Specializing in CFO advisory services for the hospitality, retail, and consumer industries
After over 25 years of working for and consulting with various sized companies in the hospitality/retail/consumer space, it became clear that companies don't spend enough time on their strategic activities such as strategic planning and risk management, identifying and setting targets to determine what success looks like, and then measuring against those key performance indicators.
It is the mission of KBB Consulting LLC, to provide tools and methods and come alongside companies to help them with: strategic planning, risk management, budgeting/forecasting, cash flow analysis, financial statements, key performance indicators/dashboards, ERP integrations, and support for significant financial transactions.
As a CFO, CPA, and MBA that's where my team and I can assist companies with all these focus areas while helping them prepare for and manage growth in a financially sustainable way.
Karen Blacik, Principal and Owner of KBB Consulting, believes in giving back to the industry through thought leadership (see Industry Insights) and board service for Hospitality Minnesota, where she serves as Treasurer on the Executive Committee.
CONSULTING SERVICES
FRACTIONAL CFO SERVICES
These are custom-designed for what your business needs at a rate per hour for an estimated number of budgeted hours. These services can involve many areas of accounting and finance:
- Acquisition services – due diligence, pricing model, accounting for acquisitions, and post-merger integration services.
- Recurring financial reporting – public or private.
- Internal Controls and Process best practices consulting.
- Financing liaison services.
- Audit prep and Balance Sheet reviews.
- Mentoring junior management staff in “softer skills” and how to effectively communicate and work with their internal and external business partners.
These services can be provided in-person or remote based on what is needed. These services can be for an interim period, on-going recurring assistance, or project-based.
STRATEGIC PLANNING/BUDGETING/FORECASTING
This is typically a project that KBB Consulting would co-lead with management. KBB Consulting can provide a roadmap for these processes and schedule multiple sessions as needed to complete the process. Strategic Planning is usually looking 3 years into the future. It should be “big picture” organizational goals, but a financial plan has to also be part of it and tied to initiatives that will achieve the overall strategic goals within the agreed upon time horizon. Budgeting can be done annually with forecasting being an updated version done quarterly. Multiple scenarios are available: Best, Worst, and Likely.
RISK MANAGEMENT
This is typically a series of sessions to explore all possible risks, determine likelihood of occurrence and severity of impact and mitigation strategies. This can then be revised as needed going forward in a compact board-ready presentation format.
BUSINESS BACK OFFICE ASSESSMENTS (BBOA)
This is a project that examines People, Process, and Systems for your business through a series of interviews and review of company policies and process documents. Based on information gathered and experience in the industry, a report is prepared offering recommendations for areas of focus and proposed prioritization of various initiatives. This examines back-office staff skillsets, accounting and business best practices, as well as technology stack and recommended solutions for automating back-office tasks.
PROFITABILITY AND ANALYTIC INSIGHTS CONSULTING
This is a discussion of key performance indicators (KPI’s) that should be monitored by your company in its given industry. It provides instructions for obtaining the information for the KPI’s and creating a sustainable dashboard for management to measure success.
ERP IMPLEMENTATION GUIDANCE CONSULTING
This is project-based and provides coaching regarding assessing and modifying processes that will change as a result of a new ERP being put in place. This also includes relooking at reports and dashboards to determine if new KPI’s are needed and taking a fresh look at management and board deliverables.
INDUSTRY INSIGHTS
TESTIMONIALS
“Karen brings seasoned financial leadership and clear strategic direction as Veranova expands across multiple concepts and states. Her ability to align capital strategy, forecasting, and operational realities has been instrumental in supporting thoughtful, scalable growth. This has been invaluable to Veranova's continued expansion.”
“Karen has been an invaluable strategic financial partner during a pivotal stage of our company's growth. Her guidance, especially through a complex and dynamic acquisition, helped us navigate decisions with clarity and confidence.”
“Karen's knowledge of restaurant accounting, financials and operations is exceptional. She helped us identify various aspects of our structure and processes that needed improvement, and she presented us with options to fix our deficiencies whenever possible. Finally, her driven implementation of the solutions we chose, and her willingness to hold both herself and our team members accountable for relevant timetables, was tremendously helpful. We would not hesitate to call again upon Karen.”
“Thanks Karen for your professionalism and ability to work with us through complex issues as we migrated accounting systems. Your presence at these meetings brought unity to the team and a confidence that the decisions being made were the right ones.”
“Your ability to process information from a thousand foot view as well as from an operational standpoint really helped bring clarity to our accounting and finances!”
"Working with Karen has been incredibly insightful. She knows the restaurant industry from operations, to financials, to industry trends through her vast experience and education. When we encounter an issue, we talk through it and find solutions together making it a very collaborative experience. She is an excellent teacher and mentor and has patience and attention to detail in all that she does!"
