Read the Case Study
Case Study
WilliamsMarston Clears the Way for a Global Automotive OEM
Find out how WM supported a global automotive OEM launch a new R&D venture in Silicon Valley with limited infrastructure and ambitious goals.
The Challenge
A visionary startup lacked organizational infrastructure and finance oversight as they worked to launch an R&D venture quickly.
A major global automotive original equipment manufacturer (OEM) was launching a substantial venture in Silicon Valley with the mission of developing autonomous driving technology in the U.S. and Europe.
The organization was well-capitalized, but had zero organizational infrastructure and an immature overseas holding company which posed a challenge to their ability to achieve their ambitious, multi-year growth targets encompassing organic hiring and strategic M&A. The company encountered several gaps that required outside expertise—they needed tenured, local executive leadership, knowledgeable personnel in the design and operation of Transaction Service Agreements (TSA) and professionals with experience in integration planning and execution.
Beyond this, the company had an immediate, large-scale carve-out acquisition agreed upon within three months of incorporation, as well as two more M&A targets on the horizon that would require simultaneous negotiation and close support.
The Solution
WM was all-hands-on deck, with interim C-Suite leadership and additional tax and valuation services forging a path to success.
WM stepped in to serve as the company’s Interim Chief Financial Officer, as well as provide additional leadership and expertise for the controller, technical accounting and FP&A functions. As the manufacturer’s acting US-based leadership, WM oversaw all transformation and integration activities, including ERP selection and integration, financial technology roadmap, PEO selection, overseas payroll systems, as well as managing the long-term real estate portfolio strategy and optimization.
The WM team negotiated and executed a seven-month TSA with the sell-side entity of the large-scale carve-out acquisition to secure operational continuity and, in parallel, created an integration playbook to systematically incorporate future acquisitions. The team also set up standard monthly reporting and created a two-year financial budget which was approved by the manufacturer’s overseas parent company.
Finally, WM was retained for subsequent tax advisory and valuation services. The WM tax team built a corporate tax calendar and provided quarterly filing support and the WM valuation team was leveraged for services during the subsequent transactions.
The Result
WM cleared the way to establish the global OEM’s financial operations in US and Europe.
The WM team quickly established the manufacturer’s U.S. and European financial operations, critical to the launch of the venture while tackling the integration of the immediate and pending acquisitions. WM has become a trusted partner to the global automotive OEM, assisting with follow-on transactions and ongoing management support.
THE TEAM RESPONSIBLE
Ready for clear guidance and powerful outcomes? Reach out to the team today.
Meet the Entire Team
Greg McKenzie
Partner – Advisory
Greg McKenzie
Partner – Advisory
Greg brings 35 years of executive leadership experience to WilliamsMarston. Since joining WilliamsMarston, Greg has advised clients on a variety of operational challenges including a cross-functional operational review to deliver sustainable process improvement for a multi-billion-dollar telecommunications organization, post-merger carve-out and integration planning for a global software company and a financial effectiveness design and delivery project for a multi-location manufacturing group. He has advised clients regarding finance transformation, post-merger integration, process optimization, ERP integration, IPO readiness, audit readiness, organizational design and geo-location selection, and control and compliance reviews. Additionally, he has served as the interim CFO for a number of clients as well as an interim Chief Transformation Officer. Greg’s industry experience includes automotive, medical device, telecommunications, advertising and research and development, private equity and high-tech manufacturing.
Prior to joining WilliamsMarston, Greg was a Vice President with Alcatel-Lucent within both the Software and Professional Services and Global Delivery Divisions. While at Alcatel-Lucent he coordinated and managed multiple strategic programs substantially impacting the way the business operated. These programs included driving significant global efficiency programs through organizational redesign and the adoption of Lean and Six-Sigma techniques.
Prior to Alcatel-Lucent, Greg held senior roles within a number of prominent technology organizations, specializing in strategic planning, execution and organizational change. His broad experience includes initial public offerings, due diligence and post-merger integration. He has also held management positions across several operational functions. Greg began his career at Deloitte, Haskins + Sells London audit practice focusing on technology and media-based industries. Greg is a qualified Accounting Technician in the UK and holds a Foundation Degree in Accounting from Oxford Brookes University.
Ashish Shrestha
Director – Advisory
Ashish Shrestha
Director – Advisory
Ashish brings 23 years of finance and accounting experience to WilliamsMarston. Since joining WilliamsMarston, Ashish has advised clients in the biotechnology, travel and entertainment, fintech, automotive and consumer product industries. He has advised clients on FP&A process development, budgeting, liquidity management, 13-week cash flow forecasting, 3 statement models, management reporting, KPI’s, financial statement restatement and business combinations. Ashish has also served in numerous interim roles for clients in the financial services, consumer product and automotive industries.
Prior to WilliamsMarston, he was a Senior Vice President of Corporate Restructuring at Deloitte LLP where he advised executive leadership and investors on improving operational and financial performance. Ashish has led engagements in corporate restructuring, mergers and acquisitions, financial analysis and forensic investigation in the retail, food and beverage, life sciences, technology and financial services industries. Throughout his career, he has developed cross functional expertise including financial modeling, forecasting and variance analysis, budgeting, operational improvement, financial statement analysis and preparation, cost reduction, liquidity management, restructuring, KPI and dashboard development. Ashish began his career in Deloitte’s audit practice.
Ashish holds a Certificate in Blockchain Technologies from MIT Sloan and is a Certified Public Accountant in Massachusetts (inactive). He holds a Bachelor of Arts in Accounting from Ohio Wesleyan University where he triple minored in Mathematics, Economics, and Business Management.
Derek Richards
Director – Advisory
Derek Richards
Director – Advisory
Derek brings 9 years of accounting and financial reporting experience to WilliamsMarston. Since joining WilliamsMarston, Derek has advised clients on special purpose acquisitions, audit readiness, IPO readiness and a variety of complex technical accounting matters including revenue recognition under ASC 606, lease arrangements under ASC 842, consolidations, convertible debt and preferred stock arrangements, purchase accounting, stock-based compensation and SEC reporting. He has also assisted clients with corporate development through financial effectiveness design, post-acquisition integration and managing cross functional projects relating to mergers and acquisitions.
Prior to WilliamsMarston, Derek was a Manager in the Assurance practice at EY LLP in Boston where he primarily served clients in the biotechnology, media and entertainment and real estate industries. While at EY, Derek assisted both public and private clients with US GAAP, SEC reporting matters and Sarbanes-Oxley compliance. He has worked with clients through various technical accounting matters such as business combinations, fair value reporting, consolidation and variable interest entity matters, initial public offerings and reverse merger acquisition through Special Purpose Acquisition Companies.
Derek is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Bachelor of Science degree in Business Administration with concentrations in Accounting and Finance from Babson College.
Christopher Cobb
Director – Advisory
Christopher Cobb
Director – Advisory
Chris brings over 10 years of accounting, reporting and advisory experience to WilliamsMarston. Since joining WilliamsMarston, Chris has advised clients in the SaaS/software, manufacturing, retail, biotechnology, media and automotive industries on a variety of accounting matters including revenue recognition, SEC reporting, financial due diligence, Sarbanes-Oxley compliance, consolidations and audit preparedness, as well as operational and finance effectiveness and design. Chris has served in a number of interim roles including Interim Controller and Manager of FP&A for both public and privately held companies.
Prior to WilliamsMarston, Chris was in the accounting department at HarbourVest Partners, LLC where he prepared and managed all financial reporting for their private equity funds. Prior to HarbourVest, Chris held various roles of increasing responsibility in PricewaterhouseCoopers LLP’s Audit practice in Boston. While at PwC, Chris provided assurance and advisory services pertaining to US GAAP, IFRS, SEC reporting and Sarbanes-Oxley compliance.
Chris is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Bachelor of Science degree in Finance and Accounting as well as a Master of Science in Accounting from Boston College.
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