CASE STUDY: Clingman & Hanger Management Associates Entrusts Fahrenheit Finance & Accounting Experts
Clingman & Hanger Management Associates, LLC is a management consulting and advisory services firm that was founded in 1999. The firm has been involved in resolving the cases of large business entities across the nation.
The relationship between Clingman & Associates and Fahrenheit Advisors goes back many years. They worked with one of our Managing Directors in the past and knew about our firm’s solid reputation. “We reached out to The Fahrenheit Group several years ago and talked about the work we do and the work that Fahrenheit does and realized there were a lot of synergies there,” said Teresa Hanger, co-founder of Clingman & Hanger. “As we learned more about Fahrenheit and what the company is all about, we recognized an area where we had a need for Fahrenheit’s services,” said Hanger. So, a little over a year ago, they retained Fahrenheit for some specific accounting consulting work, which evolved into more as the project developed.
Accounting and Project Support
“We needed someone that knew how to use a specific accounting system that we weren’t familiar with. We had never personally worked with it before and since this was for a bankrupt client, there was no one left at the company that we could get the information from,” said Hanger. “We had a database of information, but we didn’t have the ability to extract the information that we needed out of the system,” she said. “We knew there were tax returns for that company that hadn’t been filed in years and we identified there were refunds that, if we could collect them, we would have the money to pay out the creditors and keep the case going,” explained Hanger. “In addition to that, we were trying to determine whether there were causes of action that we could bring against former officers of the company for any potential claims we might have against them. But in order to figure all of this out, we had to dig into company records that were buried in this accounting system,” Hanger said.
Fahrenheit had the talent on staff familiar with the accounting software and knew how to extract the information that was needed out of it. “Fahrenheit helped us to work on the investigation and it was through that work that we were able to file a lawsuit,” said Hanger. Not only did Fahrenheit find what they were looking for, but they were able to get double the amount that they originally thought they were going to be able to get. “Fahrenheit was instrumental in that. We have been working on this for over a year now. We did get the tax refunds and it allowed us to have the money to continue the case while we investigated further,” said Hanger.
During this time, Clingman & Hanger had another engagement come up that required Fahrenheit’s services. Because they had such success with the first engagement, they asked us if we could help them with a new engagement. “It was a similar situation where tax returns hadn’t been filed in a couple of years and invloved another unfamiliar accounting system,” said Hanger. And, this was time sensitive because the subscription to the software system was running out. They only had a month to get the required data, and the case couldn’t afford to continue the subscription.
Once again, Fahrenheit was able to leverage the same Senior Consultant who responded quickly to the engagement challenges. “He was able to access the system and gather the data before the subscription ran out,” said Hanger.
Because of the success of these two engagements, Clingman & Hanger has come to trust in Fahrenheit. “We have come to love Fahrenheit because they are so efficient at what they do. They get to the heart of what we have asked of them quickly, and we plan to continue that partnership as we have future cases and projects,” said Hanger.