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
Co-Founder & Co-Chairman
As Co-Founder and Co-Chairman, Landen Williams shapes the strategic direction of WilliamsMarston. Since founding the firm, he has established himself as a trusted advisor to C-suite executives of public companies, guiding them through their complex financial transformations.
Prior to WilliamsMarston, Landen was a Managing Director in the Accounting Advisory Services practice at KPMG LLP, where he counseled Fortune 100 companies on the accounting and reporting implications for mergers, acquisitions, divestitures, restatements, revenue recognition, and other transactions.
Previously, Landen was a Managing Director at FTI Consulting, Inc., advising distressed companies on restructuring strategies, liquidity management, and cash flow modeling. He began his career in the Audit and Advisory practices of PricewaterhouseCoopers LLP, rising to the level of Manager, where he worked with large SEC registrants in the technology, software, and life sciences sectors.
Landen brings broad industry expertise spanning biotechnology, pharmaceuticals, software, technology, telecommunications, manufacturing, and financial services. He holds a Bachelor of Science in Business Administration from Boston College, with concentrations in Accounting and Finance.
Laura Valentini
Partner – Accounting Advisory
Laura brings 25 years of strategic accounting and financial leadership experience, distinguished by her expertise in transforming business processes and navigating complex accounting and reporting matters. As a Partner at WilliamsMarston, Laura specializes in working collaboratively with clients to optimize critical processes across the Office of the CFO. Her deep operational expertise enables her to guide clients through periods of significant transformation and high-stakes transactions.
With a distinguished career spanning Big Four accounting and corporate leadership roles, Laura has established herself as a thought leader on topics ranging from financial controllership to technical accounting matters, including revenue recognition, share-based payments, and foreign currency.
Prior to joining WilliamsMarston, Laura held pivotal roles within global organizations and contributed to several successful transactions, including an initial public offering and other debt and equity restructurings. At EY LLP, Laura was a Senior Manager in the Assurance practice, 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 nominated to lead select training programs and served on various committees focused on the advancement of women in the profession.
A Certified Public Accountant in New York, Laura holds a Bachelor of Science in Accounting from Fordham University’s Gabelli School of Business.
Sam Boers
Managing Director – Accounting Advisory
Sam brings 12 years of accounting and reporting experience to WilliamsMarston. Since joining WilliamsMarston, Sam has advised clients on a variety of technical and operational accounting matters. Sam’s technical expertise includes 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, audit readiness, initial public offerings, mergers and acquisitions, including post-merger integrations, 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 is a Certified Public Accountant in the State of Massachusetts and holds a Bachelor of Business Administration degree in Accounting from the University of Notre Dame.
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