Read the Case Study
Case Study
WilliamsMarston Clears the Way for a Seamless IPO Journey
Learn how WM led a high-growth franchisor through its IPO process and ensured its financial statements aligned with public company standards.
The Challenge
A franchisor in the personal care industry required technical accounting and SEC reporting expertise to guide the organization through its IPO.
With significant turnover and change in the accounting department, including the departure of the Chief Accounting Officer and the appointment of a new Chief Financial Officer, the company encountered a knowledge gap at a critical juncture.
The new CFO recognized the need for a high-caliber team to support the company’s initial public offering (IPO) journey, including finding a replacement for an underperforming third-party accounting advisor.
The franchisor had aggressive audit and S-1 filing deadlines, plus a high volume of prior period adjustments to evaluate through SAB 99 analysis. There were also numerous complex accounting issues to document and pass through a Big 4 National Office review.
Complex Up-C restructuring required subject-matter expertise to evaluate tax implications and disclosures – expertise that WM was fully prepared to provide.
The Solution
WM’s accounting and tax advisory experts led the company’s IPO readiness efforts.
Attributable to a successful prior working engagement with the Chairman of the company’s Audit Committee, the CFO chose WM to prepare the organization for its IPO efforts.
The WM team made several key contributions. First, they prepared the S-1 financial statements, MD&A and pro-forma disclosures and supported the PCAOB audit process within an accelerated three-month period, resulting in an on-time initial filing that aligned with the board’s expectations.
WM also evaluated and documented conclusions on 12 technical accounting matters, including stock valuation and classification, non-controlling interests and intangible asset valuation considerations. The WM team was critical in their advising on best practices related to the company’s Up-C restructuring and also in the resolution of SEC comments during the review process.
Post-IPO, WM supported the company with reviewing disclosures for accuracy and completeness for all 1934 Act filings (10-Ks and 10-Qs) for the newly public entity, as well as offered technical accounting support through several post-IPO transactions, including a follow-on offering and complex debt issuance.
The Result
A strong partnership and sharp execution cleared the way for a successful IPO while laying the foundation for a long-term relationship.
Minimal comments from the SEC on accounting-related disclosures resulted in no delays in the registration statement going effective.
The strong partnership and sharp execution throughout the IPO journey resulted in WM becoming the preferred advisor for all complex technical accounting and SEC reporting matters faced by this newly public company.
THE TEAM RESPONSIBLE
Ready for clear guidance and powerful outcomes? Reach out to the team today.
Meet the Entire Team
Landen C. Williams
Managing Partner
Landen C. Williams
Managing Partner
Landen brings over 20 years of consulting and executive management experience to WilliamsMarston. Prior to WilliamsMarston, he was a Managing Director in the Accounting Advisory Services practice at KPMG LLP where he advised Fortune 100 companies on the accounting and reporting for mergers, acquisitions, divestitures, restatements, revenue recognition and other complex transactions. He was also one of the firm’s leaders on the new revenue recognition standard; frequently speaking to clients and industry groups on the new standard.
Prior to KPMG, Landen was a Managing Director in the Financial Restructuring practice of FTI Consulting, Inc. where he advised distressed companies on restructuring strategies, liquidity and cash management, and cash flow modeling. Landen started his career in the Audit and Advisory practices of PricewaterhouseCoopers LLP where he rose to the level of Manager. While at PricewaterhouseCoopers LLP, his clients included large SEC registrants in the technology, software and life sciences industries.
Throughout his career, Landen has advised senior management and board members of private and public companies on the accounting and reporting for complex transactions and restructuring. His broad industry experience includes biotechnology, pharmaceuticals, software, technology, telecommunications, manufacturing and financial services. Landen is a Chartered Financial Analyst (CFA) and holds a Bachelor of Science in Business Administration degree from Boston College with concentrations in accounting and finance.
Laura Valentini
Managing Director – Advisory
Laura Valentini
Managing Director – Advisory
Laura brings 23 years of accounting, reporting and management experience to WilliamsMarston. Laura has broad technical accounting, financial reporting and accounting operations expertise, developed during her 11-year tenure at a Big 4 accounting firm and spending a decade in leadership positions within both public companies and PE-backed organizations. Throughout her career, Laura has developed a reputation as a thought leader and key advisor in the areas of revenue recognition, share-based payments and foreign currency matters. Since joining WilliamsMarston, Laura has advised clients in the media and advertising, franchise, home remodeling and information services industries on significant transactions including initial public offerings and special purpose acquisitions. She has also leveraged her deep operational experience to support the Office of the CFO, advising clients on US GAAP accounting transitions and process improvement initiatives.
Prior to WilliamsMarston, Laura held several high-profile positions within global organizations across the industries of professional services, media and entertainment and financial technology. During her time in industry, Laura made significant contributions to several successful transactions, including an initial public offering and other debt and equity restructurings. During the initial public offering process, Laura interacted directly with SEC staff, responding to comments on the topics of stock valuation, non-GAAP metrics and pro forma EPS calculations. Post-IPO, Laura was a featured panelist at an industry conference titled, “IPO Readiness: Learning from the Experts”.
Prior to working in industry, Laura was a Senior Manager in the Assurance practice of EY LLP, primarily serving publicly listed clients in the Telecommunications, Media and Technology industry, including the second-largest global telecommunications company on the Fortune 500. While at EY, Laura was selected to lead training programs for experienced professionals on topics such as fair value measurements, revenue recognition and audit methodology.
Laura is a Certified Public Accountant in the state of New York and holds a Bachelor of Science in Accounting from the Gabelli School of Business at Fordham University.
Sam Boers
Director – Advisory
Sam Boers
Director – Advisory
Sam brings 10 years of accounting and reporting experience to WilliamsMarston. Since joining WilliamsMarston, Sam has advised clients on a variety of technical accounting matters including the new revenue recognition standard, the new leasing standard, collaborative arrangements, consolidations, business combinations, stock-based compensation, SEC reporting and the accounting and reporting for complex financial instruments including convertible debt and warrants. Sam has also advised clients on process improvement, initial public offerings, mergers and acquisitions and Sarbanes-Oxley implementations. He has also provided interim financial leadership for multiple organizations.
Prior to WilliamsMarston, Sam was a Manager in the Assurance practice at EY LLP in Boston where he specialized in the life sciences, healthcare, technology and manufacturing industries. While at EY, Sam assisted both public and private clients with US GAAP, SEC reporting and Sarbanes-Oxley compliance. He also advised clients with a variety of technical accounting matters including business combinations, revenue recognition, research and development expenses, stock-based compensation and financial instruments.
Sam holds a Bachelor of Business Administration degree in Accounting from the University of Notre Dame.
Emily Watson
Manager – Advisory
Emily Watson
Manager – Advisory
Emily brings 6 years of accounting and financial reporting experience to WilliamsMarston. Since joining WilliamsMarston, Emily has assisted clients in the software, biotechnology, life sciences, robotics and franchise industries. She has advised clients on a variety of technical accounting matters including revenue recognition, collaborative arrangements, stock-based compensation, business combinations, earnings per share, lease accounting, IFRS to US GAAP conversion and the accounting and reporting for complex debt and equity transactions. Emily has also advised clients on SEC reporting, initial public offerings, process improvement and Sarbanes-Oxley compliance. She has served in interim accounting and financial reporting management roles for public companies in both the technology and biotechnology industries.
Prior to joining WilliamsMarston, Emily was a Senior Assistant in the Audit practice of Deloitte LLP in Boston where she served companies on multiple audit engagements for both PCAOB and AICPA clients, primarily in the technology and life sciences industries. While at Deloitte, Emily audited the adoption of the new revenue recognition standard at a large public software company. Her experience also includes Sarbanes-Oxley compliance.
Emily is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Bachelor of Arts degree in Accounting from the College of the Holy Cross.
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