Lucrum Consulting, Inc.

BACKGROUND

Introduce your business and what you do there.

Our organization is a franchise owner and we own 14 different locations in the Charlotte area. I’m responsible for all the financials including payroll, insurance, unemployment, and more. I’m the office manager and bookkeeper. 

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

They are providing upper-level financial assistance.

SOLUTION

What was the scope of their involvement?

They are escalating our knowledge of tax laws and reporting. They also have a way of looking over our books and offering financial advice to allow us to make more cost-effective financial decisions. 

I do all the bookkeeping and then we have a year-end tax accountant that files our taxes. As a result, Lucrum has provided an intermediary between those two, to bridge the gap and have a better understanding of our business and the value of what our accountant is doing for us. 

What is the team composition?

For the most part, I work with Jeff (Principal) probably twice a month. I also interact with 1–2 of his employees, depending on our needs. 

How did you come to work with Lucrum Consulting, Inc.?

The owner of our company heard about Lucrum through another local businessman in the area that was using his services. That third-party stakeholder was very happy with their work and how they’ve added a lot of value to his business, especially on financial reporting and other issues with his company. Our owner interviewed Jeff, and that led to their hiring. 

What is the status of this engagement?

We started working with them in June 2016, and it’s ongoing. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

They bring attention to detail to a whole new level. When Lucrum came in and dissected things — they've brought things to another level. Other franchise owners have been coming for him for information because we couldn’t even get it from the actual franchisee itself.

They really dig deep to get information. In addition, the quality of their work and analytical skills have been amazing.

How did Lucrum Consulting, Inc. perform from a project management standpoint?

Jeff comes into our office twice a month and he’ll usually go over things with the owner and me. He also asks what he still needs to do. Typically, we give him stuff to research or investigate, and he will see it through.

Then, they update their status frequently and make sure that they work on our top priorities. They also complete deliverables in a timely fashion. 

We’re grateful that whenever Jeff hits a brick wall, he goes after that wall and we figure out how to get around it. He’s also very hands-on and extremely accessible via email, text, or calls. Whenever we have a question and he’s not in the office, he often gets back within an hour unless he’s with another third-party client or doing other important things. 

What did you find most impressive about them?

I’ve worked with other companies before, but Lucrum just gets things done. There’s not a sales pitch there, but they just have a tremendous work ethic which is very important in the financial industry. The team’s outputs just speak for themselves. 

They also recognize the importance of growing a company or business based on word of mouth and recommendation. They’ve really come in and have shown a good job to make sure we’re comfortable. Overall, they’ve got the knowledge and analytical skills to back things up. 

Are there any areas they could improve?

There’s nothing that I can think of. I believe in constructive criticism, but I don’t think they have room for improvement. If they do, I would absolutely tell you. 

BACKGROUND

Introduce your business and what you do there.

I’m the controller of RAM Pavement. We’re a construction, paving, concrete, steel-coat, and pavement marketing company. We provide our services to convenience stores, churches, homeowners’ associations, and other commercial businesses.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We hired them for accounting services. We deal directly with Jeff (Founder), who’s acting as our interim CFO. Jeff comes in and works on the high-level accounting with me and our owner.

SOLUTION

What was the scope of their involvement?

Twice a month, Jeff comes in for four hours a day. I do all of the reporting, and on our second monthly meeting, Jeff closes the books. My team and I have done all the the preparatory work before he comes in, and then Jeff reviews it. He also provides a lot of statistical data, including for specialized projects like our pricing model, commissions, profitability reports, forecasts, and budgets. Finally, he offers feedback and recommendations on business processes like purchasing and financing.

What is the team composition?

We work directly with Jeff.

How did you come to work with Lucrum Consulting, Inc.?

Lucrum has been working for us since before I arrived. We were one of Jeff’s first clients, I believe. There was a mutual associate between Jeff and our owner.

How much have you invested with them?

Working with Lucrum is a lot more affordable than hiring a full-time CFO. We invested $23,100 dollars with them last year.

What is the status of this engagement?

We’ve been working together since January 2013.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

This is what I tell everybody who doesn’t know Jeff: His accounting and professional services are superior. He’s not shady; he’s as honest as the day is long. I’d trust Lucrum to do any kind of financial reporting for me. Our owner would say the same thing, too. Everything they do is above-board; and Jeff will tell you his opinions. If he thinks you could be spending your money in a more effective way, he’ll let you know. He

How did Lucrum Consulting, Inc. perform from a project management standpoint?

Jeff is extremely efficient. We’ll have some chit-chat when he first comes in since he’s worked with us for so long but then he gets right to work. Throughout those four hours he’s there, he may come in and ask me some questions or pull some data. We meet with our owner at the end of every day Jeff is with us. Projects get completed faster than we expect, and faster than the timeline he sets himself as well.

What did you find most impressive about them?

When I first started here, I found Jeff intimidating because he doesn’t miss anything. I make sure I don’t miss anything when I’m preparing the work for him. He always catches errors. You want someone who’s detail-oriented to do your accounting. I’ve worked with other CPAs before — people who will keep themselves at arms’ length, but Jeff doesn’t do that. He’s very familiar with and invested in us.

Are there any areas they could improve?

No, not at all. I don’t have anything negative to say about Jeff at all.

Do you have any advice for potential customers?

If you’re not looking for someone to dig in and provide a full analysis, then he’s not your guy. He’s going to give you as much detail as you want. Some people may be intimidated by that; they may not want all the detail and would rather have someone else deal with it. I would recommend knowing what you want and expecting to get more than your money’s worth. He’ll provide money-saving recommendations.

BACKGROUND

Please describe your company and your position there.

Viking M&A helps closely held business owners value their companies, confidentially sell their business for the highest price and facilitates the closing from the beginning to the end.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Lucrum Consulting, Inc., and what were your goals?

We hired Lucrum to help pay bills, keep our financials clean and help free my time to run our business.

SOLUTION

How did you select this firm and what were the deciding factors?

Lucrum has a great reputation and meeting with Jeff and Debbi made the decision easy.

Describe the engagement and overall scope of work in detail, including the stages of the partnership and any software or documents used.

Debbi comes weekly to oversee all the financials for our 9 locations.

Describe their billing or cost structure.

We have a scope of work that they have given us the cost for.

How many resources from the firm's team worked with you, and what were their positions?

My main contact is Debbi, but Jeff and Kurt are always available for additional questions.

RESULTS & FEEDBACK

Can you share any measurable outcomes of the engagement or general feedback about the services?

Great overall experience.

Describe their project management style, including communication tools and timeliness.

We receive weekly updates on tasks that have been accomplished and what is needed to happen in the future.

What did you find most impressive or unique about this company?

They've made it easy to step into overseeing the books of our company.

Are there any areas for improvement or something they could have done differently?

Overall pleased with everything.

BACKGROUND

Please describe your company and your position there.

We are a software consulting firm. I am the CEO.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Lucrum Consulting, Inc., and what were your goals?

Bookkeeping and Accounting support

SOLUTION

How did you select this firm and what were the deciding factors?

Personal interview with the Lucrum team.

Describe the engagement and overall scope of work in detail, including the stages of the partnership and any software or documents used.

Bookkeeping services and Accounting Support

Describe their billing or cost structure.

Monthly Flat Rate

How many resources from the firm's team worked with you, and what were their positions?

3- Bookkeeper, CPA, and Owner

RESULTS & FEEDBACK

Can you share any measurable outcomes of the engagement or general feedback about the services?

Makes my life much easier and keeps our books clean.

Describe their project management style, including communication tools and timeliness.

They were highly responsive to our needs and requests.

What did you find most impressive or unique about this company?

The relationship and their sense of ownership.

Are there any areas for improvement or something they could have done differently?

No