As a cannabis company preparing to go public, we will go through a detailed IPO readiness assessment from an independent viewpoint. We help accelerate financial statements close to public company standards and assist with financial statement certifications and compliance matters.
We implement Sarbanes-Oxley (SOX) readiness addressing controls, technology, and nuanced organizational factors. Our team will go in and see where the gaps are in regards to bookkeeping, make sure there is a proper headcount of investors, ensure the company’s accounting function is working correctly, and assist with any financial reporting. Companies will have to close their books and prepare for investors, so we come in and teach them how to do this process.
So, the role of the CFO has many, many different hats they have to wear in order to go public. They’re a financier, which is keeping cash in the bank. They’re also a technician by setting controls and creating reports. They are prognosticators with budgets and forecasts. They’re an operator who creates processes and benchmarks for metrics, and creates discipline within the operation. They are also a closer, which helps bring in big deals that help step up your company and bring in more cash flow, which brings in more sales.
They’re also part of that human rodeo where they find people, they make those thoughtful offers at the right amount and they monitor the equity of the business and keep the promises that your company is given to investors, as well as, to the internal constituents of the business.
CFOs also play a semi-lawyer role keeping you compliant with all the financial regulations, checking everything with all the words and putting that signature on the documents to make sure that what they promise or what is necessary for their business to operate is actually being done in the financial sense.
They’re also a system admin. They develop systems and information and they are the data guy or data gal for your business. When someone asks, “Hey, what do we need to do to go public?” You’re going to the CFO in a company to get that information, and if they have everything in order, then you are ready to go public.