CLINTON - On Aug. 23, four former upstate New York financial executives founded an outsource-consulting firm they contend provides the expertise of a chief financial officer at a fraction of the, cost of hiring a top-salary CFO.
The firm, called Specialty CFO, is based in Buffalo, with a oneperson, home-office branch in Central New York, says John J. Lauchert, principal, who works out of his residence at 113 Chapel View in Clinton.
Specialty CFO provides part-time, temporary, or interim finance, accounting, and management services, Lauchert says. Firms with a particular need, such as filling a sudden loss on the accounting staff, a short-term medical absence, or maternity leave, utilize Specialty CFO's services. The fees Specialty CFO charges vary based on a firm's needs, he says. Specialty CFO charges an hourly rate for short-term projects, and companies who enlist their services for au extended period of time pay a monthly retainer fee, Lauchert says.
"This is a business model that hasn't received much attention," Lauchert says. "But with more and more outsourcing in today's world, companies are beginning to pay a la carte for the services they are getting."
Specialty CFO's part-time services are for small-budget, startup firms, or growing companies that prefer not to hire a fulltime CFO or accountant, Lauchert says. Temporary services can be project-based, such as advising firms during a major transaction. Interm services allow companies to fill a key position when there is a shift in employment. But Specialty CFO is not an employment agency or a placement service, Lauchert asserts. Each of the firm's four principal officers provides clients with consulting services and expertise.
Specialty CFO's founders: Lauchert, Mark Hoffman, Jean Gaulin, and Anthony Rider, are certified public accountants. All are equal owners in the firm, investing about $10,000 to $15,000 apiece in the start-up, and each has about 25 years of experience in accounting and corporate management, Lauchert says.
"We're four people who share a number of different skill sets," Lauchert says. "A single person could not as easily be able to provide solutions on particular issues that might come up." Because of what the firm offers knowledge and expertise - it required minimal start-up capital, Lauchert says. Specialty CFO is currently seeking to hire between two and six accountants on a contractual basis in both Western and Central New York, to assist clients with intermediate bookkeeping needs, Lauchert says. The firm's three other principals all work out of Specialty CFO's headquarters at 4455 Genesee St. in Buffalo. Lauchert plans to serve businesses throughout Central New York, from Syracuse to Utica and Rome, and down to Cortland, he says.
Specialty CFO has about 25 clients throughout upstate New York, and about eight in Central New York, Lauchert says. Clients range from non-profit agencies to manufacturing and construction firms to retail companies. For example, Specialty CFO has a contract to provide business-systems analysis to Charles A. Gaetano Construction Corporation in Utica, Lauchert says.
In 2005, Lauchert projects that the firm will generate revenue between $750,000 and $2.5 million.
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