Welcome Visitor Tuesday, July 23, 2024
Strategy Notes: LBMC and Entrepreneurs' worst fears
Comment Print

LBMC's Joey Harwell
For the first time, Lattimore Black Morgan & Cain has hired someone to market the firm's diverse services to private-equity groups and companies in the funds' portfolios.

Joey Harwell has been at it about five months, and says he's already done a couple due-diligence projects and has a proposal out to manage a wind-down. He told VNC in a recent interview that the new LBMC service "seems to resonate with the venture-backed businesses," in part "because it's just one headache you can get off the management team's list."

Harwell said LBMC offers, among other things, to do "deep dives" on portfolio-company financials at reasonable rates, using analytical tools LBMC has onhand.  Using analytics, he said, a company can get early warning when something starts to "go sideways" in a portfolio company. 

Harwell also noted that entrepreneurs who own companies "in transition" often find belatedly that "they've been training their competitors," when key executives leave a company as it matures. Harwell offers to help smooth such transitions. His portfolio includes financial modeling, due diligence, ongoing financial analysis, debt and equity capital services, ownership transitions, turn-around and restructuring, and liquidation management. He is also prepared to served as interim or part-time CFO. 

David Morgan (left), managing partner of the 24-year-old company, told VNC in the same interview that while family-owned businesses may be a bit less prevalent, there are more private-equity-owned companies.  Morgan noted that companies in transition from family to professional management and moving toward ownership by private equity-holders face major transition challenges and tougher metrics and much more aggressive reporting expectations. That produces a very different culture, may require recruiting new talent and other changes, all of which LBMC feels it is now equipped to handle more seamlessly.

The company says Harwell, 49, is a CPA with more than 25 years' experience, primarily in the manufacturing, distribution, and healthcare industries. He has also held C-level roles with private-equity-controlled companies, including Manchester Tank and Noranda Aluminum.  Earlier, the Pulaski native was with Arthur Young consulting services, and an auditor with KPMG. He earned a bachelor’s degree in accounting from David Lipscomb University and an MBA from the Owen Graduate School of Management at Vanderbilt. ♦

Related Articles
Tags: accounting, consulting, David Lipscomb University, David Morgan, family business, Joey Harwell, Lattimore Black Morgan & Cain, Owen Graduate School of Management, private equity, Vanderbilt University, venture capital

Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: