Slows Bar BQ, a Detroit culinary institution known for its excellent barbecue, faced a common challenge for many growing restaurants: a lack of dedicated financial leadership. While talented in their culinary craft, the team needed a strategic financial partner to navigate the complexities of their expanding business. That's where the concept of a fractional CFO, a part-time financial expert, came into play. FocusCFO, a leader in providing fractional CFO services tailored to the restaurant and hospitality industry, stepped in to fill this vital role.
Fractional CFO for Restaurants: SLOWS Bar BQ's Experience with FocusCFO
"Before engaging with FocusCFO, our team was stretched thin. We had hardworking bookkeepers and BDO for our taxes, but lacked a central figure to spearhead our financial reporting. It was this need for a financial ringleader and main contact for our partners that led us to consider a Fractional CFO.
We hadn't encountered the concept of a fractional CFO before meeting FocusCFO's Bob Palmerton. His smooth transition into our organization and his capacity to connect with everyone from managers to owners truly made FocusCFO stand out from other options.
Working with FocusCFO and particularly with Bob was a breath of fresh air. His low-key demeanor helped to keep us level-headed during challenging periods. With his assistance, we were able to weather the storm of COVID, with Bob leading the preparation of all loan and grant documents. We simply would not have managed without his invaluable help. He later facilitated the preparation of all financial documents that enabled us to buy our partner's shares in the company. The exit process with FocusCFO mirrored all our previous experiences - highly professional. Bob, as always, went above and beyond to ensure a smooth transition.
If I were to describe our experience with FocusCFO in one word, it would be 'grateful'. Our business has seen significant challenges and changes while working with FocusCFO. From managing the Covid crisis to facilitating a company buyout, their support has been instrumental.
We endorse FocusCFO for any business seeking financial expertise and guidance. If you're contemplating bringing on a fractional CFO, our advice is to go for it. As a growing business, having someone with financial acumen involved is invaluable, and FocusCFO provides this in an affordable manner.”
