Interim CFO / CHRO Team Crossover

A privately held automotive recycling company with 19 locations across the Northwest US underwent a significant transition due to new ownership and operational changes.

Collaborative Efforts
The collaboration between enhanceHCM and ETONIEN was pivotal in managing this transition, ensuring operational stability and strategic financial oversight. Their combined expertise facilitated a smooth separation of the 500-employee, multi-state automotive entity from its larger parent company with the support of Private Equity.

ETONIEN’s Role
Financial Guidance and Operational Support: ETONIEN stepped in as the Interim Chief Financial Officer, offering strategic financial leadership and establishing new reporting processes. Their guidance was critical in navigating the transition and ensuring the company’s financial stability.

Key Actions

• Acted as a crucial business partner, providing financial direction and establishing reporting processes
• Implemented a 100-day pre-and post-acquisition plan to ensure a smooth transition to new ownership

Outcomes

• Ensured a successful transition to new ownership with minimal business disruption
• Guided the CEO, enabling effective management in the new private equity environment
• Executed a comprehensive 100-day plan, facilitating a smooth shift from old to new ownership

enhanceHCM’s Role
Transition Facilitation: enhanceHCM played a crucial role in the transition by overseeing the establishment of a new entity. Their meticulous planning and comprehensive support in communication and change management were fundamental in setting up internal policies and a robust HCM and Payroll platform.

Key Actions

• Oversaw the establishment of the new entity, internal policies, and HCM and Payroll platform
• Provided interim HR & Payroll support, ensuring stability during the transition

Outcomes

• Prioritized employee well-being with seamless onboarding and flexible benefit plans
• Adhered to strict timelines, aligning with Private Equity agreements
• Successfully launched a full-suite HCM platform, ensuring a smooth transition

The integrated efforts of enhanceHCM and ETONIEN were instrumental in orchestrating a seamless transition for the client. Through strategic HR facilitation, operational stability, financial guidance, and meticulous planning, they navigated the complexities of ownership change with minimal disruption, setting a robust foundation for future growth. This successful collaboration exemplifies the power of our cross functional family of companies in managing complex business transitions effectively.