows creditors time and a chance to recover a more meaningful amount.
- In a traditional Chapter 11 bankruptcy, the debtor’s plan must follow the “absolute priority rule” in distributing funds to creditors. The absolute priority rule states that senior creditors are paid first and in full before the next class of creditors receives its first penny. In a Subchapter V, the absolute priority rule is eliminated. This means a confirmed plan may allow for some creditors to not be paid in full and still qualify for reorganization, and that owners may maintain their equity in the business.
While bankruptcy is rarely something business owners hope to pursue, Subchapter V Bankruptcy can be an effective way to reorganize. While this filing will still cost money and will require the attention and time of the debtor, this filing type is typically much less expensive, requires less time, and allows the debtor to retain control over assets in the process.
Consultants at Ampleo have helped many clients reorganize under Subchapter V, including acting as the financial advisor to the first Subchapter V filing ever in the State of Utah. Insolvent companies can look to Ampleo as the premier resource (along with competent legal counsel) to help explore whether a Subchapter V filing is the right course of action.

Going Through a Sale-Side Mergers and Acquisitions Process
Al Vanleuwen, Rod Steuart, and Jeremy Baker discussed the process of going through a Sale-side Mergers and Acquisitions process at the 2021 Intermountain CFO Summit.
In this session the panel members discussed the following topics regarding an M&A sell-side transaction:
- Preparing in advance for the transaction
- Bringing on outside help to prepare for a transaction
- What to expect during the transaction
- Considerations when selecting a buyer and what to expect post-transaction
Preparing For A Sell-Side M&A Transaction
One of the steps AutoSource Motors took in order to prepare for a transaction was by getting a financial statement review. In addition, they had the goal to have two years of Audited financial statements prior to the sale of the business. Another step the business took was to have a third party prepare a Quality of Earnings report (Q of E). Autosource decided to get a Q of E report in preparation for the sale in order to help control the narrative around EBITDA and make sure the earnings were properly interpreted and understood by third parties.
Bringing On Outside Help For M&A Deal Closing Process
In this video session, the panel discusses the value of bringing on outside help. The first step highlighted was the importance of bringing on an M&A attorney to assist with the transaction process. In addition, the panel discussed the importance of determining why the business intends to sell the company. Knowing if current shareholders want to go through a sales-side M&A process or sell to a closely held entity can help inform the decision of whether utilizing an investment banker makes sense. When choosing an investment banker those on the panel emphasized the importance of finding an investment banker who focuses on businesses within your company’s size and segment. Sometimes this might mean hiring someone in the market but it can also mean looking outside of the state, especially if you want to run a wider process. For example, AutoSource talked to local investment bankers and realized the expertise they were looking for wasn’t in SLC. For this reason, they ended up finding firms out of town and had them pitch to them. It was emphasized by the group that good investment bankers will ask questions that will “warp your mind” and that it is typically a good sign if your prospective banker asks questions that help you think about your business differently.
What To Expect During The Sales-Side Transaction Process
During a sale-side transaction, it isn’t uncommon for a CFO to work a lot of extra hours. It is important to do as much advanced planning and organization as possible. In addition, it is important to utilize team members and outside professionals to help as needed so the process goes smoothly.
Considerations When Selecting A Buyer And What To Expect Post-Transaction
There are many considerations that can help a business determine the correct course of action when selecting a buyer and understanding the owners’ and shareholders’ desires post transactions. Depending on the buyer the owners may be required to work for a period of time post-transaction. In addition, some opportunities may allow for a second bite of the apple and allow the current owner to retain some equity within the deal. Strategic buyers may not want owners to be involved or want to bring on professional management teams to operate through the next phase of growth.
In summary, there are many considerations when going through a sale-side M&A process. For this reason, it is always important to surround yourself with good financial talent. A strong CFO can help a process go more smoothly and improve the outcomes for the shareholders and management team both pre and post-transaction. For more information about hiring a CFO or getting a Quality of Earnings report please visit our website or fill out a contact us form.
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What Is Forecasting In Business [& How A CFO Can Help You]
As a CFO consultant and professor, I am often asked by business leaders how they can improve their companies’ results or run their businesses more effectively. This often leads to a discussion about how to measure performance, plan for the future, and determine a good yardstick for success. This is where forecasting comes in. Forecasting in business is what organizations use to measure their success and predict their financial well-being at a certain future date. It is the process of using an organization’s historical financial data to make estimates that help predict future trends. This helps your organization plan robust budgets, anticipate upcoming expenses, and establish a more future-forward financial plan.
Business forecasting is usually made easier when you have an experienced professional at the helm of the analysis, like an experienced Chief Financial Officer (CFO) or VP of FP&A. They will have the knowledge and relevant experience to help you gain an accurate scope of your business’s financial health. This experience can pay big dividends and help businesses plan ahead to avoid difficult obstacles.
Let’s take a closer look at what forecasting in business is and how it can help you plan for the future.
Why Is Forecasting Within Your Business Important?
There are numerous advantages to forecasting that can help every business benefit, including:
- Learning from past mistakes: Those who don’t study past financial performance are doomed to repeat errors. Forecasting analyzes the past to understand what went wrong (and what went right).
- Gaining valuable insight: During your forecasting analysis, you’ll access past and current data pertaining to your performance. Once you have these insights, you can more easily make decisions that will help you improve your performance in the future.
- Decreasing overall costs: Forecasting helps you understand how to use your capital more effectively and efficiently. Therefore, you can decrease how much you have to spend to reach your goals.
- Improving cash flow visibility: Organizations are most effective when they can accurately assess how much money is flowing in and out of their accounts. A strong CFO will help a business have an accurate 13-week cash forecast at all times.
- Accelerating progress toward your goals: Of course, the most obvious benefit might be the speed at which you can meet your goals. Forecasting both properly defines what success looks like for you and outlines your path to reach it.
For these reasons, it’s crucial that you find a professional who knows what they’re doing.
Forecasting Is More Than Budgeting
Some businesses devolve their forecasting plan into simple budgets. While budgeting is certainly part of the forecasting process, it’s not the main reason for doing so—anyone can make a budget without going through forecasting.
While budgeting helps organizations understand how they will reach financial goals, forecasting actually helps you predict what those results will be. In addition, forecasting should not be considered a one time exercise but an ongoing exercise that refines itself and becomes more accurate over time.
What Are Different Methods Of Business Forecasting?
Although most companies know that business forecasting is important, one survey found only 13% think their forecasting is effective. There’s clearly a disconnect on how to actually perform a proper forecast. This can happen for a variety of reasons. In my experience companies that aren’t forecasting effectively do not iterate or utilize historic data to the fullest possible extent. While the purpose of a forecast isn’t to predict future performance with perfect accuracy it should help the business learn how to gain predictable results as the business evolves, grows, and changes.
There is more than one way to forecast; companies may choose to forecast for their sales performance or forecast to get a general idea of their business’s financial health. It’s essential to utilize a method that works for your purposes and makes sense for your business. Let’s take a look at six different business forecasting methods.
1. General Business Forecasting
General business forecasting is best used when you want to get an idea of what the business climate will look like by a certain time. You may look at details like:
- Current industry trends
- Technological advancements
- Environmental factors affecting your area of operation
2. Capital Forecasting
Capital forecasting helps predict cash flow estimates in your organization. This will help you better estimate how much available capital you will have and/or need by a certain date and may look at factors including:
- Current accounts receivable processes
- Current assets
- Monthly profits
- Capital Expenditures & Investments
- Debt Repayment
- Timing of recurring and one time cash inflow and outflows
3. Financial Forecasting
Financial forecasting builds on capital forecasting by establishing what you can do with your available capital. While you’ll take your cash flow into consideration, you may also analyze your current operating costs to see what can be improved upon.
4. Accounting Forecasting
Accounting forecasts help predict what your future costs will be. This usually involves looking at changes in the market prices of your suppliers and the cost trends of employee and customer acquisitions.
5. Sales Forecasting
Sales forecasts estimate future sales and anticipate the needs of your sales workforce. Some factors you may look at include:
- Past sales history
- Current product/service inventory
- Past salesperson performance
6. Demand Forecasting
Finally, demand forecasting can predict what your market’s demand will be at a future date. This type of forecasting is essential, as your predictions can also inform your sales forecast and capital forecast. For this type of forecast, you may look at:
- Buyer trends
- Materials shortages
- New product performance
Plan For The Future Today
With business forecasting, your organization can better plan for its future and take control of its financial health.
This whole process is made even easier when you have a CFO forecasting for your business. Find out more about what a CFO can do for your business, and how Ampleo can help.

How Does Cancellation of Debt Affect Taxes?
Debt Forgiveness For Businesses
Over the last couple of years, the Covid-19 pandemic has stressed companies financially and caused many to fall behind in payments to lenders. Often the company has been able to get its lenders to either forgive or restructure loans. When all or part of a loan is forgiven, the company will get a surprise at tax time. The amount of the loan that is forgiven is taxable income in the year of the forgiveness. This comes as a shock when the company has to write a check to IRS and state taxing authorities at a time when resources are low.
Tax Effects From Debt Forgiveness
The Internal Revenue Code (“IRC”) states that income from whatever source derived (IRC Section 61) is taxable unless specifically exempt from tax by the IRC.
When a company has a loan forgiven, it received funds that they don’t ever repay which is treated as ordinary income and called income from Cancellation of Debt (”COD”). When the loan is forgiven the lender gets a bad debt written off and the borrower experiences taxable income. Since the lender will issue a Form 1099-C, Cancellation of Debt, the IRS income matching system is looking to be sure the COD is reported.
Ways to Receive Tax Relief
Our society values a sense of fair play and does not seek to punish business owners when they are hurt by market downturns and other circumstances beyond their control (like Covid-19 mandatory shutdowns). There are several legal provisions that give an honest business owner a break and a chance to start over. One of them is Internal Revenue Code Section 108.
Section 108 provides several exceptions to the reporting of COD income which covers such things as the discharge of qualified principal residence debt, student loans, and many others. For purposes of this brief article, we’ll focus on the Bankruptcy and Insolvency exclusions and the special rules for partnerships and LLCs taxed as partnerships.
Bankruptcy
IRC Section 108(a)(1)(A)) states that gross income does not include COD if the discharge occurs in a Title 11 case. This is often misunderstood as a ‘chapter 11 case’. Title 11 covers all chapters of the bankruptcy code. Under this section, a bankrupt company can exclude the COD from gross income.
Insolvency
IRC Section 108(a)(1)(B) states that gross income does not include COD when the company is insolvent. This is somewhat more complicated. Insolvency is defined using the balance sheet test. That is, immediately before the discharge of debt, the company’s liabilities must exceed the fair market value of the company’s assets. To the extent that the company is insolvent, the COD can be excluded from income.
There’s No Free Lunch
So, the question is, “What happens to the excluded income?”. Does it simply go away? The answer is that the taxpayer must reduce tax attributes to the extent of the excluded COD income (IRC Section 108(b)). Tax attributes include any net operating loss carryovers, general business credits, minimum tax credits, capital loss carryovers, basis in remaining assets (equipment, etc.), passive activity losses, and foreign tax credit carryovers. In general, these attributes are reduced dollar for dollar by the amount of the COD excluded from income (IRC 108(b)(3)(a)).
For example, if a taxpayer has a net operating loss (“NOL”) carryover from prior years of $100,000 and excludes $60,000 COD income in the current year, the remaining NOL to be used in future years is $40,000. The idea is that, for a company that survives, the exclusion of COD acts as a tax deferral and is recovered over time by the reduction of tax attributes.
The operation of Section 108 is complicated with multiple elections available. Careful tax planning is needed.
Partnership – LLC: Tax Trap
One of the most popular business forms today is the Limited Liability Company (“LLC”) which is taxed as a partnership. Our general discussion so far works well for individuals, single-member LLCs (individuals filing a Schedule C with their 1040), and corporations (including S corporations) but there is a trap for partners in a partnership or members in a (multi-member) LLC.
IRC Section 108(d)(6) contains a special rule for partnerships. For a partner in a partnership (including a member in an LLC), the exclusion of COD applies at the partner/member level rather than at the company level.
More than any other provision, this exception to the exclusion of COD for partners and LLC members has caused the most grief for my clients over many years. Many business owners are aware of the ability for an insolvent company to avoid paying tax on COD income and they assume it applies to all businesses. However, when they are told about the exception for partnerships and LLCs and that they will report the COD as income on their personal returns, they are shocked.
For a partner or a member to use the exclusions under Section 108, the individual (not the partnership or LLC) must have filed for bankruptcy or be insolvent at the time of the debt forgiveness. Very often, an LLC is made up of many members and some of them are neither in bankruptcy nor insolvent even though the company is. The partnership or LLC will pass their share of the COD to them on their K-1.
Business Form
When a group of individuals contemplates forming a business, they rarely think that the business may someday fail. They are filled with excitement and optimism about the new venture. Here, too, long-term planning is needed. Everyone needs to consider what to do when the unthinkable happens.
For both S Corporations and C Corporations, the Section 108 exclusion along with the reduction of tax attributes happens at the company level leaving the owners shielded from the impact of the COD. Additionally, there are several other tax benefits to operating under the corporate form that at beyond the scope of this short article.
Ampleo Is Here To Help
In some situations, it may be possible to incorporate an existing partnership or LLC to take advantage of the Section 108 exclusion. The road to incorporation of an insolvent partnership or LLC is rocky and requires much advance planning. If you or your client is in need of assistance with COD or need help taking advantage of tax relief options, call Ampleo. Our team of turnaround professionals is ready to help you plan and, hopefully, avoid negative tax consequences.

M&A Lifecycle-Executing an Acquisition
Panelists Cydni Tetro, Wendell Laidley, and Derrick Porter have very different backgrounds but during the 2021 CFO Summit, they came together to talk about the different ways they executed each stage of the M&A lifecycle successfully in their businesses.
Cydni is currently the CEO of Brandless, a technology-enabled commerce platform that is building the largest roll-up of digitally native mission-based brands. Prior to that, she was CEO of ForgeDX, a customer acceleration platform used by companies like Verizon, Adobe, Microsoft, Dell, and other large tech companies to transform the customer experience. She also founded and was the CEO of 3DpulsMe, which was acquired, and was a 3D printing personalization platform, where you could become an Ironman action figure and more in partnership with Marvel, Star Wars, NFL, MLB and Hasbro, Walmart, and Target.
Wendell is an experienced operator, investor, and entrepreneur who has spent the last 20+ years in Silicon Valley before migrating to join Lumio in Silicon Slopes. He has been directly involved in more than 40 IPO and M&A transactions with a collective value of >$43 BB.
Derrick Porter serves as CEO of Beauty Industry Group (BIG), a holding company that manages and owns businesses in the beauty industry. BIG operates 13 global beauty brands selling to customers in 165 countries with offices in the UK, EU, Canada, Australia, and across the United States. Over the last 15 years, Derrick and his team have created and built a multi-channel, multi-brand strategy both through M&A and through BIG’s own new enterprise launches.
During their discussion they shared their perspectives on the following topics:
- Building M&A teams before acquisition vs. scaling during one
- Integration plans based on the size of the acquisition
- Hiring talent before you need it
- Aligning vision and expectations through the M&A lifecycle
- What CEOs expect from a CFO in each phase of the M&A lifecycle
Watch the full video to hear Cydni Tetro, Wendell Laidley, and Derrick Porter’s final call to action.

CFO Tech Trends to Prioritize
Panelists Brett Paternoster, Ryan Larsen, Nate Fullmer, Beverly Lang, and Kim Tolboe discuss CFO tech trends, the importance of moving to a cloud-based data center, and different 3rd party solutions at the 2021 Intermountain CFO Summit.
Key Take-Aways
- Digital transformation has allowed more integrations between software products so companies can use many products that are experts in one particular area of their business and have them all speak to each other.
- Moving to a cloud data center is safer, more mobile and accessible, flexible, and sustainable.
- Make sure your APIs have prebuilt connectors and integrations for the solutions that you use.
- Your software solutions are a valuable part of your team and should be viewed as such.
Watch the full video to learn more about other CFO tech trends and solutions.
About The Panelist
Nate Fullmer is the Director of Strategic Partnerships at Fishbowl, the number one warehouse and manufacturing management software for QuickBooks users. He oversees referrer and partner relationships with the goal to provide small and medium-sized business owners with the most useful software tools to foster growth and increase automation.
Beverly Lang, Sr. Director of Integrated Services, offers more than 25 years of experience assisting business owners, managers, and bookkeepers with their accounting and bookkeeping, as well as teaching bookkeeping, accounting, and QuickBooks classes, webinars, and seminars throughout the southeastern region of the United States.
Kim has spent 20 years of her career working in higher education at the University of Chicago and the University of Utah. In her many roles, customer service and how to improve the student experience have always been her focus. Kim brought this customer service expertise and project management knowledge to Fishbowl when she was asked to develop a new sister company, Quarium – a QuickBooks hosting platform. She oversees the entire Quarium sales, implementation, and support process.

Succeeding as a Strategic CFO
Tyler Ploeger is co-founder and CFO of payroll and business payments platform Everee. Tyler joined Everee at its inception in 2018 and is a seasoned finance executive with more than 13 years of experience in financial analysis, technical accounting, mergers and acquisitions, due diligence, and audit services.
15 ways to Succeed as a Strategic CFO.
- The best CFOs have the right people to enable the CFOs to spend as little time as possible on transactional items.
- The best CFOs spend lots of time running scenarios and financial models. Learn how to prepare for activities before they occur, just as a football player trains before a game.
- Learn how to model … and model everything. Spend lots of time modeling the various what-ifs in your business.
- Learn to follow breadcrumbs (the data), read tea leaves (make predictions), and have the courage to trust your gut. At those times you rely on your gut, you will need to model scenarios of what you see to convince the organization.
- Find the KPIs that matter most to the business owner. Model around those. “Though we can’t direct the wind, we can adjust the sales.”
- CFOs should be much more than a scorekeeper. Make sure the KPIs influence the organization.
- Vision: Determine what the true vision of the company is and build your team around that vision.
- Spend a lot of time asking the organization, and each department, “Why aren’t we winning?”
- Do not allow a zero-sum game to exist. Solve problems.
- Consider what department in your business can help your business the most, and spend your time focusing on that area. It could be sales, operations, etc. Learn it and get involved.
- Most CFOs have underfunded growth. This is a mistake. CFOs should reward performance. Don’t constrain the business if you don’t need to.
- Unit economics – learn them, and know them. Answer the question: What is this customer actually worth?
- Know your strengths. Know what areas you need to improve.
- Develop professionals in every aspect of your business.
- How do you want to be remembered? Work toward that goal.

M&A Strategy for Maximizing Value Before a Transaction
This summer, Divvy sold to Bill.com for $2.5 Billion. Success. But it wasn’t always pretty and happy on the way to the transaction. Blakely Cragun, the CFO of Divvy, shares, at the Intermountain CFO Summit, 5 mantras he built into the Divvy finance team ethos to guide them to maximize the value of the transaction.
Blakely, drawing on his lessons learned with a large company (Dell), a growth-stage tech company (Instructure), and a rapidly growing startup (Divvy), teaches us that the CFO is a people leader first.
His 5 Mantras are:
- Just start
- Seek to understand before you seek to be understood
- Empower and encourage (or demand even) that others have an opinion
- We succeed by helping others succeed
- “Not in these shoes”
Just Start
Blakely said, “any idiot can tell you why not to do something…don’t be a culture of ideas…be a culture of action”. A CFO drives a culture that has a bias toward action. They aren’t a team of nay-sayers.
Seek to Understand Before You Seek to be Understood
A CFO doesn’t have to recreate the wheel on driving value…they must listen to the market. And then the CFO helps interpret what the market is telling them and how it should drive improvement and goals in the organization.
We Succeed by Helping Others Succeed
Firstly, Blakely suggests that “it’s your job as CFO to help everyone succeed. Including investors, the board, and employees.” As trust is built in the organization over time with internal teams such as sales and marketing, they’ll work hard to succeed for the organization in meeting targets.
Not in These Shoes
This is an idea of leveraging pride in the culture and team. In any business there is a tough period of time, it is the CFOs job to let people know to step to the plate and work through the problem.

Automation in Finance
Jeff Canning, during Ampleo’s Intermountain CFO Summit, describes the importance of data security, automation in finance, and the responsibility of the CFO to provide oversight and guidance through the evolving technology that ensures data integrity in the world of finance and accounting.
Jeff explains what really matters in finance and accounting…. TIME! We are all allotted the same amount of hours in a day, and as finance professionals, we need to maximize our efforts and do more with less. This is the overall purpose of automation in finance.
Key takeaways:
- Compress the time it takes to get data and information before it gets to us at the CFO level
- Data security is key – we must ensure financial data is secure
- Automation = cost savings
- APIs – we need to ensure that our systems are talking to each other
- Bots can streamline basic processes and remove 99% of human error
- Adopt technology, don’t be satisfied with where you’re at, and adoption speed will be key to having a competitive advantage in the future
Quotes:
“The team can only go as fast as the slowest output”
“Bots are your friends”
“We need to adapt and be ahead of this change or we will be left behind”
“We need to continue to change, or we change professions”

5 Steps To Improve Your Process Of Cash Management
The cash problems a company experiences usually start small but can grow over time to become almost unmanageable. For instance, a company may show the first symptoms of financial distress by stretching payables with a handful of creditors. Then, these problems may grow to affect a greater number of creditors and in larger dollar amounts, which put the company in a deeper hole.
The problems can eventually become so great that they reduce the number of options available to a company and jeopardize its very survival. Most of these issues start in one place: a poor cash management process.
How can you improve your cash management process? Let’s dive into it.
The Cash Management Process
The cash management process involves the collection and management of cash flows within an organization. This means identifying how much money is coming into the business, where that money is coming from, and where that money is going in the organization. This ensures optimal financial stability for the organization while also helping guarantee that cash is being used efficiently and effectively.
What Are the Functions of Cash Management?
The main function of cash management is simply to track cash inflow and outflow. However, as mentioned previously, the “cash” of an organization is not always liquid. With that in mind, cash management can take on any of the following forms.
Payables Management
If you ever use credit to cover payments, you will need to practice payables management. This involves creating a list of what your payables are, how much you owe them for a given time period, and when you plan on paying them. This helps keep better track of debt repayments and ensures you never miss a payment that could devastate your financials.
Inventory Management
Do you churn out your inventory fairly quickly? Or does it sit in the stock room, collecting dust? Inventory management helps you find ways to distribute that inventory and turn your products into usable cash.
Receivables Management
On the other side of the inventory management coin, receivables management facilitates faster recovery of cash after making a sale. Since other companies use credit to make purchases, you often have to record the sale before actually receiving any monetary compensation. Receivables management involves following up with those entities to decrease the amount of time it takes to receive payment.
Better Understand Cash Management with Cash Conversion Cycle (CCC)
One way to better understand and facilitate cash flow management in your organization is to measure how quickly you can convert the cash you currently have into more cash. We refer to this as the Cash Conversion Cycle (CCC) , or the process of accessing all of the dollars in your business efficiently and effectively.
To give a brief rundown of CCC measurement, there are three components you need to be aware of:
- Days of Inventory Outstanding (DOI): The average number of days a company holds inventory before selling.
- Days Sales Outstanding (DSO): The average number of days it takes to collect payment.
- Days Payable Outstanding (DPO): The average number of days it takes to process your accounts payable.
Then, take the value of each variable and put it into the following equation:
DIO + DSO – DPO = CCC
The higher your CCC is, the faster you are currently receiving cash into your business.
But what do you do with this cash? Let’s look at some tips for better cash management.
5 Tips for Better Cash Management
Many of the problems these companies face can be avoided with more effective cash management discipline. Below are five steps business owners should use to survive a cash crunch. The earlier a company can adopt these, the better chance it has of successfully weathering the storm. In other words, these steps help ensure a cash crunch does not become a cash crisis.
1. Control and Manage Cash
The first step of cash management is developing the ability to control and manage the cash within your organization. The process of cash management can include a lot of things, but the following three elements are key:
- Ensure there is discipline around the number and types of ways cash can be spent by the business. Company leaders should limit the number of signatories on their accounts, reduce the number of employees with company credit cards, and be sure oversight exists for processing trade payables. In theory, they should channel all the company’s spending to a few trusted individuals. Nothing should go out the door that the CEO or CFO is not aware of.
- Forecast your cash position weekly, including cash receipts and disbursements. All too often, a prospective client in a cash crisis explains that the sudden crunch was unexpected. A cash crisis is always unexpected when the company does not forecast cash! If the company had forecasted cash, it would have had weeks to prepare and mitigate the crisis.
- Find hidden sources of cash. These might be stale legal retainers that have never been refunded, dormant cash accounts, unclaimed property, collection of tax credits, and so forth. Every business has hidden cash in some form, and it’s usually large enough to fund an entire payroll or two.
2. Find Expense Savings
Companies usually have no problem ramping up cost structures during good times, but it’s rarely as easy to squeeze costs out of the business during bad times. Most businesses in a state of decline assume a slump in sales is temporary and that it just needs to weather the storm.
While this can be true in some cases, it’s important to recognize when cost cuts are necessary, and how to effectively make them. Business owners must be quick to respond when expense cuts are necessary. Any delay in making expense cuts will cause a cash crunch. When expense savings includes downsizing staff, it’s important the company seek qualified help to comply with local and federal employment laws.
3. Collect from Customers
Cash is king during a cash crisis. Business leaders should accelerate efforts to collect cash, invoice customers as quickly as possible, offer more generous discounts for more timely payments and shorten payment terms altogether, and aggressively collect from past due customers.
Management should hire legal help to perfect security interests and/or file bond claims. For businesses where customer relationships are long-standing, owners or other leaders with strong relationships should get involved with collection activities.
4. Negotiate With Trade Creditors
Keeping communication channels open with vendors is critical. Start early to let vendors know you will be paying them later than normal terms. It is critical to keep their trust to keep valuable products and services flowing. When things get really tight, it will be easier to negotiate with them if you have communicated along the way.
Negotiating with creditors can be a delicate effort, and companies should retain qualified legal counsel to help. With the right help, companies can usually find significant short-term cash savings by restructuring trade payables, lengthening payment terms, receiving forgiveness of debt, and/or trading debt for equity.
5. Sell Non-Performing Assets
Just like households, companies accumulate a tremendous amount of stuff over their lifecycles. It’s important for company leaders to take action with slow-moving inventory, non-productive capital assets, and dormant real estate. Companies should also evaluate non-performing divisions, locations, and product lines. The sale of non-performing assets can be a significant source of capital.
Get Your Cash Management In Order
Cash is the lifeblood of any business. The cash management process is what keeps the blood flowing through the business. The five steps above are proven tools used by successful companies to manage, preserve, and collect cash.
It’s never too late to implement the steps, and the earlier a company can adopt these practices, the more likely it is to survive a cash crunch. Contact Ampleo today to learn how to improve your cash management.
You've Got the Vision.
We've Got the Fractional
Team to Build It.
A fractional CFO who knows your numbers. A fractional CMO driving your pipeline. An HR leader building your people systems. Sales tax specialists keeping you compliant. Valuation experts ready when you need them. All embedded. All executing. All backed by Ampleo Intelligence, our AI platform.
You've Got the Vision.
We've Got the Fractional
Team to Build It.
A fractional CFO who knows your numbers. A fractional CMO driving your pipeline. An HR leader building your people systems. Sales tax specialists keeping you compliant. Valuation experts ready when you need them. All embedded. All executing. All backed by Ampleo Intelligence, our AI platform.
You've Got the Vision.
We've Got the Fractional
Team to Build It.
A fractional CFO who knows your numbers. A fractional CMO driving your pipeline. An HR leader building your people systems. Sales tax specialists keeping you compliant. Valuation experts ready when you need them. All embedded. All executing. All backed by Ampleo Intelligence, our AI platform.
You've Got the Vision.
We've Got the Fractional
Team to Build It.
A fractional CFO who knows your numbers. A fractional CMO driving your pipeline. An HR leader building your people systems. Sales tax specialists keeping you compliant. Valuation experts ready when you need them. All embedded. All executing. All backed by Ampleo Intelligence, our AI platform.






