The first 100 days in a new treasury role are critical. They offer a rare window to assess, improve, and build a strong foundation for long-term value creation. In a private equity (PE) setting, that pressure is even greater: the clock is ticking, expectations are high, and the learning curve is steep.
This article is designed to help treasurers navigate that first run with confidence. Whether you are stepping into your first PE-backed environment or taking over a new treasury setup, these best practices will help you create impact from day one.
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1. Built to Exit: The purpose of PE-owned firms
PE firms focus on value creation within a limited timeframe, typically 3 to 7 years. They prioritize operational efficiency, financial discipline, and strategic transformation to prepare portfolio companies for a successful exit.
In many cases, these acquisitions are leveraged buyouts (LBOs), which introduce financial complexity and heighten the need for proactive treasury oversight. The hiring of a Treasurer is often a pivotal step for PE firms and CFOs as they strive to ensure optimal cash management, mitigate financial risks, and align treasury operations with the company’s strategic objectives.
As Treasurer, you will become responsible for implementing the best practices in treasury operations and developing strategies that support the company’s growth ambitions.
Treasury’s role is not just operational, it’s strategic. By implementing best practices, the treasurer supports the company’s growth trajectory and exit strategy.
2. The Treasurer: A critical hire you to not delay
The accelerated growth often creates a tipping point where the lack of a dedicated Group Treasurer becomes a noticeable gap. As companies scale, financial complexities increase, making specialized treasury management not just beneficial but essential. Around the $100 to $200 million revenue mark, the absence of a dedicated Treasury lead starts to show: cash visibility declines, inefficiencies creep in, and risk exposure increases.
There are few key triggers that signal it’s time to bring in a Treasurer:
Limited cash visibility: When management can’t confidently answer “how much cash do we have today?” it’s time for change.
Scattered bank relationships: Decentralized banking can drive costs up and reduce control.
Growing risk exposure: Currency, interest rate, and credit risks become more pronounced.
Strategic events on the horizon: Refinancing, M&A, or debt restructuring demand financial expertise.
The Treasurer’s role will evolve beyond basic cash management; they become a strategic partner, ensuring financial stability and aligning treasury functions with growth targets. As companies scale, hiring a Treasurer becomes not only beneficial but critical, enabling them to navigate complexities and optimize value for shareholders.
3. A Treasurer who sees the big picture, and builds It
The ideal candidate must combine hands-on financial expertise with strategic vision, seamlessly connecting day-to-day operations with the company’s broader long-term goals. Here are the key skills needed to succeed:
Hands-on expertise: Actively manage liquidity, monitor covenants, optimize working capital, and drive FX and interest rate risk mitigation.
Business acumen: Align treasury operations with strategic priorities, support acquisitions, and communicate clearly with senior leadership.
Process mindset: Implement and enforce controls, ensure regulatory compliance, and build scalable processes.
Leadership and communication: Explain complex topics in plain terms, adapt quickly, and collaborate across functions.
In short, the Treasurer isn’t just “managing cash”, he is helping to shape the company’s financial architecture.
4. Hit the ground running: Collect, detect, correct
The first days should be all about getting a solid grip on where the company stands in terms of treasury operations. This is your chance to dive deep into existing processes, figure out who’s doing what, and identify where improvements are needed. Your main objective during this time is to build a comprehensive view of how things currently work and start thinking about where you can add value.
Below is a list of questions and information you can use to establish a first assessment.
Start with ownership and maturity:
- Who is currently doing what?
- Are treasury responsibilities centralized or fragmented?
- Are there documented policies and controls?
Evaluate tools and processes:
- Is there a Treasury Management System (TMS)? Or is Excel still the main tool?
- How accurate is the cash forecast, if any?
- What’s the current payment approval process?
Gather the essentials:
- Full list of bank accounts and authorized signatories.
- Debt overview, including covenants and maturity profiles.
- Financial risks exposure analysis.
- Organizational chart of key stakeholders.
Establish key relationships:
Internally with finance, accounting, tax, FP&A and operations.
Externally with banks, financial consultants in place, and financial service providers.
This diagnostic work will provide the foundation for fast, targeted improvements.
5. The first weeks: Quick wins and setting foundations
Now it’s time to act. Focus on visible, high-impact changes that demonstrate control and expertise.
There are several key quick wins to target:
Rationalize bank accounts: Fewer accounts mean fewer fees, less fraud risk, and better visibility.
Review and renegotiate fees: Analyze past 6-12 months of statements. Many companies discover avoidable or even redundant charges.
Clarify covenant monitoring: Ensure compliance and set up alerts for early warning.
Framework for cash visibility and control: Define responsibilities and assign clear ownership for payments, forecasting, and banking.
Fix red flags: Outdated approval matrices or lack of daily cash visibility? Tackle them early.
You’re setting the tone. These first wins will help build credibility and momentum.
6. Days 30 to 60: Time to leverage your network
By now, you’ll have a firm grip on internal operations. The next step is to bring in external expertise to accelerate progress. Here are some leads that will help with leverage knowledge.
Engage consultants: Use them for benchmarking, complex system implementation, or project-based support.
Partner with technology providers: Explore a TMS to automate payments, reporting and reconciliation. Tools like Power BI can enhance reporting and analytics.
Reassess banking relationships: Stay in regular contact with banks to negotiate better terms, explore new solutions (e.g., revolving credit, cash pooling), and ensure alignment.
Tap into peer networks: Industry forums, LinkedIn groups, and treasury roundtables offer practical advice and best practice comparisons.
This phase is about scaling your reach and setting the stage for more sophisticated operations. By leveraging consultants, technology providers, and banking partners, you can drive efficiency, innovation, and strategic impact within the treasury function, positioning it as a key contributor to the company’s success.
7. Days 61–100: Ready for Long-Term success
With the basics in place, it’s time to build for the future. This is where the treasury function transforms from a reactive, transactional role to a strategic partner that creates or protects value across the organization.
Draft a Treasury Policy: Cover scope, risk management, investment criteria, and reporting guidelines. Align it with company strategy and appetite for risk.
Centralize operations: If appropriate, explore in-house banking, payment factories, or shared service models.
Automate processes: Reduce manual work, improve accuracy, and increase scalability. Target cash reconciliation, intercompany funding, and payments.
Support strategic initiatives: Treasury should be part of any M&A, refinancing, or expansion plans, and offer insights on funding, capital structure, and integration.
Develop a roadmap: Set KPIs, plan for tech upgrades, and build a roadmap that links treasury evolution to company goals.
8. Conclusion
Your first 100 days are crucial in setting the foundation for a treasury function that supports the company’s strategic goals. By focusing on visibility, control, and strategic alignment, you lay the foundation for a treasury function that adds value at every level.
This is not just about setting up systems; it’s about positioning treasury as a partner in the company’s growth and eventual exit. The groundwork you lay now will shape outcomes long after those first 100 days.
