When a private equity firm acquired Great Lakes Potato Chips, they inherited a $13 million business with a strong product and culture but no formal financial infrastructure. The company lacked GAAP accounting, had never created a budget, and operated on QuickBooks with limited cost transparency. Enhance stepped in immediately post-acquisition to establish professional financial leadership and develop the management team. Over four years, Enhance implemented comprehensive financial controls, upgraded the technology stack to a full ERP system, and instituted strategic governance processes. Revenue more than doubled to $29 million and the company now consistently beats budget targets.
Enhance took a staged approach to professionalizing the business, starting with foundational financial controls and progressively building organizational capabilities.
Implemented GAAP accounting - Created the company's first formal budget within three weeks, establishing monthly financial reporting and board packages with clear accountability
Deployed a manufacturing execution system - (MISys) and Sage ERP, enabling standard costing, enterprise-level reporting, and departmental accountability
Built a custom sales & operations planning model - 13-month rolling forecasts to manage 20%+ annual growth
Automated Integrations - EDI, AP processing, and credit card reconciliation, enabling the company to nearly triple revenue with only one additional hire
Facilitated strategic governance - Annual strategy sessions, monthly management reviews with KPIs, and performance-based compensation
Conducted leadership assessments - Created individual development plans, transforming tactical managers into strategic leaders
Facilitated values discovery sessions - Integrated core values into hiring, performance reviews, and recognition programs
"When I saw Patricia, I thought she was some academic. By the time we were done, she was my biggest fan. I even paid the $40,000 recruiting fee to cancel the CFO search and keep her."
- Chris Gerbaugh, CEO
The engagement delivered exceptional results that exceeded the PE firm's growth expectations. The company evolved from a family-run operation into a scalable, professionally-managed enterprise with the systems and leadership to sustain growth beyond the founder.
Revenue grew from $13 million to $29 million while consistently overachieving budget targets. The business maintained strong unit economics with 40% gross margins and 25% profit margins throughout its rapid expansion and maxed out its physical capacity.
The fractional CFO model provided strategic expertise across finance, operations, and organizational development that de-risked the PE investment. By combining the company's existing strengths with professional management tools and robust decision-making frameworks, Enhance unlocked the business's full potential and positioned it for a highly successful exit.