Ron van Haeff
Director Interim Services
When a PE firm acquires a business, it also acquires the knowledge held by the people who run it.
Sometimes this knowledge is documented, but unfortunately it often is not.
CFO knows which bank will approve a temporary facility. Finance manager knows why the cash forecast does not match the ERP. Controller knows which subsidiary regularly pays late. Another person understands the FX positions, the guarantees and the informal agreements that never made it into the transaction documents.
If that person leaves after closing, the company may lose more than a member of the finance team.
The knowledge is not always in the data room
Smaller, founder-led businesses often operate with limited formal processes. The company may have grown successfully without a dedicated treasury function, a central cash structure or a detailed bank relationship map.
Even without documented processes, a business may still have treasury knowledge, but it may sit with just one person.
During due diligence, buyers should ask where the practical knowledge lives. They should look beyond job titles and organisation charts. The person responsible for treasury may be the CFO, a financial controller or a local finance manager who has never used the word “treasurer” in their title.
Warning signs include:
- One person approving all bank access changes
- No written overview of bank accounts and signatories
- Cash forecasts built manually by one employee
- FX decisions based on personal knowledge rather than policy
- Lender communication managed by the departing owner or CFO
- Unclear responsibilities between group and local finance teams
These are people risks with direct financial consequences.
Build the handover before closing
Planning the transition before the deal closes gives the buyer time to identify who holds key information and decide how to retain, transfer, or replace that knowledge.
The handover should cover the banking structure, financing documents, guarantees, cash movements, intercompany balances, FX positions, payment controls and forecasting routines. It should also include the decisions that are not obvious from a report, such as why certain banks are used and which payments require special attention.
This process does not require a large treasury department, but clear ownership and enough time to transfer the knowledge properly.
When interim support makes sense
An interim treasurer can provide continuity when the existing key person leaves, stays only for a short handover or cannot support the new ownership structure. They can document the function, protect liquidity and give the CFO a reliable view of the business while the permanent organisation takes shape.
That person can also help decide what the business needs next. The answer may be a permanent group treasurer. It may be a treasury manager supported by the CFO. It may be a central function that grows as the buy-and-build strategy develops.
The important decision comes first: do not let critical treasury knowledge leave without a plan.
Treasurer Search works with PE firms and portfolio companies that need treasury expertise during acquisitions, transitions and periods of growth. We understand the difference between filling a vacancy and protecting a business during a change in ownership.
