Success Story: Renova

Renova Eliminates Debt and Enjoys Record Profits

Engages Fintelligent as Virtual CFO

Renova is an environmental contractor providing remediation services to federal, commercial and residential customers. Founded in 2006, the company has performed over 1,000 projects. The company’s mission is to provide cost-effective environmental and project management services that protect human health and the environment.

Business Situation

  • Renova was bootstrapped with founder capital and debt.
  • The business grew rapidly from small residential jobs to larger enterprise contracts.
  • Larger jobs required more labor and capital equipment, straining the company’s resources.

Fintelligent was asked to become the company’s Virtual CFO to gain insight into the financial performance of the company through industry-standard metrics, in support of reducing debt and managing profitable growth.

Focus Areas

Expand job margins to increase cash flow, fund growth and retire debt.
  • Strategy: Recommend methods to improve gross margins and improve job profitability
  • Financial Reporting: Introduce monthly financial reporting and management reviews to empower the business owner to assess growth
  • Capitalization: Reduce corporate debt and recommend options to increase internal cash flow
  • Annual Budget: Develop annual financial plan and report performance against metrics


Fintelligent provided Virtual CFO and Virtual Controller Services to Renova

Updated Financial System and Financial Reporting

Fintelligent worked with Renova to update the company’s general ledger system, introduce a cleaner chart of accounts and made it all accessible via the cloud.

Created Corporate Performance Measurement System

Renova management and Fintelligent jointly developed a comprehensive annual plan. Renova wanted to see metrics and performance for monthly sales, margin, profitability and debt management. We met with Renova monthly to review performance.

Set Job Profitability Hurdle Rates

Renova asked that we review its bidding process and set minimum hurdle rates for job profitability. We worked with Renova management to review certain bids to ensure hurdle rates were reasonable.

Recapitalize Company

Reducing long-term debt was a key objective for Renova. During the annual planning process, we determined how much excess cash flow could be used to retire debt. We also reviewed various strategies to keep the company adequately capitalized.


Renova recorded record sales & profits and retired its debt within two years

  • Net revenue increased over 66%
  • Gross profit margin increased over 100%
  • Company paid down all long-term debt
  • Expanded business into lucrative government contracting

“I knew I needed more financial expertise in our company, but couldn’t afford a full-time CFO. Fintelligent provided the right level of service at the right price. They’ve helped us enjoy record annual sales, higher cash flow and elimination of our long-term debt”.

Paulo Rodriguez Heyman

Founder & President, Renova Environmental

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