The interim solution: The financial confidence boost that transformed Behandlingsskolerne from within

Signe Flindt knows Behandlingsskolerne as its CEO and has been part of the organisation for many years. But when a private equity fund acquired the company and a major tender ended up on the table, finance suddenly became strategic in an entirely new way. In this article, she explains how a strong interim solution in the CFO position not only gave her the confidence to make difficult decisions, but also helped lift key tasks across the organisation and laid the foundation for recruiting the right permanent profile.

Two hours. That was how long Signe Flindt had been sitting in her new office as managing director of Behandlingsskolerne when the message came: the company was being sold, and she would have to step down.

We meet her three years later on a sunny day at Behandlingsskolerne’s office in Frederiksholms Kanal. Three years in which she has faced a major transition in the organisation, a significant three-figure million DKK investment, the sale of 20 companies and a new ERP implementation.

It is certainly not a small task for any CEO. And by considering the background Signe Flindt brought to the role, it becomes clear just how remarkable it was that she was placed directly in charge of the organisation.

For 23 years, she had worked as a schoolteacher at Behandlingsskolerne, served as a headteacher for a year, worked for a couple of years at the Danish Ministry of Education and subsequently became a school principal. She then assumed the role of managing director, gaining a deep insight into the organisation and its employees, while also developing an awareness of the company’s financial and commercial operations. However, she had never had to deal with the financial side of the organisation herself.

“For me, it was a meeting between two worlds. On the one hand, I brought something entirely different, with a focus on children, education and development, and on creating the best possible offering for our children. On the other hand, I had to build on the company’s values and understand how to report on growth, margins and profit – and how to run a sound business without compromising on quality,” says Signe Flindt.

When the private equity fund entered the picture, the requirements placed on the finance function suddenly changed. Reporting had to be submitted on fixed days of the month, analyses had to be produced on drivers, and communication with investors had to take place in a language that Behandlingsskolerne had never used before.

“We had gained control of a great deal of the financial side over the years, but we had never reported rigorously. It was new for us to understand and analyse the figures on an ongoing basis. The business was asking for something else, and therefore suddenly needed something different from the finance function,” she explains.

It was not only the fund that made new demands. The finance function was also entering a new role. With a stronger focus on both communication and transparency, the Behandlingsskolerne team had to report on the financial well-being of the organisation – and there was a significant ethical responsibility to use the funds correctly and be completely transparent about what the money was actually being used for.

One of the changes was that the existing head of finance had to leave. This left Signe Flindt, the new CEO, with a business in the middle of a transformation and a gap in the organisation that she was not in a position to fill herself.

“The financial side of running a business was something I was hardly familiar with. That was the area where I could not simply say, ‘I’ve got this under control.’ I genuinely needed someone to come in who had the time to contribute to how we should run the organisation,” she explains.

She began speaking to advisers, and it quickly became a learning experience in itself. The phone was constantly ringing with consultancy firms wanting to sell her their services, and Signe Flindt realised that she could easily end up buying something she did not need.

“I became allergic to the feeling that someone was trying to sell me something. I did not know exactly what I needed myself, and that made me vulnerable.”

It therefore took some time before she decided to bring in support in the form of an interim CFO from Basico. Three months of dialogue were required, most of which Signe Flindt spent creating trust and finding the right personal match: someone who could understand and respect the world of Behandlingsskolerne.

“My fear was that someone would come in and simply shake their head at the way we do things. I am proud of the business we have built over 23 years. I needed someone who also respected the people who work here, and who understood that everyone does the best they can.”

The interim solution proved to be a strong match. But just as Signe Flindt herself had been thrown into the role of CEO, the new CFO was also thrown straight into the deep end from the very beginning.

Shortly afterwards, the business was put under even greater pressure than anyone had anticipated when a public tender was announced. A large proportion of Behandlingsskolerne’s revenue was suddenly at stake.

Regardless of the outcome, revenue from the core business would fall significantly, and the organisation would lose a tender regardless of the result. It was a completely different business. The outcome would have a major impact on the entire organisation.

“When the material arrived and I saw the price index, I could immediately see that it would lead to a major transformation for the business. Finance suddenly became extremely strategic. We had to determine the consequences of every saving and where it would have an impact,” says Signe Flindt.

The key question was whether they should bid at a high or low price. A low price would increase the likelihood of winning, but would also limit the quality of the services for the children. A high price would protect the offering, but could cost the organisation the contract.

“The night before the tender was due, I honestly could not sleep. The responsibility felt overwhelming. I was deeply concerned that someone would come in and take the tender away from us, so I had to keep my spirits up and put my trust in the person next to me,” says Signe Flindt. She was greatly supported by having an experienced interim CFO at her side, whom she could rely on both professionally and personally.

The discussions focused on ensuring that the business could stand by the work it had delivered and the quality of its offering, which was in demand in the market. The conversations also gave her greater commercial confidence.

“I was encouraged to stop underselling myself when I explained that we are best in class, that the municipality is happy with us and that we deliver a good service,” she explains.

And it paid off. With Signe Flindt at the helm, Behandlingsskolerne won the entire tender and ensured that it would not have to compromise on its core business.

Another visible effect of having an experienced interim CFO in place was that Signe Flindt gained what she herself describes as a financial confidence boost.

For example, she had not always felt comfortable using financial terms such as EBITDA because she felt that she did not have a financial mindset and did not use the terms herself. But that mindset has changed.

“One day, the interim CFO said to me, ‘Signe, you have a complete understanding of the business – including the key financial figures, concepts and analyses. You can rely on that much more.’ I have taken ownership of the responsibility myself and gained the confidence that I understand finance well enough to take ownership of it.”

This has had a significant positive effect – not only for Signe Flindt herself, but for the entire organisation, she explains:

“It has spread through the organisation like ripples in water, and it has been incredibly positive for us. I used to have a tendency to overanalyse things in my head when there was a little uncertainty. Now I say instead: ‘This is what we need to do, this is our recommendation, and this is what we are going to do.’ It has created calm, both at the top and further down in the organisation.”

The fact that the two senior executives have been able to delegate more responsibility to the individual institutions in the financial area has also been important.

For Signe Flindt, it is essential that finance and operations do not become separate worlds. The employees at Behandlingsskolerne are psychologists, nurses, teachers and pedagogues, and they are driven by the core task – not by staff-cost ratios and EBITDA.

Much of the work has therefore involved translating the figures into the reality in which the employees operate, while also giving each institution a greater understanding of its own figures.

“When we grow, responsibility, trust and ownership must extend all the way out to the schools. Our managers are extremely capable professionals, and it is also important to recognise that they are running small businesses. As I explained to them: ‘Now I have moved into headquarters, and I need to understand your finances and your figures. We have your back if things go wrong, but fundamentally, it is you who own it.’”

Signe Flindt does not hide the fact that there have been a couple of years of high activity in the finance function at Behandlingsskolerne. In addition to the acquisition and tender, there has also been an ERP implementation and a tax-free merger. There has therefore been a great deal at stake, and looking back on the recent period and the solution she ultimately found for the finance function, she describes it as “a complete success”.

“The most reassuring thing for me has been that the advisers came in and said that we did not need to maximise the effort with 50 hours a week. That was completely new to me. They could just as easily have gone the other way and argued that we needed an additional junior consultant because everything was on fire. But there was a fundamental confidence that no one was trying to take advantage of us while we were in a difficult situation,” says Signe Flindt.

The trust has also enabled Behandlingsskolerne to benefit from other parts of Basico’s service offering beyond finance, such as legal assistance. This remains one of the advantages of choosing an interim solution: you gain a strong partner who can help address challenges in other areas of the business as well.

The same approach characterised the recruitment of the permanent head of finance, which ran in parallel with daily operations. Basico’s process was particularly valuable to Signe Flindt. To ensure the right match for the new situation, with new owners and different requirements and needs, the task was broken down into what Behandlingsskolerne really needed and what the organisation could offer.

“It was an incredibly good process. I was given time to focus on the strategic level, the personality and the personal match – all the things I am best at assessing, because I could trust that finding the right professional profile was being taken care of,” she explains.

The new head of finance will start in August, and until then – and for a period afterwards – the interim solution will continue. Signe has learned a great deal from the most turbulent months: a few months in which she has found greater confidence in her role, taken the business several steps forward and gained two experienced advisers.

“We have not had many weeks where we thought, ‘We have got this completely under control.’ But we have come a long way. And now I know who to call if things become difficult,” she says with a smile.