“You can’t afford not to hire FocusCFO. You get the benefit of experience across multiple industries, and if they’re able to help your company increase your profitability, as they have for us, they pay for themselves.”
– Mike Cosgrove, President & CEO, Professional Concepts Insurance Agency
The Situation
Professional Concepts Insurance Agency is a specialty commercial insurance firm serving more than 1,000 professional clients across Michigan and Chicago, a family business Mike Cosgrove hopes to one day pass to his two daughters. PCIA was growing, but Mike had no financial executive keeping watch over profitability, cash flow, or long-term planning. A trusted relationship with FocusCFO Area President Lesli Matukaitis led him to the conversation that changed that.
"She said, 'You have to get a CFO.' I said, 'OK, I'll have a CFO,'" Mike recalled. "She could see things in my business that I couldn't." Lesli introduced Mike to fractional CFO Bob Palmerton, who has worked with Mike and the team at PCIA for more than five years.
What We Did
Over five years as a fully embedded member of the PCIA team, their FocusCFO CFO:
- Analyzed and improved profit margins, driving a sustained increase in the company's percentage of profits
- Designed and implemented an employee pension plan to attract and retain key staff
- Built monthly budget and cash flow reports with visual dashboards for clear, actionable financial oversight
- Provided ongoing strategic guidance on when and how to make future investments
The Result
PCIA didn't just get a CFO; they got a long-term financial partner embedded in their leadership. Mike now has the clarity and confidence to grow the business his mother founded in 1988 with an eye toward the next generation.
"Bob takes a bird's eye view to make sure all the right levers are getting pulled at the right times," Mike said. "It's brought a lot more clarity and visibility into everything we do."
