In October 2023, the CFOx Transaction Services team provided financial due diligence services to an investor-backed, multi-location laundromat business for an add-on acquisition. Our client operates laundromats in the Midwest and provides laundry services, such as self-service laundry and pickup & delivery to individuals, corporations, and municipalities. The CFOx Transaction Services team, through providing a transparent and efficient quality of earnings report, gave the buyers confidence that the add-on had the potential to complement their ongoing operations and help drive them to the next level.

Post acquisition, the CFO and Accounting Services teams stayed on as the fractional controller of the company, leveraging insights gained by the diligence team. Initially the CFOx Accounting team provided accounting clean-up services, which included an improved Chart of Accounts, a conversion from a cash to accrual basis, and reduced time spent on month end close.

CFOx now provides recurring services that include robust financial reporting and analysis covering budgeting, weekly cashflow reporting & forecasting, and covenant tracking & analysis. CFOx also assists and prepares fiscal year end reports for third party auditors for year-end compliance and tax purposes.

With improved accounting and reporting, the CFOx Accounting team has provided investors and executives with timely, and data-supported financials to support in making decisions that help individual stores and the business to run more efficiently. The laundromat has doubled its number of locations in just over 18 months through acquisitions and buildouts, and the company has the potential to grow even more in the coming years! As the company has scaled, CFOx has tailored our team to meet the needs, allowing the company’s executive team to remain the same. CFOx is excited to continue to expand with the company and support their continued growth.

If you would like to learn more about our CFO Services, please reach out via email (info@cfoxadvisory.com) or schedule a call directly on our Contact Us page.

Fractional CFO Services Provided:

• Robust Financial Reporting and Analysis
• Post-Close Transitions & Integrations
• Fractional CFO
• Historical Accounting Clean Up