Successful Carve-Out to Standalone Entity

Challenge

How to smoothly transfer staff, facilities, financials, banking, systems and customer communication from the company to a standalone entity without disrupting the  customers, staff, or impacting operating results.

Solution

Develop project plan with associated milestones/success measurements and identify team membership responsible for the execution of project plan. Once completed, the Carved-Out business would be a fully functional operating business.

Implementation

Established Project Teams for each function: staffing, IT, financial, facilities, banking, A/R, A/P, etc., with their own milestones and timeframes for completion as well as success criteria. Customer communication developed and initiated, banking requirements determined and implemented, and operating agreement established for timing activities.

Results

Carve-Out to a standalone entity completed three (3) weeks ahead of schedule, passing all stand-up requirements. Established one year operating agreement to address timing of activities such as lock box, customer communications, and other misc. items.  Accounting records and operations accepted by external audit group.

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