How Paro Helped Two Musicians Finance Their Path Into New Cities
by Michelle Wang, on May 8, 2018
Felix and Fingers began in 2010 when two talented pianists, Dave Radford and Mike Potts, came together to entertain the country with their own take on a dueling piano show. Their main problem was that they were musicians, not businessmen. They knew the show was good, and it was definitely a hit in the Chicagoland area where they ran their home office. But they had big dreams of playing all over the United States and abroad. After they made plans to expand their company to 10 other US cities they found that they didn’t have a financial strategy or background for putting such a big plan in motion.
Not only were they unsure of how much money they needed to make their business plan a reality -- they were also unsure of how much money they had actually made so far! Despite their success, the accounting information that they had was inconsistent and, they feared, probably inaccurate. That’s where Paro came in.
Equip yourself with the information you need to succeed
Dave and Mike needed to know how much money was flowing in and out of the business before they could expand, or else they could easily make decisions that would put the company under. The problem: as artists they focused their energy on their musical product and expansion, and they didn’t have the time or experience to keep track of reliable bookkeeping and accounting. They were able to refocus their efforts on their goals of new music and new stages in new cities by putting that in the hands of the trusted and affordable professionals at Paro.
Paro began by cleaning up the books -- standardizing and streamlining Felix and Fingers’ financial data. We then used that to build a pro forma financial model, helping them see what their business looked like at the time as well as what it could look like down the road, how much money they would need to open each new office, and what revenue streams were most lucrative in helping them get there.
Stay prepared for growing pains
The Paro expert who created the model for them stayed on as part-time CFO to keep them prepared for future ventures, including openings of offices across the nation that were planned and financed using Paro’s help.
“With the help of a Paro CFO who still works for us part-time, we know what it will take to achieve our goals for expansion—and the planned opening of our new offices are a testament to their expertise,” said Felix and Fingers founder and CEO Mike Potts.
Felix and Fingers put together a wonderful product and a wonderful show that had the potential to fill up concert halls across the country. Thanks to their ability to rely on experienced and insightful help from Paro professionals, they have the financial information they need to bring them to new stages. Now in its eighth year, Felix and Fingers continues to expand, entertaining audience across the US and abroad, maintaining their relationship with Paro.