A hallmark of PBO Advisory Group is our longevity with clients. We form long-term relationships that allow us to play a role in each phase of a company’s life cycle. There is no better example than one of our notable life sciences clients.
PBO Advisory began working with this client, which focused on gene therapy, in 2018 when the company was first being launched. We were there to help with everything a newly formed organization needs – merger & acquisition consulting, due diligence, hiring, onboarding, and more. In fact, PBO Advisory helped hire the first employee and tackled multiple HR projects, including setting up payroll, advising as to what human resource management system to purchase and helping to implement the system, selecting and establishing the company’s benefits and insurance programs, and setting up its 401k program.
On the accounting side, PBO Advisory implemented policies and procedures in accordance with best practices and developed internal controls. Our team initially implemented QuickBooks and later assisted with the selection of an ERP system to meet the client’s long-term needs. We also helped set up banking relationships and requirements, made recommendations for business insurance brokers, and assisted with other corporate formation tasks. All accounting functions were outsourced to PBO Advisory, including accounts payable and receivable, month-end close, financial reporting, budgeting, and cash management.
In 2021, with nearly 50 employees, our client was acquired by an international company. We were thrilled for our client and proud to have played a role in the company’s success including evaluating opportunities for acquisition and advising their team during the sale.
But our story doesn’t end there.
PBO Advisory was retained to handle much of the blending of the two companies. Our team continues to provide outsourced accounting services and has been working with the new team in integrating accounting processes and procedures. Additionally, our HR group has worked extensively on integrating corporate policies and benefits, transitioning payroll to a new system, and much more. We continue to provide services and people, including an HR manager who is onsite at the San Diego office.
One of the interesting aspects of working with this client is that the company is now international with locations throughout the world.