Iridex had just completed an acquisition which doubled the company’s size and added two foreign subsidiaries, when the CFO resigned and the Controller was dealing with a serious illness. FLG’s Jim Pardee was engaged as Interim CFO with the initial task of maintaining a bank debt facility that was critical to the financing of the recent acquisition. In addition to maintaining the bank facility, Jim assisted in completing a modest private placement.
Working with the Audit Chair, Jim assisted in the selection and engagement of a new audit firm, their initial quarterly review, and 10-Q filing. Jim resolved a number of issues of accounting treatment and closing processes, and the subsequent management reporting. Using an outside consulting firm, Jim managed SOX implementation in a quite short time period. He also developed a comprehensive business/financial planning/forecast model which remains in use today. Following the arrival of the new permanent CFO, Jim’s engagement continued another 3 months to complete the issues he was addressing.