Startup Financial Controls Matrix
Which financial controls does my startup need to scale?
A Cautionary Financial Controls Story...
A venture capital firm had a portfolio company with a big problem: the CEO had been embezzling money from the company to the tune of $1.2 million. By the time the board was aware of the problem, only three months of runway remained, and with the CEO now out, nobody was guiding the ship. The CTO had been overseeing the finances and financial controls, but did not catch the embezzlement.
Needing a B round, and fast, cue Burkland.
The Burkland CFO Services Team was able to come in with a full-stack team to get them ready for the next round. Our client's new outsourced CFO immediately put controls in place to create a culture of financial responsibility, using Burkland's Financial Controls Matrix.
Fortunately, the start-up had $2 million in ARR. They had a down round, but they were able to right the ship. Although not likely to see venture money, after losing momentum from the embezzlement, they are still in business two years later and seeing steady growth.
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